Aliso Viejo, Calif. -based Shea Properties closed on a site in Seattle earlier this month that is a block west of the Lake Union shores. The $12 million purchase, which was reported by the Puget Sound Business Journal, marks the beginning of a plan to develop a seven story apartment complex and a first for the company in the Puget Sound area, where, according to the company’s Senior Vice President Greg Anderson, Shea will continue to look for other suitable development sites.
The mid-century office structure that sits on the property now is located at 1319 Dexter Ave. N., and it was purchased from Everett-based Dexter Building LLC. When completed, it will feature 282 new apartments in the building that are likely to attract tenants from Facebook, a block to the south, and Pemco Insurance, which is planning it’s new headquarters building across the street from the apartment development. Facebook and Pemco could bring as many as 2,000 employees to the neighborhood over the next several years.
Construction is planned to begin in September, and the general contractor on the project will be Exxel Pacific. While the home developer declined to state the cost figure of the entire project, it had confirmed that it is in the process of closing an adjacent site.
Kidder Mathews represented both sides of the transaction with Tim Foster, Philip Assouad and Giovanni Napoli working with Dexter Building LLC, and Jim Klinger and Ross Klinger negotiating the deal for Shea Properties.
Rendering courtesy of Ankrom Moisan