UPDATE 4/17/14: Developer reveals plans for the Piecora’s building
Original report: A thick chapter of Capitol Hill history will close Tuesday night when the final slice of Piecora’s pizza is polished off, and a new story will open when the nation’s largest, publicly traded, owner of apartments gets to work on its fourth Capitol Hill property.
Equity Residential purchased the 14th and Madison pizza property from the Piecora family in April for a whopping $10.3 million, adding to Equity’s 30+ residential properties in the region. The Piecora family paid $3,045,000 to purchase the property in 2002. Soon after the Equity sale, Piecora’s announced April 15th would be their last day.
So far Equity has not filed any paperwork to indicate their plans for the site — or if they’ll honor the Piecora name in the new building. Representatives from Equity has not yet responded to CHS requests for comment. Given Equity’s regional properties, it’s safe to assume another mixed-use project is on the way.
Equity’s existing Capitol Hill holdings include The Heights, Rianna Apartments, and Three20 Apartments. Rents at the apartments are in the ballpark of what one might expect from new developments on Capitol Hill (around $1,800 for one bedroom apartments).
Retail tenants in the buildings run the gamut from chain banks to independent restaurants. U.S. Bank, Desert Sun Tanning Salon, Liberty Tax Service, and Blu Bistro’s Grotto occupy the prominent Heights retail space, divided between two buildings at Broadway and E Olive Way.
Rianna, at 12th and Columbia, includes several businesses perpetually busting with Seattle University students, including Starbucks and Yoshino Teriyaki. And the recently opened Three20 building will soon include the latest outpost of Seattle chain Cherry Street Coffee.
In their own words, here’s what Equity looks for in new ventures:
Deal Structure and Size
We invest directly, in equity joint-venture structures, pre-sale transactions at market cap rates, and in multiple property pools. As an UPREIT, we are able to issue operating partnership units as an alternative to cash, providing sellers with tax deferment advantages.
We typically develop communities of 100 apartments or more. We will consider smaller projects in select markets and urban infill locations. We will also consider single-project developments and multiple-project pools.
Equity has 14 properties throughout Seattle and 20 others in the region. While the company gets ready to add another new apartment project for CHS to track, it might be worth stopping by to say goodbye.
What will the probable new building look like? Given the price tag to acquire the land, probably something similar to these.