(WSB June 2011 photo looking at Conner site from QFC steps – it’s on Alaska’s south side, 42nd to California)
Eleven years after buying prime property in the heart of The Junction, currently planned for a two-building, 200-apartment development, Conner Homes president Charlie Conner says the site is going up for sale.
We just found this out, after asking Conner for a status report on the projects. Our request last week for comment was answered today by Conner, e-mailing us a letter he says was sent to “the Junction community” last week. The letter says he and his partners have chosen Turning Point Realty Advisors to put the site on the market, and says it’s not likely construction will start before summer 2012. The full text of Conner’s letter, ahead:
After evaluating the financial markets and considering the interest expressed by many of the leading for rent housing providers, the partners who comprise 4700 California Avenue LLC have determined to select a developer for the West Seattle Junction property. The likely buyer will be well capitalized, self-financed, understands and executes acquisition, permitting, construction, leasing and management of similar large projects.
We have selected David Chapman and Matthew Balkman of Turning Point Realty Advisors to represent us in this transaction and as such you may encounter them as they tour the property. Mathew and I have known each other for over 20 years having lived in the same Conner built community for a majority of that time.
Until a formal transaction is completed management of the site will remain as it is currently. Tenants’ leases remain and survive the transition to new owners, and Tony Ruiz will remain your point of contact. Please understand that the evaluation of the site by potential buyers is uncertain and our representatives will do their best to minimize impact on your business. As previously communicated we believe construction would not start until the summer of 2012 at the earliest. Assuming an agreement is reached we will communicate pertinent information or any changes to you.
We have appreciated the community members’ input and, per our agreement,community members will be involved with design details and artwork incorporation in the project during the permitting process. Once ownership changes we will facilitate an introductory and transition meeting of new owners and signatories to the community agreement.
This was not an easy decision, as many of you know, my long term goal has been to own a piece of the junction long term as an income producing property when purchasing this property eleven years ago. It has been a great experience getting to know a lot of great people who reside and take pride in the junction. Given that I have other interests in the community I know I will still see many of you. We should all take pride in our role in creating a landmark project.
The project had received key land-use approvals earlier this summer. Some of the site’s existing tenants already have moved out or made plans to do so. We expect to add more to this story as the day progresses.