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December 30, 2014

Want a development site on Seattle's waterfront? Here's how much it'll cost

Puget Sound Business Journal

Marc Stiles

Gerding Edlen on Tuesday paid $12 million for an old parking garage on Seattle's waterfront, where it proposes building an 11-story residential project, public records show.

The site at the northeast corner of Alaskan Way South and South Jackson Street is just under half an acre, and the sale price works out to $578 a square foot. That's not the highest price per square foot in the city, by any means, but it is relatively expensive.

The acquisition is the latest example of how businesses are banking on the transformation of the waterfront despite problems plaguing the Alaskan Way Viaduct Replacement Program and the Bertha tunnel project.

Most of the projects are multi-family developments, with some already completed but more planned as shown in this slideshow.

Portland-based Gerding Edlen's project will have around 200 housing units above retail space and parking for about 80 vehicles.

Jim and Ross Klinger of commercial real estate company Kidder Mathews represented Gerding Edlen in negotiations with the sellers, Jon Burke, Dawne Burke-Soper, Ann Burke, Mark Burke and Deborah Batteiger, all residents of the greater Puget Sound area.

The old parking garage that is currently on the site will be demolished, according to plans filed with the city.

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

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