April 16, 2015

Antioch wants to cash in on its hot spot and move

Antioch University is putting its property at 2326 Sixth Ave. in the Denny Triangle up for sale in order to take advantage of the neighborhood's hot real estate market.

The Ohio-based university has offered academic programs in Seattle since 1975. The university acquired its current two-story home in Seattle in 1996 for $3.8 million, according to public records. The King County assessor’s office puts the value of the property at $19.4 million.

Bill Groves, general counsel for Antioch, said the school suddenly found itself at ground zero in a building boom.

“We wanted to unlock some of that capital, and take it out of real estate and put it into programs,” he said. “We've made it known to developers we're receptive to offers.”

Antioch is working closely with a couple of potential buyers, Groves said.

Meanwhile, the school is pursuing entitlements for the site to shorten the time it would take for a developer to break ground on a new project.

Antioch filed plans with the city for a 40-story tower with 332 residential units, 288 hotel suites, street-level retail and 525 parking spaces on seven levels, four of which would be below ground.

Via Architecture is doing preliminary design work.

“We're excited to be working with neighbors and the city about building the best possible project for the site,” Groves said.

Antioch University used to sit in a relatively forlorn part of the Denny Triangle, but now the neighborhood is a hotbed of construction.

Bosa Development is constructing its two-tower, 707-unit Insignia condominium project across the street from Antioch, and Clise Properties is planning a two-tower, 900-unit apartment complex on the other side of the alley it shares with Antioch.

Amazon.com's burgeoning four-block high-rise campus is just to the south.

Groves said that Antioch plans to stay in Seattle and is working with a consultant to find new space nearby. The school is exploring sites in downtown, Belltown, Pioneer Square, the International District and Capitol Hill.

Antioch will soon add a new master's program — management and leadership — but expects to need less space in its new home, Groves said. The current building has about 65,000 square feet.

The school won't necessarily occupy a whole building, or even stick to a single building. The new home could have multiple tenants or Antioch could share a site with another school.

Groves said Antioch plans to be out of its current facility and into its new space by late fall of 2016.

Antioch University's other campuses are in Yellow Springs, Ohio; Culver City, California; Keene, New Hampshire; and Santa Barbara, California. Antioch College, located in Yellow Springs, separated from the university in 2008.