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November 3, 2015

Vulcan shows plan for first block of apartments in Yesler Terrace

Courtesy Runberg Architecture Group [enlarge]

Vulcan Real Estate could get design approval this week for the first of three apartments projects it is planning at Yesler Terrace.

The first project will be at 123 Broadway. Vulcan wants to build 194 apartments, a single live-work unit, 2,387 square feet of retail and parking for 127 vehicles.

About 20 percent of the units will be available to people making less than 80 percent of area median income.

The site borders a mid-block path on the west side, and documents show there will be a large courtyard overlooking the path.

Lori Mason Curran, Vulcan's director of real estate investment strategy, said construction on the first block is set to begin by the middle of next year, and take about 20 months.

The sites will be developed one at a time. The second block could start in mid 2017, about a year after the first one. Work on the third block could start a year after that, in 2018.

Runberg Architecture Group is designing the first block, and Exxel Pacific is the general contractor.

A design review recommendation meeting is set for 6:30 p.m. Wednesday at Seattle University, 824 12th Ave.

Vulcan plans to build a total of 650 units on the three blocks. Last year, Vulcan agreed to pay about $22 million for the land. The agreement is structured so each block will have a separate closing date — one a year until 2017. The first block is set to close in December.

Mason Curran said Vulcan plans to spend as much $200 million to buy and develop all three blocks.

Eventually Yesler Terrace could have up to 5,000 housing units, 900,000 square feet of office space, and 153,000 square feet of retail and community space. It could take 20 years to redevelop and cost $2 billion.

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