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June 22, 2015

AvalonBay may build apartments on McGuire site

AvalonBay Communities is looking at a new project on the half block site at 210 Wall St. where the McGuire apartments once stood.

Permit records filed last week show AvalonBay is contemplating a 24-story tower with 320 apartments, 9,000 square feet of retail space and 250 parking spaces.

Permit documents show Ankrom Moisan Architects may be involved with the project.

The 25-story McGuire was built in 2001. The building had to be de-constructed 10 years later due to construction defects.

Most defects in the McGuire involved corrosion of post-tensioned cables, and deficiencies in the concrete material and reinforcement placement, the owners of the building said in 2010. It's believed to be the first time a high rise in the Pacific Northwest was de-constructed due to defects.

The site is owned by Carpenters Tower LLC, which is made up of Carpenters Union Local 131 and the Multi-Employer Property Trust.

AvalonBay and Bentall Kennedy, which advises the owners, did not return requests for comment.

According to its latest filing with the U.S. Securities and Exchange Commission, AvalonBay has 16 apartment complexes in the Seattle area with 3,858 units. It has another three complexes under construction in Lynnwood, Redmond and on Seattle's Capitol Hill, totaling 1,098 units with a combined project cost of approximately $288 million. AvalonBay has either acquired, leased, or has an option to purchase or lease three more sites that could handle approximately 772 apartments, according to the SEC filing. It is unclear if this includes the former McGuire site.

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