Club Z building sells for $2.9M but no word, yet, on what comes next

Club Z on Capitol Hill Seattle, WA

The timer is counting down at Club Z but nobody knows yet what happens when the buzzer goes off. The 112-year-old building the “private bathhouse for men” has called home for decades has been sold to a real estate investor with local ties.

The Daily Journal of Commerce reports a sale price of $2.9 million for the 1906-built hotel building that went on the market earlier this year. The sale price represents a 35% premium above the initial listing for the property

Club Z employees reached Tuesday said they could not speak about the situation and referred us to a representative who is currently on vacation.

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112-year-old Capitol Hill building home to Club Z hits market for $2.15M

(Image: NWMLS)

A building that embodies some of the histories of Capitol Hill — including its never ceasing appetite for tearing down and building back up — is up for sale.

Here is the realtor’s description for the $2.15 million listing for 1117 Pike:

Built in 1906 this three story commercial building is for sale for the first time in almost 40 years. The Pike Building is located just above downtown Seattle in an A+ Capitol Hill location. This offers a Buyer the rare opportunity to purchase a pride-of-ownership property located only 3 blocks from downtown Seattle.

“The property offers endless potential for an investor to redevelop the property or maintain the existing use,” the marketing copy concludes. Continue reading

Private Northwest School announces $8.6M in property acquisitions around Summit campus

(Image: Northwest School)

The challenges of educating Seattle’s youth are daunting. But schools continue to be a growth industry on Capitol Hill.

Summit Ave’s private Northwest School announced Wednesday morning $8.6 million in property acquisitions to expand its city-style mixed middle and high school campus.

Map courtesy Northwest School

Formerly owned by Barokas Martin and Tomlinson Law Firm, the properties include land and building structures at 1422 and 1418 Bellevue, and a 14-space parking lot at 1417 Bellevue. “The building at 1418, which is in disrepair, will be deconstructed and the land converted into a ‘pop-up’ garden. In accordance with the school’s sustainability values, the materials from deconstruction will be salvaged or repurposed, whenever possible,” according to the school’s announcement. The school’s business offices, meanwhile, will move temporarily to the 1422 building.

There are bigger plans for the properties ahead. Continue reading

Patrick J. Sullivan House hits market just in time for Hilloween

The house in 1975 (Image: Seattle Municipal Archives)

Nearly 120 years old, the spooky Victorian at the corner of 15th Ave and E Olive St has hit the market. With an asking price of $2.2 million, the sale of the “Patrick J. Sullivan House” is clearly more about the property’s future than its once elegant past:

The home was originally commissioned by successful boilermaking businessman Patrick J. Sullivan, who owned Queen City Boiler Works in Pioneer Square. Architects Josenhans and Allan designed the home. They also designed many other prominent buildings in the area, including multiple buildings on the University of Washington campus, many historic Pioneer Square buildings, and other grand Victorian homes around Capitol Hill and Queen Anne.

(Image: CHS)

Despite the property’s recent lonely years, neglect, and deterioration, Capitol Hill-based broker Marlow Harris is looking for a buyer interested in restoration. “Today, there is an opportunity to renovate this home, bring it into the new millennium and share it with the citizens of Seattle,” she writes.

The property has never been nominated for city landmarks protections.

That lonely old house might also know a busier, more people-filled future. Across 15th Ave on the westside of the street, a four-unit rowhouse is currently under construction. Zoned for three story buildings, the Patrick J. Sullivan House land might also eventually be home to new multifamily housing.

 

 

15th Ave E QFC block has new owner: Capitol Hill’s Hunters Capital

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. Continue reading

Elliott Bay Book Company-friendly buyer found for Capitol Hill’s Ford Building

(Image: Hunters Capital)

(Image: Hunters Capital)

Hunters Capital, owners of the Ford Building, which houses Elliott Bay Book Company, the Little Oddfellows cafe, and fashion retailer Totokaelo, have found a likely buyer for the property.

Jill Cronauer, Chief Operating Officer with Hunters, said the company has a letter of intent with a local buyer.

“It’s not some big, national conglomerate,” Mike Oaksmith, director of development at Hunters said at a Monday Pike/Pine Urban Neighborhood Council meeting.

The potential buyer’s identity and any agreements on price are under wraps for now. Continue reading

Black Dot dispute clouds future of Africatown ‘inclusive development’ at 23rd and Union

14570556_563197213867977_1386588592077165332_o (1)With a multimillion land deal looming in the background that could make the community group part of what it calls “inclusive development” in the Central District, Africatown says it is taking on “Trump-style real estate discrimination” over the effort to evict work space and business incubator Black Dot from the 23rd and Union shopping center.

