Do not envy Ron Sudderth. As the broker in charge of finding a tenant for the former BMW building stretching between Pike and Pine just below Broadway, Sudderth must find a taker for nearly 30,000 square feet of commercial space in a market where financing has all but dried up. He has also got an historically significant building on his hands that the community is highly interested in protecting. Oh, and, by the way, any use of the property can’t disturb soils beneath, contaminated by the building’s industrial past.
“We know the use of the building needs to be to code and has to be a clean use so no disturbing the contaminants in the solid beneath,” Sudderth said. “But it is still an opportunity.”
Even with all of that, the building represents a massive opportunity. The fantasy development league players over at Hugeasscity have coveted the building’s potential since before BMW moved out. And with rumors like this flying around (yes, we’re perpetuating our own rumor), you have to think it’s only a matter of time before the property is put to use.
Right, Ron?
“No deal is in place. We’re talking to potential tenants but nothing is in place yet. We’re not making any announcements,” Sudderth told CHS.
“The real estate market is so slow. We have the same environment in commercial as we do for home buyers,” Sudderth said. “We can’t afford to buy things any more. It’s like turning the clock back to 9/11.”
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Seattle City Councilmember Tom Rasmussen is especially interested in what comes next for the Pryde + Johnson-owned building. “It really is an icon to the community,” Rasmussen said. “It’s important that the site be used and restored and developed in a way consistent with that.” Rasmussen has led the creation of new rules for the Pike/Pine area that will also impact the ways in which the BMW land and buildings can be developed.
Pryde + Johnson paid nearly $9 million for the property in 2006 according to King County records.
Along with the new rules, Sudderth must find tenants that are willing to work with limitations on the site caused by the industrial contamination contained beneath the building.
A spokesperson for the Washington State Department of Ecology said that the contaminated material from the building’s history in the automobile industry has been contained but not removed. The land is subject to ongoing reviews by the state to check for any change in condition. The property is subject to a covenant that requires the department to be notified in the event of any transfer or development plans so no work can begin on the land without a full review of the contamination issues.
Put it all together, and Sudderth has his work cut out for him. “We’d love to have something to announce,” Sudderth said. “We’re out there beating the bushes.”
Let’s keep the auto-row heritage alive! Why not just replace BMW’s with a dealership that deals in bicycles, electric bicycles, electric cars, smart cars, mopeds – all modes of transportation we need on the hill!! (oh so idealistic) Why is the green car company in KIRKLAND? Come on over to the hill and set up shop. http://www.thegreencarco.com/
On the Hill people walk, take the bus and ride bikes, scooters, Zip cars.
People on the Eastside buy cars, lots of them. No bus, long trips and who can walk ten miles to work?
The past is long gone … it is interesting space, BMW/Mercedes over time developed the perfect multi site, multi use agenda. Doing that again will be difficult…. and with little money floating around, finding a banker will neigh impossible.
Stay tuned … maybe, for years.
I totes agree with pinguina.
I recently went to a seminar on co-housing (where owners have individual units, like condos, but also a large shared space where they do several communal meals a week). The BMW property is the first one I thought of for co-housing.
If forced by the economy – sounds great. I am not sure the collective urge is very strong in this era. We talk community but that is a much larger perspective use of the phrase.
Shared housing was common in the past – and then there was the expectation of everyone in their own apt. – complete with kitchen and bath and all the works.
Can we afford that – most likely not any longer. Double Up is the new reality – or spend 60 per cent of your income on rent … bad idea.
I will cook, you do the dishes – now that is a plan.
the mysterious new “game-changing” grocery store was supposed to go that you were hinting about last month?