And then there were four. Following one bidder’s public drop from the running to develop the Capitol Hill Station housing and commercial sites, CHS has learned five other firms have also pulled out of the project. The Wolff Company decided not to submit a final proposal earlier this month, citing uncertainty around ownership and retail constraints leaving just four developers in the running to build all or part of the 100,000 square feet “transit oriented development” that will include housing, commercial, and a community spaces:
Capitol Hill Housing – Site B North
Gerding Edlen – Master developer for all sites
Jonathan Rose Companies/Capitol Hill Housing – Master developer for all sites
Lowe Enterprises – Sites A, B-South, and C
Dropped out of the race are The Wolff Company which had been pondering joining the competition for Site A, MacFarlane Partners which was making plans around a master developer role, Lennar Multifamily which dropped from Site B-South and Site C competition, Belwether Housing which cleared out of the Site B-North run, and Security Properties which dropped its bid for Site A.
The list of remaining bidders was the second part of CHS’s request to Sound Transit to obtain copies of the firm’s actual proposals. Sound Transit eventually denied the request. In an email to CHS, Sound Transit’s senior legal counsel Loren Armstrong explained why the proposals are exempt from public disclosure.
“This procurement is slightly different from a typical request for proposals,” she said. “Specifically, the submission and evaluation of proposals in this procurement is the first step in a process that for each parcel will culminate with the negotiation and execution of a unique purchase and sale agreement, with terms that are not yet defined.”
Sound Transit is expected to pick its developer(s) by January, at which time we should have some fresh project renderings in addition to details on how the project will take shape. Appraisals have placed the value of the Sound Transit properties at a combined $25 million. Continue reading