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Capitol Hill says goodbye to Piecora’s, hello to familiar national apartment developer

(Images: CHS)

(Images: CHS)

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UPDATE 4/17/14Developer reveals plans for the Piecora’s building

Original report: A thick chapter of Capitol Hill history will close Tuesday night when the final slice of Piecora’s pizza is polished off, and a new story will open when the nation’s largest, publicly traded, owner of apartments gets to work on its fourth Capitol Hill property.

Equity Residential purchased the 14th and Madison pizza property from the Piecora family in April for a whopping $10.3 million, adding to Equity’s 30+ residential properties in the region. The Piecora family paid $3,045,000 to purchase the property in 2002. Soon after the Equity sale, Piecora’s announced April 15th would be their last day.

So far Equity has not filed any paperwork to indicate their plans for the site — or if they’ll honor the Piecora name in the new building. Representatives from Equity has not yet responded to CHS requests for comment. Given Equity’s regional properties, it’s safe to assume another mixed-use project is on the way.

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Three20 Apartments, The Heights, and Rianna Apartments — top to bottom

Equity’s existing Capitol Hill holdings include The Heights, Rianna Apartments, and Three20 Apartments. Rents at the apartments are in the ballpark of what one might expect from new developments on Capitol Hill (around $1,800 for one bedroom apartments).

Retail tenants in the buildings run the gamut from chain banks to independent restaurants. U.S. Bank, Desert Sun Tanning Salon, Liberty Tax Service, and Blu Bistro’s Grotto occupy the prominent Heights retail space, divided between two buildings at Broadway and E Olive Way.

Rianna, at 12th and Columbia, includes several businesses perpetually busting with Seattle University students, including Starbucks and Yoshino Teriyaki. And the recently opened Three20 building will soon include the latest outpost of Seattle chain Cherry Street Coffee.

In their own words, here’s what Equity looks for in new ventures:

Deal Structure and Size

We invest directly, in equity joint-venture structures, pre-sale transactions at market cap rates, and in multiple property pools. As an UPREIT, we are able to issue operating partnership units as an alternative to cash, providing sellers with tax deferment advantages.

Asset Size

We typically develop communities of 100 apartments or more. We will consider smaller projects in select markets and urban infill locations. We will also consider single-project developments and multiple-project pools.

 

Equity has 14 properties throughout Seattle and 20 others in the region. While the company gets ready to add another new apartment project for CHS to track, it might be worth stopping by to say goodbye.

What will the probable new building look like? Given the price tag to acquire the land, probably something similar to these.

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lauren
lauren
7 years ago

Ugh. All of their holdings are ugly and use cheap materials. More of the same.

John Feit
7 years ago

Their past work is pretty pedestrian. We will need to be diligent and make sure they do a better job than in the past. I hope they hired good designers who will challenge their typical formula.

Steven Gomez
Steven Gomez
7 years ago

Don’t kid yourself, folks. They’re just going to build another mixed used building with overpriced apartments above and ill-fitting boutique shops below.

Adam
Adam
7 years ago

Can we ban corrugated metal? If I want to live in a shipping container I’ll move to Harbor Island.

NewYorkStyleSomething
NewYorkStyleSomething
7 years ago
Reply to  Adam

But it looks so good painted orange!

DB McWeeberton
DB McWeeberton
7 years ago

Gross, but unsurprising. This building will be hideous.

NewYorkStyleSomething
NewYorkStyleSomething
7 years ago

I hope the new building has a Chase bank on the ground floor. SO inconvenient driving all the way to the one one Broadway… some “urban village” Cap Hill is if it doesn’t even have a Chase in walking distance. And the 4 other gyms on that block are way too expensive… install another one in Piecora Lofts for some competition. Hopefully a 24 Hour Fitness. A nail salon would be nice, but I guess I can walk next door. Cap Hiiiiiilllllllllll!

Roberto
Roberto
7 years ago

And we definitely need some more chain restaurants, like a Jimmy John’s or a Jamba Juice. And maybe a MoneyTree and a Urban Outfitters. We’ll suck the soul out of Cap Hill yet!!

NewYorkStyleSomething
NewYorkStyleSomething
7 years ago
Reply to  Roberto

Yeah, fast casual restaurants like Blue Moon Burgers and Chipotle are completely different than McDonalds and fast food. They’re perfect for a urban lifestyle for a young urban professional urban person like myself. Good suggestion, putting Jamba Juice next to the Chase.

Hopefully Piecora Lofts will install a *regional* fast casual chain restaurant though, rather than a national one. That would look really good on their renting advertisements.

JTContinental
JTContinental
7 years ago

I’m just sad that now there’s nowhere to go for real New York-style pizza. Maybe they can put a Sbarro in there?

pikeurchin
pikeurchin
7 years ago
Reply to  JTContinental

Sbarro recently went under

Joseph Singer
Joseph Singer
7 years ago

What’s the matter you don’t like Bank of America? That’s two stinkin’ blocks away. You really expect someone to walk that far? Besides, Chase is a bloodsucking bank that took advantage of WaMu when they were down and got them for pennies on the dollar.

NewYorkStyleSomething
NewYorkStyleSomething
7 years ago
Reply to  Joseph Singer

I’ll already be spending $1800 a month on rent at the Pieçora Lofts, no way I can afford $2 ATM fees at BoA.

genevieve
genevieve
7 years ago

bonus points for Pieçora Lofts lol

And there already was a check cashing place in that building for many, many years (where the tattoo parlor is now). Adding one to the Pieçora Lofts would be appropriately retro.

pikeurchin
pikeurchin
7 years ago

A Nail Salon!!?? Puke! I want to see a Kingdom Hall For Jehovah’s Witnesses

franklin
franklin
7 years ago

You can integrate your workout by walking to Chase. Or better, bike up and down that hill to go to the bank and get your nails done. Then you don’t need gym membership.

NewYorkStyleSomething
NewYorkStyleSomething
7 years ago
Reply to  franklin

What, you want me to just go to the park and run or bike or something? lol. Need my elliptical machine. #caphill

franklin
franklin
7 years ago

yes, authenticity is a religion that runs deep here. go ride a fixie, have a vegan cupcake, get a non-voc manicure or something like that. ellipticals are not authentic enough. you must conform to the norms here lol

OrderfromChaos
OrderfromChaos
7 years ago

The Rianna and Heights on Capitol Hill were built separate of each other, in 2000, and 2005, respectively also using different design firms.

Also Equity Residential bought both of these communities after they were already constructed from two separate owners.

So we’re not looking at necessarily a problem of the design because of the investors, but a design problem because of the architects and city planning.

Chris Heiland
Chris Heiland
7 years ago

“around $1,8000 for one bedroom apartments”? I just can’t afford this city anymore. Seriously though, probably not that many zeros.

jseattle
Admin
7 years ago
Reply to  Chris Heiland

thanks :)

jonny
jonny
7 years ago
Reply to  Chris Heiland

i moved out of seattle long ago…. saw the ‘writing’ on the wall. all this new development will age poorly, and in 15 years resemble a ghetto with high prices…. sad, so sad…

Doppler
Doppler
7 years ago
Reply to  jonny

Where did you move to?

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[…] CHS wrote here about what comes next after the Piecora family sold their building to an apartment developer for $10.3 mi…. […]

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[…] has not yet begun as Equity is still settling on an architect for the project. We looked here at the types of buildings the Equity Residential builds and holds in its vast portfolio. Situated on a rising slope along E Madison and overlooking the Broadway […]

Doppler
Doppler
7 years ago

And are you happy where you moved to?