August 19, 2021

Grosvenor joins the Northgate Station TOD stampede

Rendering by Studio Meng Strazzara [enlarge]

This view looks southwest at the planned apartments, which will benefit from the coming light rail service.

Grosvenor Americas has announced the provision of $30 million in equity financing for an entitled 295-unit apartment project that Intracorp is planning near Northgate Station. Light rail service will begin there this fall. Intracorp's site, at 11201 Roosevelt Way N.E., is about a 20-minute walk north from the station.

Grosvenor's Brian Biggs said in a statement, “We have been investing in Seattle for more than 20 years. Our long-term belief in the market helps us look through short-term volatility.” He cited the anticipated post-pandemic rebound, and said that Seattle employment is expected to grow — compared to pre-pandemic levels — by over 13% over the next four years.

The two companies are well acquainted. Grosvenor's Alex Henderson said, “Grosvenor and Intracorp have been investing in properties together for over 20 years, and the Northgate deal marks our 25th project. Together, we have helped deliver more than 2,500 homes in California, Seattle and Vancouver.”

Lis Soldano of Intracorp said, “With the new Sound Transit station, a catalyst for redevelopment, more retail and lifestyle experiences are coming.” Just to the south, Simon Property Group has rebranded the old mall, now being totally redone as a mixed-use hub, as Northgate Station — basically adopting the name of the light rail stop.

Intracorp has, since entering the Seattle market in 1991, developed about 30 multifamily projects here, including condominiums. The developer has a Seattle office, with its headquarters in Vancouver, B.C. Its most recent development, now dubbed Beam, opened last month at 1029 S. Jackson St., on the former Acme Poultry property. That has seven stories, 321 units and commercial space.

The unnamed five-story Northgate project, designed by Studio Meng Strazzara, appears next to break ground. The possible start date and general contractor couldn't be verified before deadline.

(Update: Grosvenor says it hopes to break ground early next year.)

The team also includes Karen Kiest Landscape Architects; Bush, Roed & Hitchings, surveyor and civil engineer; Terra Associates, geotechnical; BEE Consulting, envelope; and Yu & Trochalakis, structural.

A demolition permit is in process for the old Party Makers/Display & Costume building. Intracorp acquired the land last month for over $14 million. The Mandatory Housing Affordability payment is calculated at a bit over $3.2 million, for a 302,100-square-foot project. (That includes the underground parking, with 210 stalls; residents will also have 231 bike stalls.) In addition to the MHA fee, Grosvenor says that 59 units will be rented at below-market rates.

(Update: Grosvenor Americas is now based in San Francisco and Vancouver, B.C.)