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August 8, 2016

Urban Visions buys Alaskan Way site for $13M

Journal Staff Reporter

In the shadow of the doomed Alaskan Way Viaduct, a very well-positioned parking garage sold for $13 million last Friday, according to King County records.

The site is at 316 Alaskan Way S., on the corner of South Jackson Street. A three-story structure built in 1909 that became a garage 10 years later sits there today on a 20,766 square-foot lot, which is large for Pioneer Square.

The seller is listed as 316 Alaskan Way LLC and the buyer is UV 316 Alaskan LLC, which is associated with Greg Smith’s Urban Visions. The seller is affiliated with Portland developer Gerding Edlen, which had acquired the property two years ago for $12 million.

Gerding Edlen had planned to build 200 units of market rate housing in an 11-story, L-shaped structure, with 6,500 square feet of street-level retail and parking for 79 vehicles, both below and at grade. The team included architect WTGBD, a joint venture of Weber Thompson and GBD, and general contractor Lease Crutcher Lewis.

In July 2015, the Pioneer Square Preservation Board voted 7-1 against the project, which had attracted intense opposition — including from residents of a four-story condo complex at 80 S. Jackson St., just to the east.

The Department of Neighborhoods approved Gerding Edlen’s plans in October 2015, but last February, the city’s hearing examiner overturned that decision.

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