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April 17, 2014

Of pizza, tacos and apartments on Seattle's Capitol Hill

Puget Sound Business Journal

Marc Stiles

First the Piecora's Pizza property sold. Now the site where Taco Time operated across the street has a new owner.

Public records show the Taco Time property sold for $3.6 million. The new owner is a Seattle limited liability company named for the address of the property: 1420 E. Madison St. The LLC is affiliated with a company called Metropolitan Homes, said a real estate broker who worked on the deal. The LLC's registered agent, John Links of Seattle, could not immediately be reached.

The group that sold the Taco Time property, a Renton LLC called Madison TT, had applied for land-use and construction permits to build a six-story, 70-unit residential project on the site. Plans call for retail at the base of the building and underground parking for 100 vehicles, according to permit filings.

Meanwhile, the Capitol Hill Seattle Blog is reporting that Equity Residential, which bought the Piecora's property, plans to build a six-story, 140-unit apartment building on the site. The project will have commercial space at the base. An Equity representative told the blog that the company hopes to start construction late next year. Piecora's closed Tuesday after 33 years in business.

Both the Piecora's and former the Taco Time are in the burgeoning Pike-Pine corridor, where numerous apartment projects are under construction. The Taco Time building, which was on about a quarter-acre corner lot, has been demolished.

Jim and Ross Klinger of real estate company Kidder Mathews represented Taco Time in the sale, and Tom Graff and Nathan Benedict of Ewing & Clark represented Metropolitan Homes. "It's a great Pine-Pine corridor site," Ross Klinger said.

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

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