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Project Outline
The LaSalle is a complex of several
buildings that together form the southwestern portion of the Pike Place
Market. Constructed between 1901 and 1922, the complex houses a wide
mix of uses, including apartments, office space, restaurants, and retail
shops. A vacant city-owned parking lot adjoined the property, and was
proposed for development with low income apartments and a senior
center. The project was to be financed with low income housing tax
credits, and would mark the first time that the Preservation and
Development Authority had sold and encumbered a portion of the Market.
The prospective lender requested that GVA appraise the property before
and after the expansion. The appraisal was conducted by Gary
Klockenteger, MAI and John D. Gordon, MAI.
Services Provided
The team established estimates of current
and prospective market value for financing purposes.
How GVAKM Added Value
In addition to
providing value conclusions, the appraisers reviewed the purchase and
sale agreement and discussed with the PDA the implications of the
encumbrance. The project obtained financing, and construction of the
new wing is underway.
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The LaSalle
Seattle, Washington
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