The Maaco site is a 22,581-square-foot mid-block site on 9th Avenue North, same block as 8th & Roy in South Lake Union, owned by a private owner as an investment property. Kidder Mathews commercial real estate brokers, Ross Klinger and Jim Klinger, negotiated the transaction for both sides.
Maaco Land Sale – SLU Development Site
Posted In — Success Stories |
Based on results of a Phase I and II ESA (RI) the Property was found to have Environmental concerns:
- Benzene, gasoline, PAH’s, and metal contamination in the soils
- Vinyl Chloride contamination in the groundwater sourced from the American Linen site
- Benzene contaminated groundwater sourced from the Roy Street Shops site
- 500 gallon underground storage tank
- Fill material that was found in the shallow soil ranging from 5-10 feet below ground surface containing organics, glass, wood, and debris.
The remedial approach included an excavation of contaminated soil, injection of chemical oxidation, and an installation of a chemical vapor barrier with the hopes of getting a site-specific No Further Action (NFA) from the Department of Ecology. Following 15 addendums to the Purchase & Sale Agreement to work through the environmental concerns, in June 2016 Kidder Mathews closed the sale to City Investors I LLC for $10,160,400.