Home AEC Safeway Sells Seattle Grocery Store to Residential Developer for $30.1MM

Safeway Sells Seattle Grocery Store to Residential Developer for $30.1MM

Safeway, Runberg Architecture Group, Cahill Equities, barrientosRyan, Gables Residential, Queen Anne, Seattle, 2100 Queen Anne Avenue North
Courtesy of Runberg Architecture Group

By Meghan Hall

The sale of a retail property in Seattle’s Queen Anne neighborhood could be an indication of the asset’s impending development. In a deal that closed at the end of April, Safeway sold its Queen Anne Ave. property at 2100 Queen Anne Ave. N. for $30.1 million. According to public documents, the buyer is a limited liability company affiliated with Atlanta, Ga.-based Gables Residential.

In February of 2021, a development team composed of Cahill Equities, barrientosRyan, Safeway, and Runberg Architecture Group completed a years-long design review process to redevelop the property into a seven-story mixed-use building. The 474,000 square foot project would include 324 residential units, parking, and a new, 50,0000 square foot Safeway at ground level. A 2,000 square foot plaza is also planned.

“This team, Queen Anne residents, we’ve worked hard and appreciate all those from the community who’ve worked hard alongside us for the past two years,” said Brian Runberg, principal and founding partner at Runberg Architecture Group, at the project’s last design review. “There have been thousands and thousands of hours going into this. We feel this project will serve the Queen Anne community for generations. It’s been intentional, thoughtful, and the design accommodates so many technical functions and will be a great, vibrant shopping experience.”

2100 Queen Ave. N. has sat at the center of the neighborhood since the 1920s, and the property in question is bounded by Queen Anne Ave. N., Boston Street, First Ave. N. and Crockett Street. Due to the site’s proximity to Boston Street, a major east/west arterial through Queen Anne, the property has long been home to community grocery stores, drugstores, doctor’s offices and even a movie theater. The site was last redeveloped in 1962 and currently has an operational Safeway store and parking lot.

Gables Residential is a national apartment investor with more than 31,000 units a part of its current portfolio. To date, its portfolio spans California, Colorado, Washington D.C., Texas, Virginia and a number of other states.