Hat tip to the Daily Journal of Commerce for reporting new information today about the Whole Foods/Hancock Fabrics site’s prospective buyers, following our report yesterday that Seattle Capital confirmed a deal IS still pending. Following up today, we reached Matt Segrest, who was quoted in the DCJ story (only available by subscription) – and here’s the statement he provided WSB (note that the name “Fauntleroy Place” is not mentioned):
The West Seattle Whole Foods site is currently under contract to be purchased by Alamo Manhattan, LLC. The firm will lead an investment team to purchase the property. Alamo Manhattan will also serve as the developer for the project. The project will feature a 45,000 square-foot Whole Foods Market, a 15,000 square-foot Hancock Fabrics and 184 apartment homes. Construction of the project began in Summer 2008 and all shoring and excavation work has been completed. The project is temporarily on hold as Alamo Manhattan is evaluating the transaction. No significant design changes from the Design Review Board approvals are anticipated.
“We are conducting due diligence regarding the purchase of the property and continue to be excited about the opportunity,” said Matt Segrest, Principal of Alamo Manhattan. “Negotiations are currently underway with multiple investors on the project. We expect to select an equity partner soon and be positioned to restart construction in the third quarter of this year.”
A resident of West Seattle, Mr. Segrest views the project in both professional and personal terms. “Of course I’m interested in the investment side of the opportunity, as I think it is going to be the crown jewel of the Alaska Junction for at least a generation. Additionally, having a large hole in the ground at the most visible location in my neighborhood is undesirable for me as well as my friends and neighbors. The opportunity to invest in my own community and to make a meaningful contribution to its urban landscape is particularly compelling to me.”
Matt Segrest is the Principal of Alamo Manhattan, LLC, and has been responsible for over half a billion dollars in new development throughout the West Coast, including over 1,750 luxury apartment and condominium units and approximately 76,500 square feet of mixed-use commercial space.
We have a request out to the site’s original developers, BlueStar, for comment, as they had told us they hoped to continue developing the project post-sale, as well as saying their other proposed projects in West Seattle (the Spring Hill mixed-use building south of The Junction (which concluded Design Review last September) and Gateway Center at the old Huling Buick showroom site) were hanging in the balance depending on what happened with the Whole Foods site. Also, as for more information on Alamo Manhattan itself, no website yet but the parked domain alamomanhattan.com is registered to Segrest.
3:43 PM UPDATE: Just talked to Easton Craft from BlueStar. He says they cannot comment on the Whole Foods site purchase situation (as we’ve reported previously, they are suing the site’s current ownership), but, regarding the other two West Seattle projects: “We are certainly working on the other projects we have in West Seattle – clearly the economy has caused a delay but we hope to move forward as quickly as possible. We hope that as we move into the next few quarters we’ll see enough (economic) recovery to move forward.”
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