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What’s next for Capitol Hill’s Half Price Books building

(Image: Cushman & Wakefield)

(Image: Cushman & Wakefield)

For lovers of books and those who get a thrill picking through the random mix that is a retailer of used and semi-used media, Valentine’s Day 2013 was a heartbreaker. CHS is here to help you move on with news about what is coming next to the 15,000 square feet of retail space and 52 parking stalls of Capitol Hill’s Belmont Building as Half Price Books turns the pages toward its planned June 2nd closure.

The next chapter, it turns out, won’t involve another six or seven-story apartment project. At least, not yet.

“We have several very interested parties,” the property’s longtime owner Jan Jarman tells CHS about retail and office interest in the building.Screen shot 2013-03-14 at 3.27.51 PM

With Half Price making its home in the 115 Belmont Ave E location on Capitol Hill since 2003, the 1926 building — significantly overhauled in 2000 — has held an eclectic mix of businesses including, we’re told, a laser tag facility at one point.

That’s not on the roster of possibilities this time, however.

“Because of its excellent location and easy access (not to mention lots of parking), we are getting tours from a variety of uses to include retail, restaurants, office and medical,” said Susie Detmer of Cushman & Wakefield’s commercial real estate wing handling the lease. “It is too early to say what direction the building will ultimately go.”

Whatever the direction, it will be a pricey trip. Detmer says she expects the lease rate to be greater than $30 per square foot if the new tenant wants the building’s generous allotment of parking. The rent drops if the taker doesn’t want all 52 spaces.Screen shot 2013-03-14 at 3.27.38 PM

(Image: Cushman & Wakefield)

(Image: Cushman & Wakefield)

The marketing materials for the building remind interested parties of the 55,000+ population living within one mile of the location and the nearly 200,000 living within three miles. They also include a groovy map of many of the area’s businesses — we’ve included that graphic, below.

Capitol Hill’s local retail landscape is challenged but there are pockets of success and sources of new blood and energy. There is also an opportunity or two left open to fill neighborhood needs. Meanwhile, the Hill’s largest independent retailer is celebrating its 40th anniversary — most of those years off Hill, but Elliott Bay is ours, now.

As you and your friends scratch together your plan to sustain a $450,000 a month a year cash flow, don’t forget that one of the reasons behind Half Price’s closure was lack of customers. We’re pretty sure laser tag would pack them in, however.

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Jet City Jim
Jet City Jim
11 years ago

Sad to see this place go! I love Half Price Books and its great mix of retail and used books (plus the neat decorations in the restroom!) Sad to hear it was not getting supported by the neighborhood, but 1/2 million a month for rent is nuts! Though the price they would give me on books I sold them wasn’t very good.

SD
SD
11 years ago

Laser tag is far from the most eclectic use of that spot. Before the overhaul, the downstairs had a variety of rooms from fake dungeon to shower stalls, and was wired with T1, and well, you do the math…

Brad
Brad
11 years ago
Reply to  SD

How long ago was that? Could be a good new adaptive reuse!

pragmatic
pragmatic
11 years ago

I would love love love to know what the break in rent is with fewer parking spots. Any word?

Brad
Brad
11 years ago

Roller Rink!!!

Rachel
Rachel
11 years ago
Reply to  Brad

Yes! A thousand times yes for a roller rink! That would be super sweet.

ERic
11 years ago

Roller Rink is a great idea either that or a bowling alley sure we have the Garage but it is so small.

JWade
JWade
11 years ago

Commercial rent rates per sq foot are traditionally quoted on an annual basis. I’d expect the monthly rent to be in the neighborhood of $37.5k…

neighbor
neighbor
11 years ago

The Social II

Joe
Joe
11 years ago
Reply to  neighbor

THIS!!!

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[…] for office and retail space on the Hill is reportedly still strong. CHS reported two weeks ago that suitors were lined up to take over the massive 15,000 square-foot store Half Price Books will leave behind when it shutters this […]

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[…] celebrated an anniversary this week, too. Sunday, the book party ends, however — it’s the final day of business for the Hill’s Half Price Books […]