Home Commercial Development Site in Downtown Seattle Trades for Healthy $20MM

Development Site in Downtown Seattle Trades for Healthy $20MM

Yesler Terrace, Seattle, Centric Partners, Clark Barnes Architecture, Trent Development
Rendering Courtesy of Clark Barnes Architecture

By Meghan Hall

Several parcels home to an array of aging buildings along 12th Avenue in Seattle’s Yesler Terrace neighborhood have traded hands, even as many remain closed due to COVID-19. In a transaction that closed on April 24th, Seattle-based Centric Partners sold several parcels to 12th & Yesler LLC for an even $20 million. The address of the buyer traces to Trent Mummery, principal at Trent Development, a development and real estate services firm.

According to public records and King County property data, four parcels were included in the transaction between 104 and 124 12th Ave. In all, the properties total 47,433 square feet, or just under 1.1 acres. They are currently developed with a several aging buildings built in the 1920s and 1940s, and a surface parking lot.

In July of 2018, a land use application was submitted to the City of Seattle to allow for the development of a 280-unit apartment building. The application was submitted by Centric Partners and Clark Barnes Architecture and permits were issued by the City of Seattle in November of 2019.

The project, called 12th and Yesler in design documents, went through its final design review in May of last year. “We discussed with the community that we would be developing the site as a cultural place-maker. We heard from the community that they wanted us to incorporate the multicultural history of the neighborhood into the site,” explained Brenda Barnes, partner at Clark Barnes Architecture, at the time of the review. “We’re committed to integrating art, architecture and landscape as a cohesive pull and remains true to the neighborhood’s multicultural story.”

The seven-story building will be anchored by a focal point mass at the corner of 12th Ave. And E. Yesler, along with a large retail space. Moveable screens will be place at each story, and balconies will add further visual interest and fenestration. Steel canopies and natural wood soffits will help define the building’s retail spaces.

Trent Development has numerous projects in the works throughout the Puget Sound. According to Trent Development’s website, the firm is currently working on several developments, including Crux, located at 192nd and Aurora Streets. The 254-unit residential project, which also includes 10,000 square feet of commercial space, broke ground in the Fall of 2019. Initially, completion was planned for early 2021. In December of 2019, Trent Development also completed Clark, a seven-story, 75-unit project that is located at the North end of the new Alaskan Way Viaduct Tunnel.