April 19, 2012

City reviews Greystar plans for apartments

Image courtesy of Seattle DPD [enlarge]

graystar This drawing shows Greystar’s preferred massing as viewed from the northwest.

Greystar is moving ahead with plans to build 290 apartments next to Amazon.com's headquarters in South Lake Union.

Weber Thompson designed the seven-story project on a half-block at 400 Boren Ave. N., at the northeast corner of Boren and Harrison Street. The site is north of David Smith & Co., a furniture business.

It is unknown whether Greystar has selected a contractor. Company officials did not return calls, and the permit application does not list a contractor.

City rules limit the height to 65 feet, but the project team is proposing a contract rezone to allow an 85-foot project.

The plan calls for five floors of wood-frame construction above a two-story concrete structure. There will be two levels of underground parking. The proposal mentions no commercial uses.

The market-rate project will have a mix of studio and open one- and two-bedroom units. There will be a roof deck and garden as well as three courtyards.

An early design review board was scheduled to review the project last night, but a packet filed with city shows the proposed massing of the project and gives some insight into design strategies.

In a section called “design cues,” Weber Thompson's proposal calls for using “color, detailing and modulation of varied massing heights” to break up the long facade. There will be large expanses of glazing and angled bays to create views of Lake Union, Queen Anne and Capitol Hill.

At street level, entrances to apartments will be private but open to the street. The project will look like a series of stepped buildings, each with a unique look.

Vulcan Real Estate owns part of the block that is now covered with surface parking and small buildings. Last month, a Vulcan representative said Greystar has a contract to buy that portion of the site.

Two limited liability companies own the rest of the nearly one-acre property. Hendricks & Partners brokers Kenny Dudunakis and Marty Leith are listing these properties for sale. Yesterday, Leith said the buyer and seller haven't authorized him to talk about the deal.

Charleston, S.C.-based Greystar has been active in the Puget Sound region. Last year, it bought 1.1 acres in Redmond along with plans for a 134-unit apartment project.

In January, Greystar paid nearly $71 million for The Mill at Mill Creek, a 516-unit apartment complex.

Greystar manages more than 190,000 apartments across the country. Since its founding 19 years ago, the company has invested approximately $3 billion in projects.

Related Stories:

• Greystar plans housing for South Lake Union site  03-06-2012
  
• 516 units sold for $71M in Mill Creek  01-20-2012
  
• This fall has been a busy time for property sales in the region  11-04-2011