What’s next for Broadway’s Jade Pagoda row? – UPDATE

With Siam on Broadway closing shop after more then 20 years in business, the row of Broadway storefronts between Poppy and The Brix is all but abandoned. Harem, retailer of ‘alluring accents’, now stands alone.

What comes next for the strip is not yet clear — it’s too early in the business process for the developers who own the various parcels to show their hands. CHS talked to Allan Jones this afternoon, owner of the building that Siam called home. He would not comment on his plans for the building. “I’m not at liberty to discuss details on the property at this time,” Jones said. A call to the property management company for Fortuna Sequitir, the group listed in tax records as owning the parcels to the north and to the south of Jones’, was not returned.

UPDATE: After this posted, I talked to Craig Swanson who manages the Jade Pagoda property and other buildings in the area including the recently rehabbed Lewis Building across the street. He said there are plans afoot to put the property to better use but details are being worked out. “The long term plan is not to leave it as a boarded up building that looks like heck.” Swanson said. He cited the rehabbed building that now houses Poppy and the recent work to renovate the home of Rom Mai Thai across the street as examples of recent positive improvements in the area. “In an ideal world you’re able to do something like that. With Jade Pagoda you can’t. It’s not in the same shape. It’s not preservable.”

Below is a map illustrating the players in the area. As you can see, Jones can’t consolidate without working with Fortuna and Fortuna can’t consolidate without working with Jones. In addition to possible changes for the retail front, the housing parcels on 10th Ave E would also likely be involved in any large scale redevelopment project.

The Jade Pagoda Row Risk Map
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10 thoughts on “What’s next for Broadway’s Jade Pagoda row? – UPDATE

  1. wow, there are gonna be some real sad folks in my family… my brother who lives in NYC always insists that we go to Siam for family dinners when he’s in town

  2. Good homework J – and nice choice with the orange dot for Poppy. My guess would be the Fortuna company will try to take over the whole block.

  3. The Seattle Planning Department did an economic study of the Broadway District prior to the upzone of commercial heights to 6 stories.

    The file is quite large (5.96 MB) so be forewarned. You might be able to get a copy of review it at the library:

    >http://www.seattle.gov/economicdevelopment/pdfs/BroadwayBusi

    If you go to page 134, they have an economic study of the whole block here, with three alternative as to what would pan out economically.

    There is a caveat, however. The economics of this study were done before the housing market bottom fell through the basement, so I imagine the numbers don’t pan out.

    But as we’re talking about this block, I’m not certain how many people have looked through this study. If you have the time, peruse it, you might find some interesting data.

  4. I live in one of the Anhalt buildings behind the 76 station so I walk/ride bike past this block numerous times a day. I would be so stoked if some re-development/renovation came to the Jade Pagoda block – and would have had no other source to provide this super valuable information. This kind of pro-active quality research and reporting is why I was happy to just have donated to the pledge drive! Thanks.

  5. Thanks so much, P. We’ll continue to cover these issues and hope to continue to grow and improve with your support.

  6. The biggest problem is that the Property Owners in Seattle want the
    retailers to come in and put up all the bucks to beautiful their
    falling down building …thus giving them the cheap way out to have their property go up in face value.
    I have lived in Seattle for 18 years and have seen this done so many times.
    We as business retailers and owners need to put a foot down and just let em sit.
    Asking for an overpriced rent and expect all the work too.
    I sure hope Poppy has a really long lease for all the dollars they put into a building they don’t own.
    The city of Seattle should step in and make a law that the property owners have to be responisible for something.
    Retailers also have added cost besides the start up of preping the building. There is this thing called CAM fees or Triple Net amongst
    the few names. These are fees that the retail pays so the owners owe nothing, but profit on the land / bldg. equity each year and some pocket a chunck. These CAM fees the tenants pay consist of the property owners city and state property taxes,maintanance,building insurance, school taxes just to name a few.
    And why do we do it? Well, if you want to run your own business what else are you to do when you do not have the cash to buy your own property? We are at their mercy. Im not saying they should pay it all, but I think it should be a bit more fair in sharing those expenses.

  7. Actually, R&M Jones sold one of the houses on 10th last year and just transferred the rest of their properties on the block to SRM Development via a master lease.

  8. I live in one of those Anhalts, too. Development would be noisy but welcome–it’s starting to look a little 3rd World on that block. Hey Pinguina!

  9. Without any fanfare or even public use posting, Alan Jones handed over his derelict properties, for a price, to Bank of America and SRM. Without consulting or even caring what residents of the residential side on 10th Ave E thought, they are razing the rental homes formerly owned by Alan Jones. Residents have been evicted and a parking lot is paving over the old affordable housing. It seems SRM, BoA, and Alan Jones crafted a clever end-around the sleeping city of Seattle DPD, who hasn’t said a thing about increased traffic, construction disruptions, noise or impact on the neighborhood and children attending Lowell school. SRM PR guy says “it’s a done deal, no one can stop it now.”