By Kate Snyder
Multifamily continues to be a driving factor for development companies in the Shoreline area. Recently, a multifamily development and investment company purchased the Highland Sports Center in Shoreline for $12.5 million, or approximately $249 per square foot, according to King County public records. The seller was Highland Sports Center, Inc., and the buyer was an affiliate of Bellevue-based DevCo, LLC. The sale also included a single family residence and almost half an acre of vacant land.
According to documents filed with the City of Shoreline, DevCo is proposing to construct on the site two seven-story multifamily buildings totaling 386 units with 477 parking spaces. The application was filed in June, and the city just closed the public comment period in August. Part of the plans stipulate that all existing structures on the site would be demolished.
Located at 18005 Aurora Ave. N, the Highland Sports Center is a one-story hockey rink that was family owned and operated since 1962, according to the property’s website. The building is approximately 50,160 square feet with a 40,327 square foot skating rink. Nearby attractions include a number of businesses along Aurora Avenue, such as a Fred Meyer grocery store, Deseret Industries Thrift Store and Donation Center and several health offices and restaurants, according to Google Maps. Several residential neighborhoods are also located nearby.
DevCo was founded in 1994 and owns, manages or is developing more than 10,000 affordable and market rate apartment units throughout the United States, according to the firm’s website. Heartland Construction is the firm’s construction affiliate responsible for building all of its projects. HNN Communities is also an affiliate of the firm.
“We are committed to creating long term value by developing and owning outstanding communities,” the firm’s website states. “We value diversity, protection for the environment, and sharing our prosperity with deserving others.”
Several residential developments have been moving forward in Shoreline over the past six months. One recent project is the Kinect @ Shoreline, a 240-unit multifamily project by American Capital Group that was announced in September and is currently under construction, according to The Registry’s previous reporting.
Earlier this year, Seattle-based real estate developer Intracorp Homes announced that construction began on Zinnia Apartments, a new four-building, 299-unit apartment community in Shoreline. The project is a joint venture between Intracorp Homes and Pacific Urban Investors. Zinnia is located at the intersection of 1st Avenue NE and NE 147th St, and 20 percent of the complex’s new homes will be set aside for income-restricted housing.