One less eyesore? New owner for stalled building at 35th/Avalon

The stalled development on the southeast corner of 35th/Avalon will get going again, according to a report in today’s Daily Journal of Commerce. The DJC says “an entity” of Bellevue-based Longwell Company has paid $4 million cash for it. That’s all we know so far — all but the first paragraph of the DJC story is behind a paywall — but we’ll be gathering more information to add as we get it. The project stalled after its original owner, Michael Mastro, was forced into Chapter 7 last year. The DPD permit history for the site is here. 1:10 PM: Thanks to those who’ve sent the rest of the DJC story. While we cannot and would not cut and paste copyrighted material, we’ll note that they also report Longwell says the building will be apartments for the foreseeable future, with rents starting around $1,000, because they’ll have “high-end finishes.” The article also has an interesting tidbit, citing West Seattle’s apartment-vacancy rate at 5.4 percent.

21 Replies to "One less eyesore? New owner for stalled building at 35th/Avalon"

  • MargL June 11, 2010 (8:48 am)

    Yippee!!

  • nearalki June 11, 2010 (8:52 am)

    Interesting…$4 million divided by 60 units = $66,666.67 is that a bad omen?

    • WSB June 11, 2010 (8:52 am)

      Only if there’s someone on the project team named Damien.

  • Mike in the Junction June 11, 2010 (8:54 am)

    Do they want to buy the near by “whole” in the ground. They may want to sell it cheap.

  • MeInWS June 11, 2010 (9:01 am)

    I just read in the DJC that it’ll take 6 months to complete the project as it’s about 50% complete now. Also – it’s commercial space in addition to the apartments, so hopefully that changes the number enough to make it NOT such a bad thing…

  • JAC June 11, 2010 (9:07 am)

    It will be nice to get some siding on that building… hopefully they’ll paint it orange.

  • Carson June 11, 2010 (9:34 am)

    I like the color, makes a nice target on the golf course…

  • JBL June 11, 2010 (10:12 am)

    Yea! Great news!

  • Baba June 11, 2010 (11:00 am)

    I can’t figure it out. Did Longwell get a good deal or not?

    • WSB June 11, 2010 (11:23 am)

      Baba – official county assessor value on the property is more than $4 mil, according to the King County Assessor’s page we saw.

  • I. Ponder June 11, 2010 (12:15 pm)

    Too bad that after the monorail project died, that property wasn’t warehoused for future use as a transit center that we’ll need in the future for light rail or buses. Mark my words, we’ll be needing a property like that for such a purpose. I suppose we can condemn it when the time comes.

  • eileen June 11, 2010 (12:19 pm)

    I think the project has underground parking which can be worth $15,000 a spot at least, plus the value of the commercial space.
    Eileen

  • Baba June 11, 2010 (12:26 pm)

    Thanks WSB,
    Sounds like too much risk for my blood pressure with the double dip coming and all…But heck I’m not complaining, if only they can finish up the exterior. And if I’ll have to look at “for sale, or lease” banners on it for the next few years that wouldn’t bother me that much.

  • waman June 11, 2010 (12:40 pm)

    Michael Mastro…Dino Rossi’s best friend –

  • Off Alki Mike June 11, 2010 (1:01 pm)

    …if only we could rid ourselves of the big whole in the ground, Hole Foods!

    • WSB June 11, 2010 (1:10 pm)

      I checked with Whole Foods since they’d said earlier in the year they might have some news in June when it’s obvious they don’t have the store they were supposed to have built for them by now … they might have news by month’s end. Whether it’s re: this site or something else, we’ll see! – TR

  • Diane June 11, 2010 (2:42 pm)

    Another West Seattle connection re Longwell; they also bought Conner office building in Bellevue
    ~
    Thanks for providing Longwell link in story about Mastro property; looking through Longwell website; this developer looks fabulous
    ~
    2 articles on Longwell website under “news” tab; they bought Conner office building in January; plans for apt tower, perfect for Bellevue, close to Bravern and MS tower
    ~
    for anyone who doesn’t know, Conner is eastside developer that owns Alaska Junction properties, currently leasing to Rocksport, Super Supplements, etc; plans for huge development that many in community NOT thrilled, plans on hold
    ~
    Longwell looks like very smart investor
    ~
    seems $4mil is magic # for them; they also bought Conner building in Bellevue for $4mil
    ~
    story includes map
    http://www.longwellcompany.com/news/sdjc01202010.pdf
    ~
    Longwell Co paid $4.1 million for Bellevue Conner Building
    http://www.bizjournals.com/seattle/stories/2010/01/18/daily30.html

  • LiouxLioux June 11, 2010 (9:14 pm)

    High end finishes in a building that’s been soaking up the rain the past fall, winter and spring? Enjoy the granite and stainless while the mold spores blossom.

  • flynlo June 12, 2010 (9:09 am)

    What’s with the advertising pasted on that building? Is the city issuing ad permits for such use? Are they (we) getting any money out of it? I also noticed new ad banners on the “hole” foods fence this am for Desert Sun Tanning. Same questions?

    • WSB June 12, 2010 (10:09 am)

      Flynlo, I believe the posters on the plywood were opportunism. Seems to happen all over the city. The Desert Sun banners are a little more deliberate-looking – I’ll be inquiring to see what that’s about.

  • WSB June 12, 2010 (12:17 pm)

    Hi – for the person who tried to cut and paste the whole DJC story – that is a copyright violation and we can’t let that through – copyright only allows a short snippet. Thanks though.

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