Seattle Commercial Real Estate News of the Day

Friday, October 7, 2011

Seattle Times Daily Journal of Commerce Headline
Economy adds 103K jobs; jobless rate steady at 9.1% AvalonBay buys U District site for 284 apartments and retail
Mortgage rate hits new low — and it may drop even more Records show AvalonBay Communities paid University District Parking Associates $12 million for a 1.3-acre site that is southwest of 12th Avenue Northeast and 47th Street in the University District.

The site is near where Sound Transit plans to build the Brooklyn light rail station. King County assesses the property at just over $6.9 million.

GGLO is designing apartments for the site. AvalonBay Communities Vice President Brian Fritz said yesterday the company has reduced the size of the project from 385 to 284 units. It will have 11,700 square feet of retail as well as parking. The number of parking stalls was not immediately available.

AvalonBay does its own contracting. Construction is scheduled to start in the second quarter of 2012, Fritz said.

He said the project will have fewer units than originally planned because the company wants to build a wood-frame complex rather than a more costly concrete and steel one. Zoning allows for construction of up to 85 feet. The height limit for a wood-frame building is 70 feet, which is how tall the AvalonBay project will be.

Big Northwest chains lead surge in U.S. retail sector in September
Puget Sound Business Journal
Amazon-fueled building boom in Seattle’s S. Lake Union not over
Fewer Washington state holiday retail jobs this year
New Gates Foundation campus receives highest environmental rating
Home ownership suffers biggest drop since Great Depression
Another blow for bookstores
Home sales cool but supply remains low
Other News
Key owner’s fortunes sink along with M’s
Tech companies lead ‘renaissance’ in Seattle’s Pioneer Square
U.S. Regional Mall Vacancies at Decade High
Boeing delivers 127 airliners in 3Q
CRE Execs More Bearish Based On Economy and Govt. Impact
Construction Spending Rises In August, But Activity Still Weak

About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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