By Jon Peterson
An apartment development site in Shoreline located at 145th Street that has hit the market for sale for $7.7 million, as stated by sources familiar with the property. The seller of the land is an assemblage of 9 single-family home owners who hope the buyer may take the opportunity to develop a multi-family development that is in proximity to public transportation and the US Highway 5.
The listing agent on the sale is Paragon Real Estate Advisors. “This piece of real estate is not entitled for the potential future use at this time. Whoever the buyer is will need to take the parcel through the entitlement process,” says Brian Platt, a senior investment advisor with Paragon.
The land costs for the site in Shoreline will be seen as a lower cost alternative than could be found for a comparable site in Seattle. “Land acquisition costs for apartments in Seattle are now at around $400 per square foot, while the price point for the site we are selling in Shoreline is $105 per square foot,” said Platt.
The sellers of the parcel will not be asked to move out of the single-family homes right away. “The sale of their houses will also include a leaseback arrangement that will give the homeowners six months or more to find a new place to live,” said Platt.
The expectation is that most of the interest in the property will come from apartment developers. This could be either local, regional or national players. The site could be developed into a complex with at least 200 units. It is projected that around 20 percent of the development will be affordable housing. The project could also include some ground floor retail or a senior facility component.
One of the main benefits of the development is its location. The site is less than 1/4 of a mile from the future light rail station located at 148th Street. This is projected to be operational by 2023. This form of public transportation would allow renters to be table to get to downtown Seattle in 16 minutes. There also is the Northgate Station of light rail located three miles from the development site. This station is planned to open in 2021.