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May 9, 2022

$30M sale, and $95M loan, clears path for new Safeway and apartments

By BRIAN MILLER
Real Estate Editor

Rendering by Runberg Architecture Group [enlarge]
This view looks northeast at the grocery entrance; the apartments will have their lobby to the north, at 21 Boston St.

Late last month, the residential portion of a future Safeway-and-apartments project sold for over $30.1 million, according to King County records. The seller at 2100 Queen Anne Ave. N. was Safeway, and the buyer was CG 21 Boston LP, which is associated with Lion Gables Realty LP of Atlanta. Its multifamily arm is Gables Residential

Public records indicate a $95 million loan from JPMorgan Chase, which presumably covers both the acquisition and construction costs. A demolition permit for the 60-year-old store was issued in January.

The seven-story, 325-unit proposal has been in the works for several years, and received its master use permit last fall. Barrientos Ryan and Runberg Architecture Group had been working with Cahill Equities on the project. Cahill may also be a partner in the new ownership.

Safeway retains the lower retail condominium portion of the nearly full-block project. No construction schedule has been announced. W.G. Clark Construction is still listed as the builder. The store remains open for now. (Update: A reader tells the DJC the store closed today, May 9.)

Numbers remain about the same: a 50,000-square-foot store (double the size of the old); 319 parking stalls on two underground levels (split between residents and shoppers); a total project size of about 500,000 square feet; and a Mandatory Housing Affordability of nearly $6.3 million.

The team also includes Hewitt, landscape architect; PanGeo, geotechnical engineer; Bush, Roed & Hitchings, surveyor; Coughlin Porter Lundeen, civil and structural; and PanGeo, geotechnical.

Gables Residential recently made its debut in our market as a partner in Alexandria Real Estate Equities' big future plan near the Spring District in Bellevue. It'll work with Clarion Partners on two planned apartment buildings (with more by other parties to follow), while Alexandria separately develops the life-science buildings.


 


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.




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