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April 10, 2015

Big plans for big property in the heart of downtown Kirkland

Puget Sound Business Journal

Marc Stiles

One of the last big redevelopment sites in downtown Kirkland has sold, and the new owner plans to develop a five-story retail and apartment building on the nearly one-acre site at 113 Third St.

Continental Properties recently paid $12 million for the property where the Antique Mall operated until several years ago. Until now, nothing has happened to the property since the Antique Mall's closure - despite its location.

It's positioned between two proposed developments - the nearly 1.2-million-square-foot Kirkland Parkplace development and Stuart McLeod's office/retail building at 112 Lake St.

The Antique Mall property is "a huge connect for us and potentially very catalytical," Ellen Miller-Wolfe, the city's economic development manager, said late last year.

On Friday, Continental Properties exec Claudio Guincher said his early, conservative estimate for the project calls for 125 apartments and 12,000 square feet of retail. He has not yet hired the team to design and build the project.

Continental Properties' project brings more density to downtown Kirkland, which has seen a significant number of new residences. Two nearby multi-family projects that are under way total of around 365 units. In addition, around 1,350 condos and apartments have been built in downtown Kirkland during the last 20 years or so, according to Jeremy McMahan, Kirkland planning supervisor.

Dave Speers, a broker with commercial real estate company Kidder Mathews, listed the Antique Mall property for sale. Marilyn Dillard was the seller.

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

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