Overview

Highlights

• 24,387 SF corner lot with NC3-65 (M1) zoning
• Potential to build 108 residential units and 3 live-work units
• Columbia City is one of Seattle’s eight historic landmark districts
• Columbia City Place is just a block from the center of Columbia City
• Rapidly growing population due to light rail proximity and transformation of the Rainier - MLK corridor

Description

Columbia City Place represents an opportunity to acquire a premier multifamily development site in Columbia City. The site is adjacent to a thriving urban neighborhood with proximity to mass transit, light rail and abundant amenities. Present ownership has obtained a Master Use Permit (MUP), Building Permit and is “shovel ready” for 111 multifamily units, including 3 live-work units and 1,621 SF of retail. In addition, due to vesting on MHA fees and MFTE rental rates, there will be approximately $3.5M in savings over existing fees and rental rates. Present ownership has recently explored a townhome development scenario featuring 23 units, 19 of which include garage parking. The units average 1,825 SF and primarily offer three bedrooms plus a den.

Location

The site is just over half a mile from the Columbia City Light Rail Station and next to bus service on Rainier Avenue and just under five miles from Downtown Seattle. the neighborhood has a landmark-protected historic business district and is one of the few Seattle neighborhoods with a long history of diversity. With a Walk Score of 92, the thriving pedestrian business district along Rainier Avenue S. is home to an abundance of amenities.

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