BELLTOWN REDEVELOPMENT OPPORTUNITY ST AVE, SEATTLE, WA OFFERING MEMORANDUM

Size: px

Start display at page:

Download "BELLTOWN REDEVELOPMENT OPPORTUNITY ST AVE, SEATTLE, WA OFFERING MEMORANDUM"

Randolph Todd
6 years ago
Views:

BELLTOWN REDEVELOPMENT OPPORTUNITY 2218 1ST AVE, SEATTLE, WA 98121

com DAVID BUTLER P// 206.445.7665 dbutler@orioncp.

1 BELLTOWN REDEVELOPMENT OPPORTUNITY ST AVE, SEATTLE, WA OFFERING MEMORANDUM SCOTT CLEMENTS P// DAVID BUTLER P// Third Avenue Suite 2200 Seattle, WA P// Established in 2010

2 TABLE OF CONTENTS TABLE OF CONTENTS // INVESTMENT SUMMARY PAGE// 3 // SITE OVERVIEW PAGE// 4 // PROPOSED PROJECT DETAILS PAGE// 7 // MARKET OVERVIEW PAGE// 11 // DEMOGRAPHICS PAGE// 12 2 // ST AVE

3 THE OFFERING ORION Commercial Partners is excited to offer for sale a unique redevelopment opportunity located at st Avenue in the heart of Belltown. INVESTMENT SUMMARY The property is currently in for its master use permit (MUP) which is scheduled to be issued sometime in September or October of 2018 [Click here for the detailed project information]. The proposed project consists of an 8-story apartment building with 1-story basement and groundlevel commercial space and common area. There are 59 residential units planned, averaging 660 square feet/unit. The commercial space is being designed with a restaurant in mind which will be highly visible from the street. The rooftop will have an outdoor amenity space, while the basement will contain storage and bike lockers. Parking is not required and not provided. The lot site is 6,570 square feet, zoning is DMR/R 85/65. This unique and very well-located project is being marketed at $5,995,000, which equates to $101,610/unit. There is interim income as the property is currently tenanted through the end of Address ST AVE SEATTLE, WA Pricing $5,995,000 Proposed Development 59 UNITS Price Per Unit $101,610 Proposed Project Size 44,243 SF Total Land Area 6,570 SF Zoning DMR/R 85/65 Year Built REDEVELOPMENT 3 // ST AVE

SITE OVERVIEW BELLTOWN Located just north of

neighborhood of trendy restaurants, swanky

Belltown has the highest walk score in the city at

In addition to its many amenities, Belltown is also

4 SITE OVERVIEW BELLTOWN Located just north of downtown, Belltown is the most densely populated neighborhood in Seattle. In recent decades, Belltown has transformed into a neighborhood of trendy restaurants, swanky boutiques, nightclubs and residential towers. Belltown has the highest walk score in the city at 97 out of 100. In addition to its many amenities, Belltown is also home to the Art Institute of Seattle, Antioch University and City University. It also lies directly west of the ever expanding Amazon campus. For all these reasons and more, Belltown is an extremely desirable place to live in Seattle. 4 // ST AVE

5 5 // ST AVE SITE OVERVIEW PROPERTY PHOTOS

6 SITE OVERVIEW AREA AERIAL VIEW SEATTLE CBD 82,274 VPD 1ST AVE 17,370 VPD WESTLAKE AVE 6 // ST AVE

PROPOSED PROJECT DETAILS DEVELOPMENT PROPOSAL PROJECT DESCRIPTION The property consists of an 8 story apartment building with on story basement.

