Seattle Commercial Real Estate News of the Day

Tuesday, February 28, 2012

Seattle Times Daily Journal of Commerce Headline
Work on 40-story downtown apartment tower set for spring

Apartment developers stay busy

Seattle home prices fall 1.3 percent in December Seattle property owner Cheng-Nan Lin has filed plans with the city to build a 65-unit apartment building at 4055 Eighth Ave. N.E. in the University District.

The four-story, 20,000-square-foot building will be called the Lavita Apartments. It will be built on two adjoining parcels that now contain a duplex and a triplex. Both structures were built in 1916 and acquired by the owner in 1999. Lin owns at least half a dozen similar properties throughout the University District, according to city records.

CHC Architects of Kirkland is the designer.

Architect Chaohua Chang said all the units will be studio apartments.

According to the design proposal, the Lavita will be designed for students and young professionals seeking affordable rents, functional space and amenites.

The architect proposed several designs, but the preferred option would have a large entry plaza, a rear deck, and a rooftop deck with a P-Patch and two green roof areas. Parking for about a dozen vehicles would be underground.

The proposal says the building would be within a 10-minute walk from the University of Washington campus, neighborhood retail and the Brooklyn Avenue light-rail station, which is scheduled to open no sooner than 2020. The Burke-Gilman Trail is also nearby.

A city design review board will get its first look at the proposal at an early design guidance meeting at 6:30 p.m. March 5 in the University Heights Center at 5031 University Way N.E.

The University District has attracted significant interest from developers in the past year. Mike Scott, a principal with Dupre + Scott recently told the DJC that the apartment vacancy rate there was 3.1 percent last fall, down 2.2 percent from the year before.

Compass Construction is already at work on the Schuster Group’s 97-unit Muriel’s Landing apartments on University Way Northeast near Northeast 52nd Street.

Triad Capital Partners has proposed two apartment projects: 75 units at 4029 Seventh Ave. N.E. and 103 units at 4119 12th Ave. N.E.

AvalonBay Communities is planning a 284-unit mixed-use complex at 4535 12th Ave. N.E., and Intracorp Real Estate has filed plans to build a 170-unit building at 4527 Eighth Ave. N.E.

A pair of smaller projects include a 60-unit building proposed by 5043 Brooklyn LLC, and a 29-unit building by Sustainable Living Innovations at 4558 Seventh Ave. N.E.

The University District isn’t the only neighborhood in town still attracting interest from apartment builders. In the coming weeks, design review boards will consider two more projects:

• A 15- to 18-unit apartment and retail building at 6401 32nd Ave. in Ballard. That meeting will be at 6:30 p.m. March 12 at the Sunset Hill Community Association at 3003 N.W. 66th St.

• A four-story, 23-unit apartment building at 12350 33rd Ave. N.E. in Lake City. That meeting will be at 6:30 p.m. April 2 at the University Heights Center.

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About CRE Northwest

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