Exxel Pacific soon to build 360 Shoreline units near station
Real Estate Editor
Renderings via Tiscareno [enlarge]
LEED Platinum certification will be sought for the nearly 400,000-square-foot project.
A second-quarter groundbreaking will come soon for the 360-unit Leeway apartments in Shoreline. That’s the north of a pair of multifamily projects from Evergreen Point Group, architect Tiscareno Associates and builder Exxel Pacific. (They completed the 241-unit south building, aka The Line, in late 2024.)
From that same trio, Leeway will rise directly north at 142 N.E. 147th St., on the corner of First Avenue Northeast, also west of the freeway. A row of houses along 147th was removed in the past few years. The land sales were in 2022, creating a 1.4-acre assemblage.
Last week’s announcement of imminent construction came not from the local developer, but from JLL. Its Steve Petrie, Seth Heikkila, Tom Wilson and Jake Davidson arranged an $88 million construction loan for the project. WaFd was the lender.
Petrie said in a statement, “The successful arrangement of construction financing for Leeway highlights the continued strength of the Seattle-area multifamily market, and the growing appeal of transit-oriented developments.”
That’s something of an understatement regarding Shoreline South/148th Station, where hundreds of units are planned (on both sides of the freeway), a half dozen-odd buildings have been completed, and several more are still brewing.
Leeway will rise along Northeast 147th Street, on the corner of First Avenue Northeast, west of the freeway.
Access to the station is being improved along 145th, with its new roundabouts and better sidewalks. And a few steps north of the Evergreen Point duo is the planned 148th Street Non-Motorized Bridge, another city project that should wrap this year.
The eight-story Leeway has a long, skinny footprint. The building will look south to both The Line and Shea Properties’ 550-unit Verdant, also on the corner of First.
Apartments will probably range from studios to two-bedrooms (and possibly more). Per the city’s multifamily property tax exemption program, 72 units will be affordable. In Shoreline, that 12-year MFTE provision covers households earning in a range from 70% to 80% of area median income. That MFTE agreement can be extended for another dozen years, if the developer so wishes.
Amenities will include a gym, pet areas, bike rooms, co-work stations and an east-facing roof deck. Half the units will have air conditioning; the other half will have A/C ports.
LEED Platinum certification will be sought for the nearly 400,000-square-foot project. Tiscareno calls it “one of the largest mixed-use developments in the area.” Included in that figure are 224 mostly underground parking stalls (with 49 to feature EV charging). Two retail bays on First will offer about 3,371 square feet. There’s no sign of a broker yet, but Gibraltar’s Laura Miller and Tracy Cornell represent The Line, so expect to see those names on the construction fencing.
The goal for Leeway is to open in the third quarter of 2028.
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