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Seattle Development Site Goes for $13 Mil

12/14/21

A two-parcel, 22k sf development site in Seattle’s University District sold for $13 mil. Formerly home to a Walgreens and its parking lot, the two-parcel site located at 1205 NE 50th Street and 4751 Brooklyn Street benefits from the city’s 2018 zoning change, which allows for residential development up to 240 feet.

This high-rise designation provides multiple development options for both student and market-rate housing. A feasibility study conducted by Ankrom Moisan prior to the sale indicated the two parcels could combine to allow for approximately 203k sf of livable space.

Development in the University District shows no signs of slowing down. Vacancy in the submarket is down 2.4% compared to a year ago, and there are 1,455 residential units currently under construction, according to Axiometrics. This growth is largely fueled by the University of Washington, whose students, faculty and staff total more than 72,000. The submarket also benefits from the newly expanded Link Light rail line which now connects the University District to the rest of the city.

Tim McKay, Dan Chhan, Sam Wayne, and Matt Kemper of Colliers, in collaboration with Kevin Adatto and Sean Tufts of CPX, represented the seller and sourced the buyer in the transaction.

“Demand for multi-housing development sites in the U-District remains strong coming out of the COVID-19 pandemic,” Chhan said. “Expanding enrollment at the University of Washington combined with the opening of the new light rail station and ongoing multi-sector development adjacent to campus will make the district an excellent area to invest in for the foreseeable future. “




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