7 PROPOSED PROJECT DETAILS DEVELOPMENT PROPOSAL PROJECT DESCRIPTION The property consists of an 8 story apartment building with on story basement. The ground level contains commercial space, common area and back of house functions. The commercial space is being designed with a restaurant in mind; highly visible from and open to the street. The remaining 7 floors house 9 residential units per floor. The rooftop contains an outdoor amenity space. The basement contains further back of house functions, along with bike storage and individual storage units. Parking is not required and not provided. DESIGN OBJECTIVES: Many of Seattle s finest historic architecture is schematically quite simple, while excelling in quality of material, execution and the craft of detail. The proposal follows the tradition of these fabric buildings but with contemporary expression, a keen eye for proportion and shadow and elegant detailing. Rather than chasing the elusive cutting edge, the proposed building is designed to be a timeless anchor on the block. At such northern latitudes, the design team recognizes the importance light plays in our lives. With apartment units commonly receiving light from only one side, on of the design team s most important considerations were the generosity of windows, Envisioned as a jewel box the building s frame is designed using concrete and steel, affording thing floor plates, generous ceiling heights and a maximum expression of glass. Operable windows add detail to the facade, bring in fresh air and foster a connection between residents and the city life below. Recognizing the vibrancy of the dining scene, and Seattle s love for indoor/outdoor dining, the ground level facade is pulled back from the property line and features a full height wooden sliding glass wall system, seamlessly bringing the street into the restaurant and vice versa. The space reaches out into the sidewalk via a planted canopy overhead. Special care has been given in routing mechanical requirements to location other than the street, keeping the street level face as transparent as possible. The entry court is generously deep and created an exciting outdoor antre-room to both the residential lobby and the restaurant. Seating and a landscaped planter beautify and activate the space under cover from the weather. Special care has been given in addressing livability on the alley side. Driving deeper into the tradition of historic buildings of the Belltown period, this non-primary side is given a more modest treatment; Access to light and air is balanced against concerns of privacy through the balance of wall opacity and punched openings. Flower boxes are provided at each window, adding a touch of color ad texture to the facade. PROPOSED PROGRAM METRICS: RESIDENTIAL: 59 Units COMMERCIAL: 2,450 PARKING: 0 PROPERTY AREA: 6,570 SF ZONING: DMR/R 85/65 FAR: Base 1/Maximum 1 PROPOSED FOR: 0 (All proposed used exempt) 7 // ST AVE

EXISTING SITE CONDITIONS DIMENSIONS: 109' - 6' x 60' - 0" PROPOSED PROJECT DETAILS DEVELOPMENT PROPOSAL LOT AREA: 6,750 SF BORDERING STREETS: The property is bounded by 1st Avenue on the south west

There are no trees on the site. ZONE: DMR/R 85/65 LEGAL

8 EXISTING SITE CONDITIONS DIMENSIONS: 109' - 6' x 60' - 0" PROPOSED PROJECT DETAILS DEVELOPMENT PROPOSAL LOT AREA: 6,750 SF BORDERING STREETS: The property is bounded by 1st Avenue on the south west side and an alley to the north east. First Ave is a Minor Arterial. SITE DESCRIPTION: The site is currently occupied by two masonry buildings, one single story, the other two stories. There are no trees on the site. ZONE: DMR/R 85/65 LEGAL DESCRIPTION: LOT 5, BLOCK 41, ADDITION TO THE TOWN OF SEATTLE, AS LAID OUT BY A.A. DENNY (COMMONLY KNOWN AS A.A. DENNY'S 6TH ADDITION TO THE CITY OF SEATTLE), ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 1 OF PLATS, PAGE 99, IN KING COUNTY, WASHINGTON; EXCEPT THE SOUTHWESTERLY 9 FEET THEREOF CONDEMNED IN KING COUNTY SUPERIOR COURT CAUSE NUMBER 7092 FOR STREET, AS PROVIDED BY ORDINANCE NUMBER // ST AVE

PROPOSED PROJECT DETAILS DEVELOPMENT PROPOSAL APPLICABLE DEVELOPMENT STANDARDS ZONE: DMR/R 85/65 URBAN VILLAGE: Belltown FREQUENT TRANSIT: Yes LOT AREA: 6,570 SF ENVIRONMENTAL CRITICAL AREA: None

