July 28, 2016
Vulcan Real Estate broke ground last Friday on Batik, a new apartment complex at 123 Broadway that is part of the $2 billion redevelopment of the 30-acre Yesler Terrace tract.
Vulcan bought the site in January for $5.92 million from Seattle Housing Authority as part of a structured deal that will eventually reach $22 million for 3.7 acres on three blocks.
Batik will sit on about one acre at the northwest corner of Broadway and Yesler. Runberg is the architect and Exxel Pacific is the general contractor.
The seven-story building will have 2,400 square feet of retail and 195 apartments: 156 market-rate and 39 affordable units, as required by SHA.
Among the other buyers of land at Yesler Terrace, Dallas-based Mill Creek Residential has had its land use permit accepted for 125 Boren Ave. S., city records show. Several steps of review and approval lie ahead. King County hasn’t yet recorded a sale for the 1.2-acre SHA parcel, though a deal was announced earlier this month.
Mill Creek plans a seven-story apartment building with 288 units, 202 parking spaces and retail that will replace several smaller structures dating to the early 1940s. The goal is to break ground late next year. City records list Weber Thompson as an architect and Modera First Hill as the project name.
The site is at the southwest corner of East Yesler Way and Boren Avenue South. The master use plan calls for about 75 of the apartments to be affordable to renters living below median income.
Mill Creek has projects underway in Ballard and South Lake Union, and its 135-unit Modera Capitol Hill is set to open soon at 1427 11th Ave.
Copyright 2017 Seattle Daily Journal of Commerce
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