Seattle mixed use project.
3120 Harvard Ave East (Seattle 98102) is a mixed use development project located in the Eastlake neighborhood of Seattle. There will be 2 commercial units and 15-16 residential units (Studios, 1 and 2 bed units). It is located approximately one quarter mile from the University of Washington. Currently the lot is vacant. There will be approximately 3000 square feet of commercial space and approximately 10,000 square feet of residential space.
The project had a Master Use Permit (City of Seattle) that has expired. There are 3 distinct advantages for the project to be permitted under the new zoning requirements.
1. The project is located in a “Frequent Transit” hub. This means, for the residential units, that parking is not required. This space that was used for parking will allow for 3 additional units. I will still provide parking for the commercial space as well as some for rent for the tenants.
2. The project is also in the Multifamily Tax Exempt zone (MFTE). This allows for an exemption on the Property Taxes for the residential portion of the building for 12 years.
3. The project sits in an overlay district. This means that the project will be pushed to the head of the line for permitting.
My plan is to take most of what was done during the previous MUP process and add in the new units and reconfigure some other units. However, one difference is that I would utilize a modular (factory built) construction method for the residential portion. I will use the services of Greenfab and their factory partner to facilitate that process. This will provide us some advantages:
1. Reduces the build time to 7-9 months. This allows for less disruption to the neighborhood, reduced carrying costs for the loan and a greater control of the build process.
2. This project will obtain LEED Platinum status. This will allow for a more efficient building.
The project had a Master Use Permit (City of Seattle) that has expired. There are 3 distinct advantages for the project to be permitted under the new zoning requirements.
1. The project is located in a “Frequent Transit” hub. This means, for the residential units, that parking is not required. This space that was used for parking will allow for 3 additional units. I will still provide parking for the commercial space as well as some for rent for the tenants.
2. The project is also in the Multifamily Tax Exempt zone (MFTE). This allows for an exemption on the Property Taxes for the residential portion of the building for 12 years.
3. The project sits in an overlay district. This means that the project will be pushed to the head of the line for permitting.
My plan is to take most of what was done during the previous MUP process and add in the new units and reconfigure some other units. However, one difference is that I would utilize a modular (factory built) construction method for the residential portion. I will use the services of Greenfab and their factory partner to facilitate that process. This will provide us some advantages:
1. Reduces the build time to 7-9 months. This allows for less disruption to the neighborhood, reduced carrying costs for the loan and a greater control of the build process.
2. This project will obtain LEED Platinum status. This will allow for a more efficient building.
Replies to This Discussion
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Permalink Reply by Barbara Neal on
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Hello Chris,
Please email me at barbrealtyconsultant@yahoo.com with more details about your project. I work with a group of sophisticated investors who fund viable projects. I don't shop your deal. I am direct to the funds group.
Thanks,
Barbara
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Permalink Reply by D T Dewberry on
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Chris we left you an email on April 6, 2013 regarding contacting us on a direct basis, are you still seeking capital for your project? If so contact me at dewberryassociates@yahoo.com
David
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Permalink Reply by Jason Ross on
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How much are you seeking? Our minimum $10MM. My email is keelinternational@gmail.com
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