July 28, 2025

Buyer finally emerges for long-dormant Fremont project

Rendering by Hybrid Architecture [enlarge]

There’s a MUP in place for the eight-story project.

Ding, ding, ding! We have a buyer! Changing hands is a midblock apartment development site at 3421 Woodland Park Ave. N. That's immediately north of Fremont Brewing, on a vacant, overgrown property where the old foundations of a house remain.

Berkadia put the entitled eight-story, 132-unit project on the block in late 2023, unpriced. Last week came the $5.5 million sale to 3421 Woodland Park Ave LLC, which is associated with new shop Ravenna Partners. That's led by Andrew Withnell, formerly of Blueprint Capital.

Seller MRN Homes acquired the property in 2017 for $3.5 million. Working with Hybrid Architecture, the master use permit followed in 2022. It was extended last year through 2028, which grants some breathing room to the new owner. There's no sign of a construction loan.

Representing MRN were Berkadia's Steven Chattin, Mitchell Belcher, Jay Timpani, Brandon Lawler, Chad Blenz, Patrick Harmon, Beau Krueger and Artur Otto, in a land sale worth about $427 per square foot.

The planned building isn't large, totaling about 72,000 square feet. The old MUP depended in part on the city's multifamily tax exemption program, with 26 units to be affordable for a 12-year period. The previously calculated MHA fee of almost $1.4 million could be paid, or more units could be made affordable.

The old plan had 22 underground parking stalls, which could be shaved as a cost-saving measure. Tenants are to have 112 bike stalls, and the site is but a block north of the Burke-Gilman Trail.

For groceries, there's a PCC a few blocks west. And, anchored by Brooks, evo Seattle, and many, many bars and restaurants, that area is very walkable. For that reason, Berkadia's old listing lauded the “irreplaceable location.”

Units are to run from SEDUs to a few two-bedrooms. Three larger apartments will be live/work units at grade. One retail bay, on the northeast corner, is to have about 941 square feet. That faces Woodland, on a site also bounded by Albion Place North on its west side.

Amenities include a ground-floor lounge area and 1,147-square-foot roof deck overlooking the brewery and facing south to Lake Union.