By Kate Snyder
A real estate development firm that has long been planning a mixed-use project in Seattle’s Madison Valley neighborhood has purchased the site for the planned development. Michigan-based The Velmeir Companies bought nearly one acre, currently developed with a garden store that closed earlier this year, for $10.9 million, according to King County public records. The seller was an entity affiliated with Leap Associates, which shares an address with the shuttered store.
Located at 2925 E Madison St., the property formerly housed the City People’s Garden Store, a locally owned and operated community business, according to the property’s website. The business opened in 1988 in Madison Valley and consisted of a 5,029 square foot building that was originally constructed in 1959 and a 15,000 square foot outdoor plant. Plans for Velmeir’s mixed-use development were announced in 2016, but the garden store remained open with lease extensions offered until March 2023, when the business closed.
The planned mixed-use project from Velmeir is a six-story apartment building with retail space. The building will include 82 residential units as well as parking stalls for 140 vehicles. The existing structure is to be demolished. According to Seattle records, permits were issued in June 2022.
Based in Bloomfield, Mich., The Velmeir Companies is a full service commercial real estate development firm specializing in retail and mixed-use developments, according to the firm’s website. The company develops and sells passive investment properties, facilitating 1031 exchanges, opportunity zone funds and joint venture equity investments nationwide. Its clients include Fortune 500 companies, and the firm has millions of square feet developed across the country.