Last spring, CHS reported on an unusual swarm of development underway as construction cranes rose across Capitol Hill. With the completion of construction in sight, the business behind many of the projects is transitioning to a focus on leases and tenants. Here is a look at Capitol Hill’s next wave of development as the cranes comes down and the marketing plans go up. We’ll swing by some of the more interesting prospects for more in-depth looks as the developments progress.
The development that signaled a new thaw for several frozen development projects on the Hill, the Lawrence Lofts are now almost fully cooked and ready to be served.
A neighborhood condo writer has already swung by for a hardhat tour:
After peering past all that plastic sheeting, I have to say it looks promising over there at 1818 E Madison. They’ve made some good choices with the interiors by saying yes to floor-to-ceiling windows and taking a pass on carpeted floors. You’ll find concrete floors on the 2nd and 3rd levels, and tile floors on all the rest.
Move-ins are slated to begin in April. A representative for the project sent over more details about the project – including the nearly 7,000 square feet of retail agents will be trying to fill as the Madison core expands eastward:
131 lofts in studios, 1 beds and 2 beds with several 2 story penthouses on the top floor with private rooftop decks.
SQFT ranges from 590 to 1439 averaging 757sqft.
Prices range from $995 to $3195 and average about $1700.
129 parking spaces + 2 Zip Cars. 6 spaces with electric charging.
6,770 sqft of commercial space being offered by Damian Sevilla at
Ewing ClarkUPDATE: Damian Sevilla and Jason Miller of Colliers International are marketing the property
The building has a large rooftop deck, community room & grilling center.Units have between 10’ and 18’ ceilings, feature concrete or tile floors throughout, stainless steel electric appliances, most have decks, solid surface counter tops, front-load washers & dryers, soaking tubs with designer tile surrounds, floor to ceiling windows.
The property has also hired Jessica Dodge, a local artist from West Seattle, to paint a cow-themed mural on part of the exterior of the building harkening back to the Fratelli’s building and its cows. This will take place later in the Spring after the weather warms up…
You can learn more at lawrence-lofts.com.
Work is still wrapping up at The Citizen Apartments but marketing has begun and the building already has its web site live and a @CitizenApts Twitter account. It also has an anchor commercial tenant lined up:
We would like to announce that Banner Bank has signed a Lease for the relocation of their Madison Branch. They leased Suites A & B totaling approx. 2,700 SF. We are very excited to have them as our anchor tenant! There are three additional retail spaces available: Suite C; 917 sf, Suite D; 1311 square feet and Suite E; 934 square feet.
We detailed the early development plans for the 100+ unit apartment building here last January. As for the citizens who will inhabit The Citizen, here’s the breezy marketing copy:
We’ve seen your faces around the neighborhood. Caffeinating at Stumptown. Imbibing with a cocktail (or two) at Grim’s and Tavern Law. Chowing down at Oddfellows, Spinasse, or late night at Po Dog. Closing down Neumos and Havana. Dodging balls being hurled at you in Cal Anderson Park. However you roll, we’re looking forward to getting to know you. Help us put a name to the face.
Dodging balls in Cal Anderson? You’ll fit right in. Listed rents run between $1,350 and $1,500 per month. Hardhat tours have begun if you are in the market.
The behemoth of Broadway isn’t as far along in the marketing arena as The Citizen — the real estate people behind the project still hadn’t settled on a name for the building when we talked with them recently — but it’s on the road to completion in 2013 and starting the process of sewing up commercial tenants. We detailed the start of development at the 230 Broadway location here. The building will introduce around 230 new apartments on Broadway — and a whopping 11,000 square feet of commercial space, plus another 5,500 square feet on Thomas. More than half that Broadway space already has a taker. Bank of America — displaced by the current construction — already owns its 6,000+ square feet in the building and will anchor the retail portion. Also already inked is an Einstein Bros bagel shop. The Noah’s chain’s main brand will apparently be applied to the store. You’ll recall that a Noah’s shop was displaced when demolition began on the project.
Joe Klaman of Russell Jones Real Estate said demand appears strong for the remaining Broadway retail space and that he is talking with some big names from the Seattle restaurant scene who don’t yet have a Capitol Hill presence. It’s possible — but not probable — that the building could bring eight new restaurants to Broadway. Each space is capable of hosting a restaurant-class kitchen hood, Klaman said. With demand high for Broadway frontage, Klaman also said he expects the best opportunity for smaller local businesses might be on the Thomas streetfront.
The construction across from Central Co-op won’t include any residential or retail but the new building does give Jewish Family Service room to expand its efforts on 16th Ave. And it’s complete. You can check out pictures from inside the new
four three-story structure on Facebook. We wrote about the $3.6 million project (UPDATE: That’s just the reported construction budget. Total project weighed in at $9.1 million, JFS tells us) when it began here last February. Watch for word of the building’s opening ceremony on April 1, 2-4p .
Work on the greenest commercial building in the world is still on track for a late 2012 completion following last summer’s groundbreaking. Chris Rogers of Point 32 said that potential tenants for a super green office building aren’t that much different than any other project. ”You definitely go through the same process,” Rogers said. “Tenants have the same questions they will have in any space.”
The University of Washington integrated design laboratory and Northwest headquarters of the Green Building Council are already slated to join Bullitt in the low energy building. Rogers said the UW lab will include offices for researchers, an exhibition area and a building science area.
The People’s Parking Lot project is almost ready for people. Hung with the slightly green-sounding, slightly life-affirming moniker Terravita, the mixed-use apartment project is beginning the search for commercial tenants. At least one new restaurant seems likely:
The Terravita is a mixed use building with 108 apartment units retail space available. Divisible down to 1,071 sf. Scheduled for completion May, 2012, tenant work can begin in March 2012. Located in the heart of the Pike/Pine corridor. Type I shafts located in each of the corner spaces. 25+ foot ceilings in the West Corner, 13 foot ceilings in the East corner. $28.00 – $30.00/sf/yr + NNN ($6.50/sf).
A Ewing and Clark rep for the project said the building should be completed in May with only the current facade work remaining to finish the building. Residential marketing hasn’t begun but the effort to find the right fit for the new Pike/Pine commercial space is already hot and heavy. “We’re locally oriented — no national garbage — just not what we’re going for,” the rep tells CHS. The rep said the two “restaurant spaces on the corners” have gotten a lot of interest and that an ideal mix would include “a couple service or destination retail tenants in the middle.”
The rep said the west corner space is of particular interest with 28-foot ceilings and room for an outdoor, enclosed dining area. Another possibility the real estate people are open to — a bar of a tavern in the middle space between the two potential restaurants.
Ewing and Clark is also handling the commercial leases in the soon-to-be completed Bellevue Terrace development. We examined the project here last April. The building’s prospects are likely rising now that the Marion Apartments are finally coming down. The 23 residential units will be available when the building is slated to be completed in May. The retail component at Bellevue Terrace is limited — under 1,000 square feet — but expectations are that it would make a good home for a mid-block cafe. There’s venting for a full kitchen hood, if desired. “We keep our ear to the ground,” the rep said. He also said, once things start moving, they move fast. “We have no leases signed at this point. In the next three months, all these spaces will likely be signed.”