By Kate Snyder
A Kirkland-based multifamily real estate investment firm has purchased a Seattle office building where it hopes to construct a 179-unit mixed-use residential and retail complex. According to King County public records, an entity affiliated with Deal Investments bought a 20,539 square foot office building for $13 million, or approximately $632 per square foot. The sellers were entities affiliated with 2409 Holdings, LLC, and Market Street Holdings, LLC.
Located at 2401 NW Market St. in Seattle’s Ballard neighborhood, the property sits on almost one third of an acre. The four-story office building was built in 1960, King County records show. The site is at the edge of Ballard, along Salmon Bay, and nearby attractions include the historic Carl S. English Jr. Botanical Garden, Woodland Park Zoo and Discovery Park, which is located just across Salmon Bay.
Deal Investments’ plans for this recently purchased property include the construction of an approximately 190,570 square foot mixed-use building with about 4,000 square feet of retail and 179 residential units, according to previous reporting by The Registry. The planned construction would be a single eight-story building on Market Street with frontage along 54th Street and 24th Street.
Earlier this year, the project was presented at an Early Design Guidance (EDG) meeting, and with support from the City’s Northwest Design Review Board, the project moved forward to a recommendation hearing. Urbal Architecture and Karen Kiest Landscape Architects are part of the design team, and design representatives have previously said that the goal of the project is to serve as a place where influences of commercial, industrial and residential spaces in Ballard meet along with the area’s strong European roots.
Deal Investments is a family-owned company that acquires, develops and operates multifamily investments in the greater Seattle area, according to the firm’s website. The firm’s other multifamily communities include Alderwood Heights and Canyon Springs in Lynnwood as well as The Colony at Bear Creek in Redmond.