With news last week that the project to build mixed-use apartments in the empty lot at Belmont and Pine is once again underway, here’s a note on an apartment overhaul on the Hill that isn’t happening — yet.
CHS has learned that a year ago in November 2009, the Hong Kong-based investors behind the 200 Broadway East apartment building that also houses Bleu Bistro and American Apparel on its ground floor filed paperwork with the city to study the feasibility of creating underground parking as part of a potential redevelopment at the corner of Broadway and John.
Description of Work Pre-sub application to determine feasibility of underground parking garage in light of Sound Transit tunnel passing under the building.
200 Broadway East is the same building where the owners recently went to the media with their concerns that light rail tunneling might damage the $6 million, 1924 building. Sound Transit has said that building owners Broadway Investment LTD agreed on a +$200,000 easement agreement with the agency, one of nearly 200 such agreements Sound Transit has worked on along this line of light rail.
Franklin Tseng of Broadway Investement tells CHS that he currently has no plans to proceed with any redevelopment at the site. “The planning was only an exercise, and the property will not be re-built in the forseeable future,” Tseng said via e-mail.
That stretch of Broadway is still due to get a massive underground parking structure, however. The 230 Broadway project will include an underground parking garage capable of fitting more than 350 cars for the 235-residential unit building. CHS has reported that the project is planned to begin demolishing the buildings that currently house Bank of America, Noah’s Bagels and the now-empty spaces where Pho 900 and Cafe Septieme used to live in January 2011. The mixed-use development is planned to be completed in 2013.
While we wait, it looks like we’ll have to get used to paying higher street parking fees but won’t have to worry about paid parking on Sundays.
Back at John and Broadway, there won’t be any redevelopment underway soon but the Hill’s remaining old building’s had better watch their back — things are heating up again. The Summit building was recently part of a major, $33 million real estate deal in the Seattle market fueled by speculation that “multifamily properties” will again be valuable investments:
Low vacancy rates, the lack of new supply in the next 18 months coupled with corporate headquarter growth in close proximity to all three properties helped drive the sale. “This deal continues the trend of core-Seattle properties trading at a premium,” states Zoffel. “Investors are aggressively underwriting, believing they are on the leading edge of an investment upswing, much like the scenario leading into 2005.”
Negotiating ploy or not, 200 Broadway probably won’t be the last potential redevelopment studying the feasibility of building an underground parking garage above Capitol Hill’s coming light rail tunnels.