October 2, 2013

Interbay may get more apartments

A prospective buyer has contacted the city about what could be built at 3435 15th Ave. W.

There could be more apartments along 15th Avenue West in Interbay.

CBRE has been marketing a property at 3435 15th Ave. W. that is owned by a partnership that includes Ginny Gilder, co-owner of the Seattle Storm. A prospective buyer has contacted the city about what could be built there.

A spokesperson for Gilder said she has no knowledge of the prospective buyer’s plans and she has no plans for development there at this time.

(Editor’s note: An earlier version of this story incorrectly said that a group related to Gilder was considering developing apartments on the site.)

Another Gilder partnership, Interbay Partners LLC, is a passive investor in a development at 3036 16th Ave. W. where Goodman Real Estate is building 117 units in a project called Barrett Park. They are due to open in 2014.

City records indicate the potential buyer of the 3435 15th Ave. W. site is eyeing a seven-story, 245-unit project with 150 underground parking spaces.

Caron Architecture LLC is listed as the architect.

A Brown Bear car wash on the site now would be demolished.

In 2011, Interbay Rising LLC, which is managed by Gilder, bought three parcels from Freehold Group for $9.25 million. They include the Barrett Park site and the site at 3435 15th Ave. W. The third site is a 1.2-acre vacant lot at 1616 W. Bertona St.

Gilder runs a family investment company called Gilder Office for Growth. Her development activity is unrelated to the Storm.

Interbay is largely industrial, but areas near Dravus and the Ballard Bridge have seen new residential and mixed-use development.

Just west of Barrett Park is Slate Apartments & Lofts, a 236-unit project that Unico Properties built and sold this summer to LaSalle Investment for $68.19 million.

Seattle's Department of Planning and Development has started a study of the three-mile corridor along 15th Avenue West to Ballard. The city wants to retain industrial zoning in much of the neighborhood, and rezone other parcels to encourage new types of development.