
The seven stories of Midtown Square along E Union (Image: CHS)

A new Arté Noir arts center will anchor the development’s 23rd and Union corner
Lake Union Partners has made a $70 million deal to sell two of the buildings it created around 23rd and Union just as the firm’s key development project at the corner is nearing the end of construction and will open with a challenging mission as a for-profit development shaped to try to address displacement and affordability concerns in the Central District. A new Black arts center now envisioned as the centerpiece commercial tenant in the building will help.
“My hope is that Midtown Square will be viewed as a project that was done with sincerity and purpose, and took an incremental step in helping to curb the affordability issue in the area and was the catalyst to welcome back people to the neighborhood who moved away years ago,” Patrick Foley of Lake Union Partners tells CHS. “At a minimum we want all people to feel welcome at Midtown Square.”
Construction is wrapping up on the project that now fills the site of the former Midtown Center shopping strip with a three-piece, seven-story mixed-use apartment development and plans for 428 market-rate and affordable apartment units, a quasi-public central plaza, and a huge underground parking garage.
Foley said the progress on Midtown Center is unrelated to the huge deal for LUP to sell off two of its four properties around the corner as it sheds both the 42-unit Stencil development at 24th and Union and 23rd and Union’s southwest corner The Central in a $440,000 per unit agreement with developer Prometheus, the largest private owner of apartment properties in the Bay Area, according to the Puget Sound Business Journal who broke the news.
Prometheus was originally lined up to acquire only The Central, Foley says, but made a strong offer for the smaller Stencil, too. The cash will help Lake Union Partners with a “philanthropy opportunity,” and other projects Lake Union is “working on in Seattle that have capital investment needs.” Continue reading →