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March 30, 2017

Some new Seabrook townhouses come with a first-floor retail shop

By BENJAMIN MINNICK
Journal Construction Editor

Image courtesy of Seabrook Land Co. [enlarge]
Buyers of townhouses in Market Street will own the retail space below them but Seabrook will pay the rent. Five units still are available, priced between $820,000 and $949,000.

Seabrook, the 13-year-old master planned community on the Washington coast, is expanding its retail space with the construction of Market Street in its Town Center.

But Seabrook Land Co. is taking an unusual approach with Market Street. It is offering townhouse buyers a deal: Seabrook will pay them rent for retail shops below their townhouses — even if the space is vacant.

“Seabrook wants to create a simple and hassle-free ownership for the homeowners who will own the residence above the retail as well as the retail space,” said Seabrook COO/CFO Jeff Gundersen in an emailed response. “At the same time, we want to ensure that the retail experience at Seabrook is the very best that it can be.

“Seabrook has a specific and distinct vision for our Town Center where we have a series of unique and locally owned and operated shops, restaurants and experiences. By managing the retail ourselves, we can ensure that our vision and the character that we wish to see in the Town Center comes to life.”

Eight townhouses are available in Market Street, and three have been pre-sold ahead of the 2018 completion date. Five remaining units are priced between $820,000 and $949,000.

One of those available is on Lot 361. Here's what you get for $920,000: 1,935 square feet of living space with three bedrooms and 2.5 baths on two levels above the retail space. A carport in the back contains the stairway to the living space. A balcony on the second level overhangs the retail entrance on the street.

The retail space and a powder room on the first level of Lot 361 total 753 square feet. Leasing documents posted online by Seabrook indicate rent from the retail space will be $1,380 per month, with 2.5 percent increases each year for the next 10 years. Lease terms are 30 years, with two optional 30-year extensions.

Townhouse owners can operate the shop below if they want. The townhouses can also be rented out through Seabrook's cottage rental program for additional income.

Crews now are working on infrastructure for the townhouses. Seabrook is serving as its own general contractor.

Townhouse architects are Paul Moon Design and MBA Architects.

Market Street will be Seabrook's main retail strolling street, according to Gundersen. In addition to the townhouse retail space, there also will be restaurants and shops in other buildings on Market Street.

Gundersen says the mix will include an expanded grocery, a vintage arcade, a BBQ restaurant, high-end seafood/cocktail bar, a bookstore, outdoor outfitters/equipment rentals, an ice cream parlor, a juice/healthy foods bar and a women's clothing boutique.

Seabrook has about 350 finished homes and space for about 700 more units, with some of those under construction. The town plan covers about 350 acres.

Seabrook says it will soon start pre-sales for the first 10 homes in a new neighborhood called South of Market. Initial homes there will be about 1,000 to 2,400 square feet, with two to four bedrooms.

Officials say they expect demand to be high, though prices haven't been set.

A map on Seabrook's website shows a swimming pool in the neighborhood, but a spokesperson said the location has not been determined. It would be the second pool in Seabrook.

(Clarification: The location of the second swimming pool hasn't been determined.)

Seabrook is planning for the second phase of the Farm District in the coming months, and has an inn there under design development.


 


Benjamin Minnick can be reached by email or by phone at (206) 622-8272.




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