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Discussion Starter · #1 · (Edited)

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Discussion Starter · #2 ·
Some news re: "One Boren"and the related area(s), from todays DJC.



http://www.djc.com/news/re/12043825.html



August 10, 2012



Touchstone has an option to buy site at Stewart and Boren



By MARC STILES

Journal Staff Reporter



Seattle developer Douglas Howe of Touchstone Corp. says his company has an option to buy the Goodyear property at Stewart Street and Boren Avenue in the Denny Triangle.



The nearly 28,000-square-foot property is north of a Diamond Parking lot that Touchstone also controls. Together, the properties cover half a block on the east side of Boren. Across the street to the west, Touchstone is seeking city approval to build One Boren: an 11-story office building and a 13-story Hilton Garden Inn.



A source who asked not to be named said Touchstone's earnest money on the Goodyear site is no longer refundable, and that Touchstone plans an office project.



Howe wouldn't confirm that, and said, “After the first of the year, it will become apparent what we may or may not do with the property.”



He said his company continues planning One Boren, which will have 300,000 square feet of office space and 222 hotel rooms. A-P Hurd of Touchstone said earlier that after the project is entitled, market conditions will determine when construction starts.



Touchstone has been busy buying, selling and developing property in the Denny Triangle, where Amazon.com and Seattle Children's Hospital are active.



Amazon leased a large portion of the 28-story West Eighth building that Touchstone developed. Amazon has leased other space in the area, and is planning to build a 3.3-million-square-foot headquarters about four blocks from One Boren.



Children's owns a full-block property called Stewart Place that is across Stewart from One Boren. Children's also owns two adjacent buildings. Together the properties total nearly two full blocks. Children's plans a large research institute there that could employ up to 2,000 people.



Children's spokeswoman Stephanie Axelrod said that because of the economic downturn and the expansion of Children's main campus in Laurelhurst, hospital officials can't say when construction of the research institute might start.



Children's bought one of the buildings — a life sciences property that Touchstone developed — for approximately $79.5 million in 2006. A year later, Children's paid $43.6 million for the Stewart Place block through a series of transactions with several entities, including Touchstone.



Touchstone also owns property in nearby South Lake Union, including a full block next to Amazon.com's current 1.7 million-square-foot headquarters.



The Virgil J. Pague Trust is selling the Goodyear property, which consists of a tire store and surface parking lot. The store lease runs through 2014. The trust hired brokers Craig Hill and Janet Backus of NAI Puget Sound Properties to market the property. The asking price is $17 million.



This spring, Hill said an office developer had the property under contract for about $17 million. He wouldn't name the buyer. He declined to comment yesterday.



Zoning on the Goodyear property would allow for up to 300,000 square feet of office space or 535,000 square feet of mixed uses, including office, hotel, retail and residential.

Some of the projects in the area do not have a thread. Like this project.
 

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Good idea for a thread, LC. All those parking lots and other useless stuff, all that potential. This is going to be the center of real estate action for awhile. Too bad they couldn't squeeze the heights up - just a skosh. We've seen the dirt from historical pictures, solid to the center of the earth.
 

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Discussion Starter · #8 ·
The recent DJC article on 800 Stewart:

http://www.djc.com/news/re/12043870.html

August 13, 2012

Schnitzer wants to sell part of a block at 8th & Stewart

By LYNN PORTER
Journal Staff Reporter

Schnitzer West is offering to sell property at the corner of Stewart Street and Eighth Avenue, adjacent to the 1918 Eighth office tower it developed in Seattle's Denny Triangle neighborhood.

Schnitzer Managing Investment Partner Dan Ivanoff said buyers have four options for the site:

• Construct a 10-story, 125,000-square-foot office building that would connect to 1918

• Tear down the former Watermark Credit Union building on the block and construct a freestanding office building of up to 14 stories

• Tear down the Watermark and build a multifamily tower of up to 42 stories

• Renovate the Watermark for an owner-user, such as a medical user or a financial institution.

Ivanoff said his firm intends to put the property on the market in the next couple of weeks, represented by Jon Hallgrimson, Dan Stutz and Dwight Newell of CB Richard Ellis.

He said Schnitzer West has gotten quite a bit of unsolicited interest in the site in the last six to nine months.

“We just saw the market start to strengthen, so we said it's time to move this through. It's just the right time in the market,” Ivanoff said.

In preparation for the sale, the Seattle-based firm reactivated its master-use permit to expand 1918 Eighth with the 10-story addition, he said.

Schnitzer West does not want to develop the site itself because the office space that could be built there would be smaller than the projects it typically develops, Ivanoff said. “We tend to need bigger scope and scale to make it right for us.”

For instance, The Bravern mixed-use project it developed is 750,000 square feet and the Advanta Office Commons is 600,000. Both are in Bellevue.

Ivanoff also said the company no longer develops mutifamily housing.

Last summer, Schnitzer sold JP Morgan Chase the 36-story 1918 Eighth for $350.5 million, and the 14-story 818 Stewart for $129.5 million. The buildings are on the block bounded by Stewart and Virginia streets, and Eighth and Ninth avenues.

The 818 Stewart price worked out to $558 a square foot, a post-recession record.

Schnitzer West is focusing on office and industrial. It is working to re-permit Madison Centre, formerly named M5, which is an office property at Fifth and Madison in Seattle, but won't start building the tower without pre-leasing.
 

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Discussion Starter · #9 ·

800 Stewart by LCCIII, on Flickr

I knew I would find it eventually...I know its terrible quality but you still get the idea. I would LOVE to see this built out like this. With the 811 Stewart complex going in across the street this would certainly help bring a ton of life to the area outside of the business day. I hope whoever buys it does this.
 

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800 Stewart by LCCIII, on Flickr

I knew I would find it eventually...I know its terrible quality but you still get the idea. I would LOVE to see this built out like this. With the 811 Stewart complex going in across the street this would certainly help bring a ton of life to the area outside of the business day. I hope whoever buys it does this.
Something doesn't seem right about that picture...Is the courthouse facing the wrong way?
EDIT: Nevermind, this whole time I thought they were talking about the parcel across the street where the Watermark Credit Union is now. >.<
 

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Discussion Starter · #13 ·
I have no idea what building they are in now but with all the converstation being about clogging that specific block Im a little confused as to how you could confuse the location...but glad thats at least sorted. Anyways- Id love to see this get built like pictured above.
 

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I have no idea what building they are in now but with all the converstation being about clogging that specific block Im a little confused as to how you could confuse the location...but glad thats at least sorted. Anyways- Id love to see this get built like pictured above.
It was the other threat I was confused by. I didn't catch the 'former' and when I looked on google maps, I just saw the current location.
 

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Discussion Starter · #15 ·
All these projects pale in comparison with R.C. Hedreen's still-evolving plans for the block it controls at Eighth Avenue and Stewart, longtime home of the Greyhound bus terminal.
In May, Hedreen President David Thyer was talking about a 900- or 950-room high-rise hotel. Now, according to city permit records, that's been upped to 1,200 rooms along with 600 apartments, 350,000 square feet of office space and 125,000 square feet of meeting space.
It's far from certain all these proposed hotels will be built soon, if at all.
Thyer, for instance, says the go-ahead for Hedreen's project could hinge on whether the nearby Washington State Convention Center expands.

-Seattle Times


Just a little update.
 
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