The community organization run by K. Wyking Garrett has called for a press conference Monday afternoon at the site of Black Dot’s space inside Midtown Center complex:

Today, at 4 p.m., community leaders in support of Black Dot – a business incubator and economic development center providing technical assistance to African American-owned and operated businesses and microenterprises – will host a press conference and rally protesting the recent illegal attempts made to evict the business advocacy group from its current headquarters.

The dispute follows efforts last week for the Midtown Center Partnership, the Bangasser family company, to clear out Black Dot including changing the locks on the commercial berth being used for the work space following the end of the contract with the leaseholder in the partnership of community groups that helped start the location last year.

Police were called to help sort things out Friday but left the property owners to deal with starting a formal eviction process: Continue reading

Big property deal set to reshape Capitol Hill’s somewhat sleepy 15th Ave E

img_1796In a sellers’ market on Capitol Hill, another big real estate deal appears primed to remake part of the neighborhood. CHS has learned that property on a key block in the heart of 15th Ave E’s strip of shops and restaurants recently hit the market and already has a prospective buyer with plans for a multi-story, mixed-use building stretching from the site where the 15th Ave E QFC stands today to cornershop ShopRite.

“If God means for us to stay, I am staying,” ShopRite owner Mohammad Abid tells CHS about the deal and his long-term lease in the building the shop has called home for more then 20 years.

Fortunately, the coming changes are still a ways off. Continue reading

‘Sellers’ market’ — The Ford Building, home to Elliott Bay Book Company, up for sale

Elliott Bay Book Company (Image: CHS)

Elliott Bay Book Company (Image: CHS)

With its neighbor already on the block for a potential sale, another centerpiece of Pike/Pine auto row preservation, culture, and arts is having its tires kicked by prospective buyers.

Word spread Wednesday that the Ford Building, the 97-year-old former auto row warehouse now home to Elliott Bay Book Company, the Little Oddfellows cafe, and upscale fashion retailer Totokaelo has been put on the market touting its “100% leased” status, its place as a “prime Capitol Hill retail creative space,” and its hosting of an “iconic master tenant” —

Jones Lang LaSalle is pleased to present the opportunity to acquire a 100% fee simple interest in the The Ford Building (“The Property”), a one-story building with two street level retail spaces, located in Seattle’s historic Capitol Hill submarket. The property’s location is walking distance to the city’s Central Business District, and a plethora of city destinations, including dining, retail, medical, professional, public transportation, Seattle Central Community College, Seattle University, the Northwest School, and Cal Anderson Park. The property has easy access to convenient transit and commuter options, only 1 block from the Capitol Hill Street Car stop and 2 blocks from the Light Rail station.

“This offering represents a unique opportunity to invest in a 100% leased property with a stable retail income stream and future development potential located in one of Seattle’s hottest and growing neighborhoods,” the pitch from the Jones Lang LaSalle real estate firm concludes.

If and when it is redeveloped, the building is eligible for Pike/Pine’s preservation incentives which provide potentially lucrative extra height and bulk bonuses for saving building facades of character structures.

Development opportunity aside, current owner Capitol Hill developer Hunters Capital says the building’s existing tenants are one of its greatest assets.

“We have thought long and hard about selling one of our buildings,” Hunters chief operating officer Jill Cronauer tells CHS. “We add value to properties and feel we have maximized the improvements in the Ford Building through restoration and implementing long term leases with strong retail tenants. It’s a strong sellers’ market and we would like to take the capital and reinvest in another property where there is room to add value.” Continue reading

Would a Vancouver-style tax on empty houses help Seattle?

Anyone hoping to flee a Trump administration by moving to Vancouver should be prepared for some sticker shock. As expensive as housing is in Seattle, Vancouver, B.C. is the most expensive market in North America.

Much like City Hall here, Vancouver has been searching for policies to try and moderate the increases, and in November, the city council there implemented its latest attempt, a tax on vacant homes.

Vancouver will impose a 1% tax on vacant properties based on the value of the home. There are some exceptions for people who might be traveling, having medical problems, or at least trying to rent or sell their home. Properties are vacant if there’s no one living there for at least half of the year. Renting it out will allow the owner to avoid the tax, but the rentals must be for at least 30 days at a time basically precluding Airbnb-style weekend rentals.

Would the plan work in Seattle? Continue reading