The U Village area is expected to be upzoned this year, and more than 1,100 housing units are proposed.
Plans to redevelop the 60-year-old Trailside Apartments, west of University Village, are already well underway.
Now a partner in that 268-unit proposal, Phoenix Property Co. of Dallas, has secured a ground lease and filed a new plan for the separately owned site just to the north. Documents refer to this project as Trailside Phase II.
The 1.36-acre property is at 4907 25th Ave. N.E. Most identify it by tenant Chase Bank, which faces 25th.
The early plan by Phoenix and architect Weber Thompson is for a seven-story apartment building with an unspecified number of units and parking spaces.
Weber Thompson is also designing the new Trailside Apartments.
The Phase II property is owned by JLW University Investments LLC, an entity of the local Silver Cloud hotel chain.
The site last traded in 2015 for $12 million. It now has the bank building, constructed in 1953, and a two-story office building on the west side, near the Burke-Gilman Trail, that was built in 1989 and has 20,384 square feet. The sole tenant appears to be Seattle Children’s Autism Center. (Separately, Seattle Children’s Hospital is dramatically expanding its main campus in phases, and buying more property nearby, meaning satellite clinics could move back to Laurelhurst.)
Public records show a new 99-year ground lease was signed earlier this month between JLW and PPC Land Ventures, an associate of Phoenix, whose founder J. Blake Pogue also signed the lease.
The 2.3-acre Trailside, at 4801 24th Ave. N.E., next to the Burke-Gilman Trail, is owned by local firm Trinity Partnership, which is partnering with Phoenix. The plan is to replace the old 120-unit complex with a seven- and six-story building. It would require a contract rezone, and a street vacation is also planned.
There would be underground parking for 277 vehicles and some retail space.
Trailside Phase I has its second and likely final design review at 6:30 p.m. Monday May 21 at Good Shepherd Center, 4649 Sunnyside Ave. N.
The area around U Village is expected to be upzoned this year. A number of new residential projects are planned, which could total about 1,156 units – plus those at Trailside Phase II.
In addition to the 268 units in Trailside Phase I, they include:
- The 1.3-acre Travelodge block at 4715 25th Ave. N.E., where local owner Leavitt Capital and national developer Greystar are planning a seven-story, 235-unit building with underground parking for 240 vehicles. KeyBank is expected to return as a tenant in the new space. VIA Architecture appears to be the architect, and Justen Co. is a consultant. The Wolff Co. of Scottsdale is also listed on some public records. The project has its first design review in June.
- On the two-acre Office Depot/Jiffy Lube site at 4906 25th Ave., immediately north of U Village, Alliance Realty Partners of Phoenix has filed a plan designed by Encore Architects for two buildings, to be constructed in phases, with 250 apartments, about 16,400 square feet of retail, and 250 parking spaces. The two parcels are separately owned, and Alliance has yet to purchase them. They last sold for $3.2 million in 2012 and $13.7 million in 2013. The project has not yet gone into design review.
- At 4600 Union Bay Place N.E., Jonathan “Skip” Slavin and partners are planning a six-story building with 98 units, 42 structured parking spaces and 2,000 square feet of retail. Runberg Architecture Group is designing the project. It’s just west of another Slavin project: the five-story Burke + Union, at 4516 Union Bay Place, with 61 units and 115 parking spaces. That project recently topped out and should be complete by fall. Encore Architects designed it, and W.G. Clark built it.
- At 4609 Union Bay Place, the planned six-story, 244-unit U Place condominium received a land use permit in December 2016, then filed for minor revisions in February. Chinese developer ZQH Investments hasn’t named a contractor, and no construction permit has been issued. DLR Group is designing the project, which would also have 20,600 square feet of retail and underground parking for 68 vehicles.
Silver Cloud was founded in 1980 by Jim Weymouth, who signed the ground lease with PPC. It has 10 hotels, including a U Village location at 5036 25th. One hotel is in development at Port Ruston in Tacoma and another on the Jiffy Lube site at 2033 Fourth Ave. in Belltown. That 23-story tower, designed by Third Place Design Co-operative, could have 170 rooms and 10 extended-stay suites. The first design review was in February, and the board recommended another review.
Silver Cloud has previously sold properties without developing them. Company CEO Jim Korbein told the DJC last summer, regarding a Bellevue site it sold last year to Vulcan Real Estate for $26 million, “We were basically land-banking it.”
Silver Cloud acquired the Belltown Jiffy Lube site in 2016 for $4.85 million, before the 2017 Belltown upzone. “We purchased that … with the idea of developing a hotel there,” Korbein said. “We saw that site and gobbled it up.”
For the full story, go to Seattle Daily Journal of Commerce.
©Copyright 2018 Seattle Daily Journal of Commerce