By Meghan Hall
The Seattle Times’ former North Creek Production Facility has been divvied up amongst developers, with another large chunk sold off to developer AvalonBay Communities. In a transaction that closed on Friday, the residential developer purchased four parcels totaling nearly 24 acres for a combined $51 million.
The property is located at 19200 120th Ave. NE. Avalon kicked off its plans to redevelop the site in May of this year, when it submitted plans to Bothell to build 802 apartment units, 110 townhomes and 6,000 square feet of commercial and retail space on the property. An additional 15,000 square feet of amenity space will be included as well. The previous Seattle Times printing facility will be demolished to accommodate the new development. The project has been dubbed Avalon Bothell Commons.
The sale closed just mere months after another residential developer—Polygon Homes—purchased land just north of Avalon’s newest plot. Polygon’s acquisition was also part of the former Seattle Times site, and it acquired about five acres for $11.7 million. Polygon also intends to redevelop its property, and in 2019 it submitted a proposal for the Preston North Townhomes. The 94-unit project is currently under review with the City.
AvalonBay Communities is an equity REIT which develops, acquires and manages a multitude of residential properties across the United States. The firm typically targets leading metropolitan areas with growing employment in high-wage sectors.
As of September 30th 2020, the company has owned or held interest in 294 apartment communities containing more than 86,000 units in 11 states. 19 of those communities were under development. In Washington State, Avalon owns 19 different communities, from Archstone Redmond to Avalon Towers Bellevue.