Seattle Commercial Real Estate News of the Day

Wednesday, November 30, 2011

Seattle Times Daily Journal of Commerce Headline
Amazon leases another downtown tower Equity to start 287 apartments on old Denny’s site in Ballard
Developer breaks ground for Ballard apartments at former Denny’s site Chinn Construction is the general contractor on Equity Residential’s mixed-use complex at Northwest 15th and 15th Avenue Northwest in Ballard, and plans to start construction this week.

Kevin Chinn said his company is selecting subcontractors. He referred questions to Equity officials, who could not be reached.

Freiheit & Ho Architects designed the complex. The rendering shown here is from a 2009 Seattle design review presentation. Freiheit & Ho’s Andrew MacDonald said the design has not changed much.

Equity Residential received the city’s approval for an eight-story structure with 287 apartments, 32,300 square feet of retail, and at-grade and underground parking for 437 vehicles.

It will total about 483,000 square feet.

The city issued construction permits this fall, and lists the total “intake value” of the permits as more than $55.8 million.

This is the latest large apartment project to start construction in recent months in the Ballard area. AvalonBay Communities is building 265 units on the former site of Sunset Bowl, and Alliance Residential Co. is building 180 units on the south side of Market Street at 14th.

Construction of Equity’s project will mark the end of a years-long process to develop the 1.4-acre site that was formerly occupied by a Denny’s restaurant.

Benaroya, a Bellevue-based development company, bought the property in 2006 and asked the city to determine whether the Denny’s building was a landmark.

A restaurant called Manning’s Cafe had occupied the 1964 building that was designed in the “googie” style, with eye-catching, flamboyant shapes.

The Landmarks Preservation Board ruled it was a landmark, but later decided not to impose protections on the building because of the financial hardship it would have caused the property owners.

Home market being held back by wary first-timers
Puget Sound Business Journal
Amazon takes space at West 8th
Seattle’s econ chief on how supercommittee’s ‘superfail’ will affect city
Seattle home prices down 6.5% from a year ago
Home prices fall nationwide, more so in Seattle
Sales of new homes up in October, but prices fall
Seattle’s worst winter weather is over, even though it’s still fall
Other News
Risks rising as realty firms buy from, sell to each other
Work underway for Market Street Landing
San Marco building sold
James M. Keating Rejoins G&E Company as SVP, Office Group
When Apartment Rents Climb, Landlords Can Say ‘The Computer Did It’
CMBS Delinquency Rate Climbs in Oct., Despite Liquidation of $1.28Bln of Loans

About CRE Northwest

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