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May 20, 2024

MUP arrives for 586-unit project in the U District

By BRIAN MILLER
Real Estate Editor

Rendering by MZA Architecture [enlarge]
With Northeast 47th at left (north), OneX will face west to the developer’s second project on Roosevelt.

In recent years, Onelin Capital has staked out a bold position in the University District. It acquired two separate apartment development sites from the family owners of University Mazda, then filed a third plan for a nearby gas station. The latter high-rise proposal has faded away (the land never sold), but Onelin just received its master use permit for its larger plan at 4522 Roosevelt Way N.E.

The moniker there is still OneX. JTM Construction is newly attached as the builder, with the designer being MZA Architecture.

OneX is to rise on the main University Mazda property, on the east side of Roosevelt. To the west, on the former Half Price Books site, Onelin secured its MUP in December for its seven-story, 81-unit Ori Roosevelt. Work hasn't yet begun there.

The much larger OneX project is to have two 22-story towers with 586 units. The proposal also includes a large central plaza between the north and south towers, plus 4,166 square feet of retail/commercial space.

Underground parking has been substantially reduced: down from 224 to 86 stalls. (U District Station is a short walk east.) Tenants will have 490 bike stalls in two rooms on both the underground parking levels. Parking for cars will be accessed from the east alley.

With less parking, the plaza and other amenities, the project now totals about 531,888 square feet, with a Mandatory Housing Affordability payment of around $11.5 million. (That's a savings of $2.5 million from last year's estimate.)

There's no sign of a demolition permit yet for Onelin. The company has only built one local project to date: the 42-unit Ori Stone Way in Fremont. But, per its U.S. website, “Onelin is a global development and management firm that benefits from being the global investment arm of Guangdong Zhonghuan Investment Group (China), a 30+ years old multi-billion-dollar global investment conglomerate.”

Onelin arrived to the Bay Area as a tech investor in 2010, then opened its Seattle real estate office in 2015. It values its tech and real estate assets under management at $2 billion. In China, Onelin says it's developed 20 million square feet to date.

The OneX team also includes KPFF, civil engineer; GCH, landscape architect; VDA, elevators; DCI engineers, structural; Rushing, MEP; Bush, Roed & Hitchings, surveyor; and Hillis Clark Martin & Peterson, legal.

Half Price Books closed several years ago. University Mazda sold that site and its main property — where it continues operate on a lease-back basis — for $33 million back in 2021.

(Correction: Onelin also previously developed a second project, the 69-unit Ori on the Ave, with Real Project Management Services as its project manager. That University District project was completed circa 2017, then later sold.)


 


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




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