The “big property deal set to reshape Capitol Hill’s somewhat sleepy 15th Ave E” has gone down. For now, the quiet-er stretch of Capitol Hill commerce will stay as somewhat sleepy as ever.
“We look forward to becoming a part of this vibrant street as we value the unique retail and residential mix,” Jill Cronauer, chief operating officer at Hunters Capital said in an announcement Monday morning that the Capitol Hill-focused real estate development and property management firm has acquired the block of 15th Ave E home to QFC and a stretch of local businesses for $11.25 million.
“While redevelopment of this building is possible, current leases in place make it unlikely to happen in the near future,” Cronauer said. “However, we do hope to create a more engaging street front for our tenants and neighbors.“
In addition to the grocery store, the 37,800SF property includes Take Two consignment shop, a Rudy’s Barbershop, the beloved Shop Rite, and seven apartment units above “as long term tenants,” Hunters said.
In February, CHS reported the buildings had been sold after being gifted to the University of Washington last year after a death in the family that has held the property for decades. The northern building dates to 1904 while the QFC grocery building was constructed in 1944, according to King County records. “The future hinges on whether QFC and Rudy’s will agree to new lease terms,” the deal’s broker told CHS in February.
Though it has seen a few instances of infill development, 15th Ave has mostly been free of the larger wave of redevelopment that has reshaped areas of Broadway and Pike/Pine. Current zoning would limit any future development to four stories. HALA affordability rezoning could bump those 40-foot limits up by 15 feet. The Capitol Hill Chamber of Commerce, meanwhile, is also preparing to expand the Hill’s Business Improvement Area to include 15th Ave partly in anticipation of coming growth.
Earlier this month, Hunters said it was taking advantage of a “seller’s market” on Capitol Hill as it sold off its longtime Ford Building holdings on 10th Ave, the home of Elliott Bay Book Company.