January 19, 2017
Vulcan acquires 2 more sites in Yesler Terrace for $15.5M
Journal staff reporter

This 237-unit building is planned for Block 3 at 120 Broadway.

Vulcan Real Estate announced this week it has closed on the purchase of two more blocks at Yesler Terrace from Seattle Housing Authority.

The deal for a total of three blocks had already been negotiated as part of the $2 billion redevelopment of the 30-acre Yesler Terrace tract, which involves several developers.

Here are the blocks that just closed:

• 1.2-acre Block 3 at 120 Broadway. Vulcan paid $7.68 million.

• 1.4-acre Block 4, which is on Boren Avenue east of Block 3, without an official address yet. Vulcan paid $7.85 million.

On Block 2E at 123 Broadway Vulcan is already constructing the 195-unit Batik apartments. Last year it paid $5.92 million for that 1.2-acre parcel. The seven-story building is being targeted to meet LEED gold certification.

Vulcan had previously announced that it would spend $22 million to acquire the three blocks.

It will spend a total of about $200 million on the three buildings, which will have about 650 units of market-rate and affordable housing. Retail space will also be included in the phased project.

The complex on Block 3 has been designed by Runberg Architecture Group and will be built by Exxel Pacific, the same team as on Block 2E. The seven-story building will have 237 units. Vulcan said that project will break ground this summer.










Copyright 2017 Seattle Daily Journal of Commerce


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