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September 26, 2023
A future downtown Redmond townhouse development site at 8440 160th Ave. N.E. sold last week for $6.3 million, according to King County records. The seller was MSPT CIV LLC, associated with MainStreet Property Group, which acquired the property in 2021 for $3.7 million. The developer subsequently gained city approval for a two-building, 17-unit project the city calls Moment. Scale Design NW is the architect.
The buyer was Ichijo Moment TH LLC, which is associated with Ichijo USA, the U.S. homebuilding affiliate of Ichijo.
Brokers were not announced. The deal was worth about $301 per square foot.
The midblock property was once home to The Guilt Trip, a restaurant, which closed in May. It's about a 16-minute walk southeast to the future Downtown Redmond Station.
The team also includes Tutko Landscape, landscape architect; BCQ Structural Engineering; and KPFF, civil engineer. GenCap Construction, a MainStreet affiliate, may or may not build the project for Ichijo.
The project is something of a small, boutique outlier for MainStreet in Redmond, where it recently topped out on the 211-unit Spark, near Marymoor Park, at the future Southeast Redmond Station; and earlier this year began leasing at the completed 106-unit Porch + Park, which is smack in the middle of town, near the future downtown station.
Brian Miller can be reached by email at firstname.lastname@example.org or by phone at (206) 219-6517.