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August 07, 2014

Another new store planned for Seattle's morphing Interbay neighborhood

Puget Sound Business Journal

Marc Stiles

First a Whole Foods came to Seattle's Interbay neighborhood. Next up is a Total Wine. After that a sports-themed store is possible.

A partnership of real estate companies Kauri Investments and Ariel Development hopes to build a 25,000-square-foot building for a new tenant, which Kauri President and CEO Kent Angier on Thursday described as a sports-related business.

The building is the latest addition for a 7.6-acre planned shopping center. The building is next to where Kauri/Ariel plans to build a previously announced building for Total Wine & More. Additional buildings are planned for the new shopping center that Angier said will total just over 100,000 square feet. The site at 1600 Armory Way W. is just south of the Interbay Golf Center and north of a Whole Foods.

The site is just off of the 15th Avenue West corridor near Amgen's 750,000-square-foot Helix campus, which Amgen is closing. Last week's announcement of that closure and a much smaller facility in Bothell will result in the loss of 660 Amgen jobs in Washington state.

Angier isn't worried the effect this will have on his shopping center.

"Will our project survive or fail because of it? I think that's a small part - almost an insignificant part," he said.

Each day around 60,000 cars travel the 15th Avenue corridor, which is wedged between two of the city's most affluent neighborhoods - Magnolia and Queen Anne.

Angier said his company bought the site for about $12.5 million from the failed Seattle monorail authority, which planned a monorail from Ballard to West Seattle. Angier said the authority had paid around $16.5 million for the property and paid around $4 million more to move the seller to a new home.

Initially big-box retailers like Home Depot, Lowe's and Target were interested in the site. "They all wanted to be there in the worst way," Angier said. The city, however, changed the joining of the site, limiting the size of retail tenants for the property. Angier said that if the deal with the sports-related business company does not come to fruition, other retailers are "waiting in the wings."

Real estate company Kidder Mathews is handling the leasing of the Kauri/Ariel project, where today some World War II-era buildings stand.

For the full story, go to Puget Sound Business Journal .

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