The investors who swooped in after financial troubles made one prime Pike/Pine development opportunity available earlier this year have decided to double down in the neighborhood. The Arizona-based Wolff Co. announced Wednesday that it has purchased the Sunset Electric building at 11th and Pine for $6.7 million. The developers plan to continue the approved mixed-use project started by seller Pryde Johnson which faced foreclosure on the property.
“We believe very strongly in the quality of the Capitol Hill neighborhood and are excited to be a part of the effort to bring some of its more historic buildings back into service for the benefit of the entire community,” Tim Wolff said in a statement on the purchase.
The ambitious project will incorporate a facade of the old Sunset Electric factory where the 11th and Pine poster wall stands today. The Sunset Electric project will include 89 residential units above the restored auto row building with two-floor tall commercial spaces at ground level and underground parking for 33 vehicles. The building is
currently *partly* empty and boarded but a cultural center in the area thanks to its wild and wide array of posters, street art and random things that get stuck to its old, masonry walls. UPDATE: Thanks to Lola for the question in comments. We’re checking whether the structure housing The Crypt and Purr is, indeed, part of the development parcel. We’ll follow up with Wolff to ask them about plans to work with any existing tenants. UPDATE: According to county parcel records, Purr and the Crypt are part of the adjacent building not the parcel slated for redevelopment.
Pryde Johnson purchased the building for $2.9 million in 2006. Its development project began the public design review process way back in summer of 2009. With the six-story project’s land use permit approved and valid through March 2014, Wolff can pick up where Pryde Johnson left off and carry the Weber Thompson design forward.
The Sunset name refers to a manufacturing company that called the 1916 building home for a time. It is also known as the Spray King building and was once home to Winton Motor Co., according to neighborhood activist Dennis Saxman. The project was planned to be part of the city’s Priority Green Pilot Program. We published this series of artist renderings of the project here.
Wolff now has two major investments at play within blocks of each other in Pike/Pine. Last month, CHS reported on the $14.9 million purchase of the old BMW facility between Pike and Pine where the developers are planning a mixed-use apartment building that will incorporate the old facility’s brick facade.
Both projects are now part of what is being called an “unprecedented wave” of development in the Pike/Pine neighborhood that is putting zoning and preservation laws to the test.