By Meghan Hall
The development and entitlements process can take years, and project teams are taking advantage of a slower market to plan for the future. These plans often include acquiring new property for development down the line. According to public documents, multifamily Intracorp has purchased nearly a full block in Seattle’s Mt. Baker neighborhood for $10.25 million. The seller was Seattle-based Lighthouse for the Blind.
The property is located at 2000 to 2030 24th Ave. S. According to King County parcel data, the lots span nearly an entire city block and are undeveloped. They are zoned for commercial uses and total nearly 32,000 square feet, or 0.72 acres.
Intracorp just recently received permits from the Seattle Department of Construction and Inspections for the property, where it plans to build five, three-story townhome buildings. There will be 28 homes in total, plus two live-work units. 26 parking spots are also part of the plans.
Called Lighthouse Townhomes, the project is designed by Johnston Architects. The building’s massing will be broken up using significant variety and modulation through the project’s five different unit types. Pop-out bays, recessed and projecting balconies and varied roof forms have all been incorporated in an effort to reduce the perceived scale of the building. Three different siding materials are proposed: textured corrugated metal, stained wood and painted cement board panel.
Currently, Intracorp is also planning to develop the eastern portion of the block under a separate application, according to City documents. The project should mirror what is currently proposed on the western portion of the block.
Intracorp, founded in 1976, has completed 45 projects in and around the Seattle Area, according to its website. Intracorp currently develops real estate in five urban regions in the U.S., including the Puget Sound. Thus far, the company has delivered more than 22,000 homes across 176 communities. The company first expanded to Seattle in 2001, and has been growing in many ways since. In 2011, the firm acquired Taylor Morrison from U.K. parent company Taylor Wimpey for $955 million. In 2017, the company began expanding its operations across the United States through OneIntracorp.