May 27, 2026

Shoreline land sells for $8M, with 230 senior units to follow

Photo by Urbal Architecture [enlarge]

This view looks roughly northeast, with Eighth in the foreground.

A Shoreline development site at 18710 Eighth Ave. N.W. sold this week for $8 million, according to King County records.

The seller was Richmond Beach Retail LLC, associated with Madison Development Group. Back in 2020, it acquired the Shops at Richmond Beach for $12.2 million. Planning then began to raze part of that complex, anchored by a QFC, and put up senior housing.

Most if not all permits were obtained last year; some are still pending. A lot boundary line adjustment came this past April.

Buying the new west parcel, for $8 million, is CLPF ESL Richmond Beach PropCo LLC, which is associated with Clarion Partners and NexCore Group. The latter now has an approved plan from Urbal Architecture for a six-story, 230-unit building to rise near the corner of Richmond Beach Road (north of the Shell station).

Brokers were not announced. The west parcel land sale, for 2 acres, was worth about $91 per square foot. Slated for demo there are a vacant former Heritage Bank, plus the Santa Fe Mexican Grill & Cantina end of the existing shopping center, which was mostly developed in the mid-1960s.

The QFC and other shops on the 3.3-acre east parcel aren't going away. MDG continues to be the owner there.

NexCore is based in Denver. It develops medical offices, senior housing, healthcare properties and university medical facilities. Its senior living communities carry various brands. Experience Senior Living is its subsidiary that operates such properties.

During MDG's last three years of planning, the Acoya brand — associated with Cogir Senior Living — has been mentioned, along with Ryan Cos. as the potential builder. NexCore doesn't yet feature the Shoreline project on its website, so names may again change. NexCore says it has nearly 9 million square feet under management, which it values at $3.3 billion.