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Journeyman
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If you mean west and northwest of the EMP, that's true. The Seattle Center might still be a dividing line.
 

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Journeyman
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Now they have scaffolding around the building they need to demo (I forgot it was the full half block) and a trailer with a container on it. Looks like demo is beginning. No need to fence off the parking yet.

PS, this is a block west of the tunnel alignment. I was forgetting that too.
 

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Premium Member
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It's cool to see the island of property on the lot line map (page 2) where the Space Needle is. Fairly rare to have a lot surrounded by another lot.
 

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Correspondent
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This might have been covered in the "mid-rise projects" thread, but that thread is so huge and cluttered I couldn't look back more than a couple of months.

Anyway, I saw this over on the Design Review site.

500 3rd Avenue West? I think there is a camera processing store on the lot. My database of property pics pics isn't so good for LQA.

http://www.seattle.gov/dpd/AppDocs/GroupMeetings/DRProposal3012851AgendaID3674.pdf

Looks like some standard variety infill. Not bad, not sexy.
 

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Discussion Starter · #31 ·
Some business news on the former Met Market on the top of the hill:

http://www.djc.com/news/re/12043987.html

Anyone have the full article? Headline makes it sound as if the Trader Joes is confirmed. I had heard the rumor before, but was unsure if it was a sure thing. Either way, awesome new development. Hoping for something similar for the Safeway as well.
 

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Some business news on the former Met Market on the top of the hill:

http://www.djc.com/news/re/12043987.html

Anyone have the full article?
August 15, 2012

Rreef adds to its collection on Queen Anne
■The real estate investment company is financing a new Trader Joe's with 108 apartments, and last week paid $19 million for the Seven Hills apartments nearby.

By MARC STILES
Journal Staff Reporter

Rreef, one of the world's largest real estate investment companies, is all in on Queen Anne.

The company is financing construction of a mixed-use project there with a Trader Joe's below 108 apartments, and last week it paid $19.3 million for Seven Hills, a nearby apartment project with commercial space. This all follows Rreef's $44 million purchase last year of two similar projects nearby.

The four projects make up the Collection on Queen Anne. Emerald Bay Equity of Seattle is developing the 306,000-square-foot collection in the heart of the retail district on Queen Anne Avenue North, between Boston and Howe streets.

The four-to-five-story Trader Joe's project has been in the works for years. It is going up on the site of the former Metropolitan Market, and will have 28,000 square feet of retail and an underground garage with almost 200 stalls in addition to the apartments. Trader Joe's will move from its current Queen Anne store into 15,000 square feet.

Emerald Bay's Joe Geivett said some of the other retail space has been leased but declined to name the tenants. Emerald Bay hired Real Retail's Maria Royer to market the larger commercial spaces and is handling the smaller spaces in-house.

Tiscareno Associates designed the Trader Joe's project, and Charter Construction is the contractor. Also on the team are DCI, civil and structural engineering; E3RA, geotechnical; and Abossein Engineering, electrical and mechanical. Geivett said construction will cost between $20 million and $25 million, and take about 18 months.

The Trader Joe's building is the fourth and final phase of the collection.

Abatement and utility work is occurring, and empty buildings on the site should be demolished later this month.

Rreef is a real estate investment manager for institutional and private clients, and manages real estate investments for Deutsche Bank. It has bought phases of the collection once they're done.

“We expect that will happen with the next phase, but it's not a guaranteed deal,” Geivett said.

People got permission to start moving into the Seven Hills project last Thursday, and Rreef closed the purchase the next day. Seven Hills has 57 apartments above 8,200 square feet of retail and two levels of underground parking. Geivett said about 40 percent of the apartments were preleased, and about half of the retail is spoken for.

Jones Lang LaSalle brokers David Young, Seth Heikkila and Corey Marx put together the Seven Hills sale.

Emerald Bay redevelops under-used real estate, focusing mostly on retail centers in the West.

What's next for the company?

“We are out there looking around for the next project, but we don't have anything locally,” Geivett said.



 

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There's already a Trader Joe's a few blocks away, which I assume will go away. The nice thing is that it's currently in an old 1-story building with a parking lot in a nice location for re-development. It's only NC2-30 zoning, but it's in a Residential Urban Village (2nd and Galer here). Upper Queen Anne could really use an upzone here - I'd love to extend the Queen Anne Ave strip down Galer. There's a serious shortage of storefront space on QA, leading to crazy high rents and a lot of banks and too-expensive botiques.
 

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Journeyman
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This project will help address that since it's a net addition of retail with a moderate addition of new residents.

I wouldn't mind a few of the mini-nodes getting stronger, including the current Trader Joe's spot, but it doesn't seem likely that a another real retail strip would be merited. Queen Anne Ave is finally reaching some semblance of continuity.
 

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Journeyman
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That's good. Nice to see a store succeed without much parking in the peripheral multi/single-family areas they locate in.
 
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