The 1916 Boren property is a 22,800-square-foot, mid-block high-rise site located in Denny Triangle. The client was looking to achieve top value from the property. Kidder Mathews commercial real estate brokers, Ross Klinger, Jim Klinger, and Tim Foster, represented the seller in the transaction.
From a marketing and development perspective, this property faced a number of challenges including:
- A historical preservation registry listing
- The existing structure was un-leasable due to flooding and vandalism
- At the time, there were no permits in place; however, an adjacent property owner had already filed a MUP application,
- triggering a tower spacing issue above 160 feet in height
- The property’s mid-block location created development inefficiency
Kidder Mathews hired Johnson Partnership to demonstrate why the property, which built by Mr. Bartell, should be removed from the historic landmark registry. This process involved getting a letter from George Bartell of the Bartell Drug Company stating the building was insignificant to them. Kidder Mathews then worked with Weber Thompson Architects to plan a non-traditional building to justify the unit count for pricing, which enabled the owner to maximize the justifiable marketing price. Kidder Mathews then used all marketing options available, including working with KM China Services, to create an international marketing campaign in both English and Mandarin. The property sold in 2017 as a multifamily development for $54,348 per door.