A 360-unit transit-oriented development in Issaquah is one step closer to becoming a reality after the project site was sold. According to King County public documents, the King County Housing Authority acquired the four-acre project site in Issaquah for $14 million. The seller in the transaction was listed as Qwest Corporation.
The property is located at 1505 Newport Way, and is currently developed with a 33,680 square foot building built in the 1980s. The building was used as Centurylink’s offices.
According to city planning documents, the project is to be completed by 2025 and will be a transit-oriented development called “Trailhead.” The project would be developed by KCHA in partnership with Spectrum Development Solutions.
In total, the project would include 175 units of affordable residential units, for those earning 30 to 80 percent of the area median income. It would also include 185 units of market-rate residential units. In addition, the project would include up to 35,000 square feet of ground floor commercial space, a public plaza and a mid-block connection to Issaquah Transit Center.
The project site is located in the Newport neighborhood of Issaquah near the Tibbetts Valley Park. The site is also near several large retail complexes, with stores including QFC, Target, REI and several others.
Over the past year, a number of residential sites have been traded in Issaquah. In one deal that took place in November, Sares Regis Group purchased the Lakemont Orchard Apartments for $78.5 million, or about $390,547 per unit. The property is located at 18305 SE Newport Way and consists of 201 apartment units.
Additionally, in July, Trammell Crow Residential sold a 135-unit apartment building for $103.75 million, or approximately $768,518 per unit. The property is located at 1150 10th Ave. NE and was acquired by the Seminole Tribe of Florida.