(Image: CHS)
A new developer has swooped in to claim the site of the old Pike/Pine BMW dealership just days before the property was slated to go to auction in a $9.8 million foreclosure.
Seattle’s Daily Journal of Commerce reports that Wolff Co. paid nearly $14.9 million for the property that fills most of a city block between Pike and Pine:
Tim Wolff said the site his company bought is not entitled. He envisions a multi-family project with commercial space but is unsure how many units it might have. He expects to have firmer plans in the next 30 to 60 days. If things go well, construction could start late next year, he said.
Wolff is a private investment company with an office in Spokane. It is working with Weber Thompson on the former BMW site. No contractor has been selected, though the company is talking with a couple of groups, Wolff said.
CHS reported on the status of the development project planned for the BMW property here in January when the foreclosure process began. BMW left Pike/Pine in 2009 to move to a larger facility in SoDo. Soccer-focused energy drink maker Golazo moved its headquarters into the old showroom in 2010.
Meanwhile, another Pryde+Johnson property planned for development appears to be taking a similar path to the BMW parcels. — better known as the poster-covered, empty building at the corner of 11th and Pine across the street from Cal Anderson’s Bobby Morris field — is now scheduled for a trustee’s sale of its own. According to the sale notice, developer Pryde+Johnson owes nearly $3 million on the property. We outlined the delayed plans for the ambitious development intended to preserve the facade of the old 1916 structure last February when representatives were still saying the project was a “go.” We’ll watch to see if another buyer emerges as the July sale date approaches.
More Pryde+Johnson bones to pick — rendering of the planned Sunset Electric development (Image: Pryde+Johnson)
Now that the BMW site may have a viable developer sure hope the next step is the Sunset Electric building now that those development plans seem to have folded for the moment. The next HUGE question is the site contiguous to the BMW location, the former Phil Smart Mercedes Benz dealership. They will be gone, rumor has it, within a year or two. Apparently when their Airport Way property is built out to accommodate new car sales along with the already existing used car/repair facility on Airport Way. Phil Smart have been good stewards of the property in the neighborhood with constant vigilance on the street, trimming trees, and always keeping their site updated. Since BMW left the tagging of the building and night crowds hanging out in the parking areas has been less than desirable.