Now that the last night of service has come and gone, what will replace the old Piecora’s building? The largest publicly traded owner of apartment buildings in the country has shared details with CHS of the first ever project it will build from the ground up in the high-demand Capitol Hill market.
“We buy and build,” a spokesperson for Equity Residential tells CHS about its $10.3 million purchase of the building and parking lot at 14th and Madison that is now slated to be demolished sometime in the next year. “We’re all over the Seattle market. It’s such a terrific long-term market for renters, were looking to expand our footprint there.”
The spokesperson tells CHS that Equity plans to develop a six-story, 140-unit mixed-use apartment building with hopes of starting construction late next year after the prerequisite rounds of permitting and design review. The new building will include some 3,700 square-feet of retail — room for a new pizza joint, perhaps — and will include underground parking. The goal is to have the project open for eager Capitol Hill renters by 2017, the spokesperson said.
The confirmation of Equity sticking to what it does best squashes a rumor that had been circulating about a possible hotel planned as part of a new development at the site.
The design of the building has not yet begun as Equity is still settling on an architect for the project. We looked here at the types of buildings the Equity Residential builds and holds in its vast portfolio. Situated on a rising slope along E Madison and overlooking the Broadway basin leading to First Hill, the building will fill a prominent corner on the street and will be just a block from the dramatic rise of the Bullitt Center, touted as the greenest commercial building on the planet.
While the new building will be the first project Equity constructs on Capitol Hill, it has purchased three others amid an increasingly lucrative rental market in the area.
“We very much like the Capitol Hill area,” the Equity spokesperson said. “We think it’s a strong submarket.”