By Meghan Hall
Fairfield Residential has acquired a commercial property that will allow it to move forward with plans for a new, mixed-use development in Kirkland. In a deal that recently closed, the company acquired a retail property for $25.3 million. The seller of the asset is ALCO Totem Lake LLC, affiliated with Kent-based Alco Investment Company.
The asset is located at 12055 Slater Ave. NE. King County data indicates that the roughly 4.81-acre property is developed with an 11,970 square foot building originally constructed in 1965. Ownership previously acquired the site in 2018 for $10 million, according to public records.
According to records on file with the city of Kirkland, Fairfield intends to construct a three-building, seven-story mixed-use project at the site. The project would include 486 residential units as well as 18,650 square feet of retail space. Parking is proposed as well, and would be housed in a structure beneath the buildings. A two-story amenity space, as well as courtyards, are also planned.
“The project is broken up into three distinct buildings,” design documents state. “[The project will be comprised of two “E” shaped buildings and a doughnut configuration for the third.”
Plans indicate that residential units will be a mix of studio, one- and two-bedroom units. The exterior of the building will also be clad in a mix of perforated metal screens, cement panels and metal textured panels in a variety of neutral colors, representative of Slater Avenue’s history as a hub for lumber businesses. Architecture firm Carrier Johnson is in charge of designs for the development.
Timing for buildout of the project is unclear. As of early 2021, the Kirkland Design Review Board was still evaluating the project to determine its consistency with city design guidelines.
Fairfield Residential is a major investor nation-wide, and the company currently operates in 31 geographical markets. According to its website, the company’s portfolio contains 42,700 units. Over the past 35 years, the company has developed more than 100,000 apartment homes.