9 PROPOSED PROJECT DETAILS DEVELOPMENT PROPOSAL APPLICABLE DEVELOPMENT STANDARDS ZONE: DMR/R 85/65 URBAN VILLAGE: Belltown FREQUENT TRANSIT: Yes LOT AREA: 6,570 SF ENVIRONMENTAL CRITICAL AREA: None STRUCTURE HEIGHT; SMC : 85 feet for residential use 4 feet additional allowed for: open railings, planters, parapets 2 feet additional allowed for: insulation, rooftop decks, soil for landscaping 15 feet additional allowed for: stair penthouses, covered or enclosed common recreation area 33 feet additional allowed for elevator penthouses with 8 foot elevators that provide access to a rooftop designed to provide usable open space PERMITTED & PROPOSED USES: Residential apartment building - 8 stories 5,357 GFA of restaurant/retail - Floor 1 38,886 GFA of residential apartments - Floor 2-8 GENERAL REQUIREMENTS FOR RESIDENTIAL USES; SMC : A common recreation area equivalent to 5% GFA in residential use shall be provided as a common area. A maximum of 50% can be enclosed. Minimum horizontal dimension is 15 feet except at a landscaped setback at the street level where the minimum dimension is 10 feet. No common recreation area shall be less than 225 SF. Areas provided as open space at the street level shall be counted as twice the actual area. STREET-LEVEL USES: Qualifying street level uses must occupy a minimum of 75% of the facade. The proposed restaurant/retail space is a qualifying use and takes up at least 75% of the street level facade. FAR EXEMPTIONS: Residential and street level uses complying with Section (includes eating and drinking establishments and general sales) are exempt from the chargeable area calculation. FAR: 1 BASE, 1 MAX; SMC TABLE A: FAR 1 square footage max: 6,570 Proposed FAR square footage: 0 GREENFACTOR; SMC : None Required. OVERHEAD WEATHER PROTECTION; : Continuous protection required between 10 and 15 feet above the sidewalk, extending 8 feet out from the property line. STREET FACADE REQUIREMENTS; : A property line facade is required. Minimum facade height is 35 feet, unlimited depth below 15 feet, 60% transparency between 2 and 8 feet above the sidewalk, blank facade limits and 1.5x landscaping in the right-of-way. DMR MAX WIDTH, DEPTH AND SEPARATION REQUIREMENTS; : Width on a DMR/R 85/65 zone is not restricted. Maximum depth between 65 and 125 feet in height is 90 feet. The lot with the 2 foot dedication is deep, and a departure is being requested. REQUIRED PARKING; SMC A: No parking is required on lots in Downtown zones. BICYCLE PARKING; SMC E.1: Residential 1 space for every 2 dwelling units. 35 parking spaces are provided for 70 residential units. TRASH ENCLOSURE; SMC : Mixed Use: 375 SF plus 4 SF per unit above 50 for residential. Additional 50% of the residential requirement for the commercial space. 9 // ST AVE

10 PROPOSED PROJECT DETAILS DEVELOPMENT PROPOSAL OPTION A OPTION B OPTION C OPTION D OPTION E 10 // ST AVE

11 ABOUT SEATTLE MARKET INVESTMENT SUMMARY OVERVIEW Seattle, Washington is a coastal seaport city in King County. With over 700,000 residents as of 2017, Seattle is the largest city in both the State of Washington and the Pacific Northwest region of North America. As of July 2013, it is one of the fastest-growing major city in the United States with an annual growth rate of 2.5%. The Seattle metropolitan area of around 3.8 million inhabitants is the 15th largest metropolitan area in the United States. Seattle and its surrounding counties added 86,320 new residents between April 2015 and 2016, marking the region s biggest population gain this century, fueled in large part by the region s technology industry. The city is situated on a narrow isthmus between Puget Sound and Lake Washington, about 100 miles (160 km) south of the Canada United States border. Seattle is the region s commercial and transportation hub and the center of manufacturing, trade, and finance. The Port of Seattle, which also operates Seattle Tacoma International Airport, is a major gateway for trade with Asia and cruises to Alaska and is the 8th largest port in the United States in terms of container capacity. Seattle s importantly diversified industries include aircraft, lumber and forest products, fishing, high technology, food processing, boat building, machinery, fabricated metals, chemicals, pharmaceuticals, and apparel. The city s gross metropolitan product was $231 billion in 2010, making it the 11th largest metropolitan economy in the United States. Though it was also affected by the recession, Seattle has retained a comparatively strong economy, and remains a hotbed for start-up businesses, especially in green building and clean technologies: it was ranked as America s No. 1 smarter city based on its government policies and green economy. Very large companies dominate the business landscape in the Emerald City. Four companies on the 2017 Fortune 500 list of the United States largest companies, based on total revenue, are headquartered in Seattle: Internet retailer Amazon.com, coffee chain Starbucks, department store Nordstrom, and freight forwarder Expeditors International of Washington. Other Fortune 500 companies popularly associated with Seattle are based in nearby Puget Sound cities. Boeing, has large aircraft manufacturing plants in Everett and Renton, which makes it the largest private employer in the Seattle metropolitan area. Warehouse club chain Costco, the largest retail company in Washington, is based in Issaquah. Microsoft is located in Redmond. Weyerhaeuser, the forest products company, is based in Federal Way. Finally, Bellevue is home to truck manufacturer Paccar. Other major companies in the area include Nintendo of America in Redmond, the T-Mobile US in Bellevue, Expedia Inc. in Bellevue and Providence Health & Services the state s largest health care system and fifth largest employer in Renton. The city has a reputation for heavy coffee consumption; coffee companies founded or based in Seattle include Starbucks, Seattle s Best Coffee, and Tully s. There are also many successful independent artisanal espresso roasters and cafés. The Emerald City is extremely multicultural and is influenced by the Pacific Rim in art and architecture. The city offers residents a pace of life that can be either relaxed or fast paced and entrepreneurial.

