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July 01, 2015

Large site in Central Seattle is 'ripe' for the market

My Northwest

Kipp Robertson

One of the largest sites in Central Seattle is hitting the market and could sell for a pretty penny.

The MidTown Center property on the corner of 23rd Avenue and East Union Street is up for sale for the first time in more than 70 years, according to information from Kidder Mathews, an independent commercial real estate firm.

It is the "only remaining undeveloped full city block corner on the major intersection...," and one of the last large sites in the city.

"It's ripe for large-scale development," said Kidder Mathews Senior Vice President Jason Rosauer.

There are currently five structures on the approximate 2.44-acre property, including two commercial buildings, a coffee stand, and two single-family residential structures.

The property is currently in the process of being rezoned for buildings taller than four stories; up to 65-feet high. The Seattle City Council has not made a decision, however, it is expected to be OK'd. The city block is surrounded by other sites also going through similar rezoning, including several mixed-use building projects.

"The current level of investment and planned development at the intersection of 23rd Avenue & East Union Street reflects the growth of the neighborhood," information from Kidder Mathews says. "With four projects in some process of the planning or construction phase on the intersection, this full Seattle city block offering is the last opportunity to develop in this fast growing submarket within one of the fastest growing metropolitan areas in the country."

MidTown Center is located in a fast-growing submarket that borders Capitol Hill, First Hill and Central District neighborhoods. The average household income is $73,000 within a 1.5-mile radius, according to Kidder Mathews. The median home value is $575,000 within the same radius.

With the amount of vehicle and foot traffic the area receives, Rosauer said the site could be a record-setting sale. The site is close to light rail, on a large bus route and near several Seattle-based companies. It's also "environmentally clean," Rosauer added.

"There's a lot of things going for it," he said.

The property is being marketed without an asking price. There will be a call for offers after July 4.

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