August 14, 2014

For sale: 4.4 acres of SHA land on north edge of Yesler Terrace

Image courtesy of SHA [enlarge]

The properties border Alder Avenue and Broadway. The land could be developed into as much as 900,000 square feet of office space and 100,000 square feet of retail in two 300-foot towers.

Seattle Housing Authority said Kidder Mathews will market 4.4 acres it owns on the northern edge of Yesler Terrace.

The properties, bordering Alder Avenue and Broadway, could be developed into as much as 900,000 square feet of office space and 100,000 square feet of retail in two towers of up to 300 feet.

Stan Snow of Kidder Mathews said tech companies are the first type of buyers they are targeting, but they are also pursuing medical, institutional, educational and government tenants.

He said properties of this size and scope in such a prime location are rare.

“We feel it's a logical fit for a large tech company looking to build a campus in the Seattle area,” Snow said.

Snow said the site could be a good candidate for a Bay Area tech company looking to relocate. He said office rents in the Bay Area are about twice as high as they are here.

Another plus for Seattle, he said, is the “tremendous” talent pool of high-tech workers.

Kidder Mathews just started a national and international marketing campaign for the site. Snow said the city has streamlined the permitting process for redeveloping the site.

The properties are being offered without an asking price. A video with additional information is at www.SeattleOfficeDevelopment.com.

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GGLO is helping with conceptual layouts of the 4.4 acres for sale.

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The redeveloped neighborhood will have new parks, gardens and pedestrian-friendly streets that connect to surrounding areas.

SHA will use proceeds from the sale to fund ongoing renewal of the 30-acre Yesler Terrace community, turning it from mostly low-income World War II housing into a mixed-income neighborhood.

Snow said the redevelopment will create jobs for the neighborhood and revitalize the area.

The 4.4-acre site has about 130 residential units in 13 low-rise buildings. SHA will work with residents to temporarily relocate them while new affordable housing is being built elsewhere at Yesler Terrace.

The first phase of the Yesler Terrace redevelopment began last year. The redeveloped neighborhood will have new parks, gardens and pedestrian-friendly streets that connect to surrounding areas.

SHA said it will replace all of the 561 units of low-income housing within the Yesler Terrace neighborhood, and build additional affordable housing serving multiple income levels. There will also be market-rate housing.

GGLO is helping with conceptual layouts of the 4.4 acres for sale.