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August 3, 2020
Greystar is planning to buy a midblock site in the University District, at 4126 12th Ave. N.E., then redevelop with a student housing tower.
The 21-story project, now called Lakeview, just cleared an important final hurdle to gaining a master use permit. The city has issued a SEPA determination of non-significance for the plan, which has passed through design review. Other permits appear to be near.
The site is about a block south of U District Station, where light rail service will begin next year. No start date has been announced for the 235-foot-tall tower. The land sales will likely follow soon after the master permit is issued.
Monday morning update: Colliers says that its team of Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper assembled the property and represent the sellers.
Weber Thompson is the architect. Exxel Pacific will build the project. The team also includes KPFF, structural and civil engineer; Rushing, LEED consultant and MEP engineer; Bush, Roed & Hitchings, surveyor; Ground Support, shoring; Hart Crowser, geotechnical engineer; Site Workshop, landscape architect; and Morrison Hershfield, building envelope.
Four old rooming houses and apartment buildings will be removed from the 16,000-square-foot. Greystar is also planning to buy the recently landmarked the Villa Camini apartments, a seven-unit building that dates to 1921. The Mediterranean Revival-style, two-story building is on an outlying corner parcel, at 12th Avenue Northeast. Greystar will gain extra floor area for Lakeview via a transfer of development rights.
Lakeview's nominal 226 units will yield about 597 beds, the standard metric in student housing. No parking is included in the plan. Bike rooms will have around 180 stalls.
Total project size is about 227,000 square feet. The Mandatory Housing Affordability Payment is estimated at just under $5 million.
Brian Miller can be reached by email at email@example.com or by phone at (206) 219-6517.