DEMOGRAPHICS 1, 3 & 5 MILE RADIUS RADIUS 1 MILE 3 MILE 5 MILE POPULATION: 2022 Projection 58,494 242,278 479,366 2017 Estimate 52,792 222,704 443,209 2010 Census 37,132 182,189 376,955 Growth

12 DEMOGRAPHICS 1, 3 & 5 MILE RADIUS RADIUS 1 MILE 3 MILE 5 MILE POPULATION: 2022 Projection 58, , , Estimate 52, , , Census 37, , ,955 Growth % 8.79% 8.16% Growth % 22.24% 17.58% 2017 POPULATION BY RACE: White 37, , ,576 Black 4,255 20,501 33,553 Hispanic Origin 3,579 15,048 27,897 Am. Indian & Alaskan 732 2,292 3,957 Asian 7,566 29,073 62,664 Hawaiian & Pacific Island ,491 Other 2,362 10,768 21,968 U.S. Armed Forces: RADIUS 1 MILE 3 MILE 5 MILE HOUSEHOLDS: 2022 Projection 38, , , Estimate 34, , , Census 25,298 99, ,304 Growth % 8.64% 8.05% Growth % 20.78% 16.05% Owner Occupied 7,008 39,649 86,587 Renter Occupied 27,979 80, , AVG HOUSEHOLD INCOME $105,368 $110,713 $111, MED HOUSEHOLD INCOME $81,183 $83,793 $84, HOUSEHOLDS BY HOUSEHOLD INC: <$25,000 6,798 18,081 31,883 $25,000 - $50,000 5,306 19,521 34,351 $50,000 - $75,000 4,079 16,920 30,406 $75,000 - $100,000 5,299 15,924 27,302 $100,000 - $125,000 3,459 12,197 22,473 $125,000 - $150,000 2,336 9,305 16,568 $150,000 - $200,000 3,019 11,170 21,133 $200,000+ 4,691 17,128 30, // ST AVE

13 DEMOGRAPHICS 1, 3 & 5 MILE RADIUS RINGS 5 MILES 3 MILES 1 MILE 13 // ST AVE

ORION Commercial Partners maximizes real estate value through comprehensive project acquisition/disposition, property/ asset management, and leasing services.

14 ORION Commercial Partners maximizes real estate value through comprehensive project acquisition/disposition, property/ asset management, and leasing services. We are a progressive real estate services and investment firm constantly seeking a perfect alignment of interests between us as the service provider and our clients. ORION delivers a UNIFIED TEAM APPROACH to fulfill our client s objectives. Creativity, accountability and focused attention are the hallmarks of our business. SCOTT CLEMENTS P// sclements@orioncp.com DAVID BUTLER P// dbutler@orioncp.com 1218 Third Avenue Suite 2200 Seattle, WA P// Established in 2010

UNIVERSITY DISTRICT LAND

UNIVERSITY DISTRICT LAND 4002-4006 Pasadena Place NE Seattle, WA 98105 A MULTI-FAMILY DEVELOPMENT OPPORTUNITY PROPERTY HIGHLIGHTS 96 MICRO UNIT DEVELOPMENT SITE SOLID CASHFLOW IN PLACE DEVELOPER TERMS