Home AEC OneLin Capital Corporation Moves Forward with $33MM Acquisition of Seattle’s U-District Development...

OneLin Capital Corporation Moves Forward with $33MM Acquisition of Seattle’s U-District Development Site

Half Price Books, OneLin, Seattle, University District, OneX, MZA, SKB Architects
Courtesy of SKB Architects and MZA.

By Meghan Hall

One of Seattle’s busiest developers is moving forward with plans in the University District, buying up property that is slated to be transformed into two separate towers. In a deal that closed on August 2nd, OneLin Capital Corporation purchased parcels at 4522 and 4709 Roosevelt Way NE for $33 million. The seller, according to public records, was Seattle-based Omerta LLCA, affiliated with Charles and Elaine Anderson. 

4709 Roosevelt was previously the home of Half Price Books, which served the University District community for 30 years before closing in 2017. The building was originally constructed in 1946 and totals 9,000 square feet. The second parcel, located at 4522 Roosevelt Way NE, is home to a Mazda Dealership, which sells both new and used cars.

OneLin’s purchase of the sites comes less than a week after it underwent early design guidance for a proposed project there: a two-tower, mixed-use development dubbed “OneX.” 

The two towers will include both residential and office uses. The North Tower will include 336 residential units, 222 parking stalls and 2,155 square feet of retail space. It is being designed by MZA and will rise 24 stories in height.  The south tower will house 230,475 square feet of commercial office space–a rarity in a neighborhood that has seen vast amounts of residential development and little else–and rise 16 stories. Plans for the south tower also include 1,936 square feet of retail. Its design is being spearheaded by SKB Architects. 

“The dual-architect structure is intentional, as the owner wants more than one design voice expressed on the site,” explained Kevin Sutton, principal for MZA at July’s design review meeting. “They want to see the diversity of the U-District echoed in the design of the project since there is a distinct use and a desire for a unique look on each tower.”

At the end of the design review meeting, the Board did vote to bring the project back for an additional early review, believing that the project scheme needed more refinement. Timing for the remainder of the entitlements process and build out is unclear.