New Capital Hill Multifamily Project Planned


  With today’s commencement of tolling on the 520 bridge and steadily increasing traffic congestion on I5, Capital Hill with its new light rail station and vibrant restaurant and social scene is ground zero for in-city redevelopment projects including mixed use, street retail and multifamily housing. This is evidenced with the recent sale by Washington Real Estate Holdings LLC of its15,400-square-foot office building located at 1127 Pine St. in Seattle, WA to Gerding Edlen Development, Inc. for $5.5 million, or about $357 per square foot. The building was 100 percent vacant at the time of the sale. The buyer has purchased the property as a redevelopment project, and is planning to build apartment units on the site following the scheduled demolition of the existing building.           

 

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