Avalon Way changes afoot: Deal, development, & listings

The long-languishing, almost-complete building on the southeast corner of 35th and Avalon not only has a new contractor, as the banner says, it has a new owner.

The Daily Journal of Commerce reported today (thanks to Diane for the tip) – and online records confirm – that it was purchased a month ago by an entity of Chicago-headquartered Randolph Street Realty Capital, whose website touts its expertise in buying “distressed,” “unfinished,” and otherwise-challenged sites.

Four and a half years have passed since work started at the site that was once to be part of the eventually killed Seattle Monorail route. It was owned at the time by fugitive developer Michael Mastro; the project stalled in 2009, as Mastro’s money troubles mounted. Two years ago, a Bellevue company bought it for $4 million and announced it would finish the mixed-use building; the new owners are paying almost $7.3 million. According to a webpage for the project set up by its previous owner, the building has 60 apartments and 122 parking spaces.

It’s the second Chicago-based firm to recently buy into West Seattle development in a big way, after Equity Residential bought the former Conner site on the southeast corner of California/Alaska, and in fact, both of Randolph Street’s principals are former Equity Residential managers. Meantime, the potential completion of that building isn’t the only change ahead for that area; there are signs of work starting soon on the 120-unit 3261 Avalon Way project, and right across the street, three apartment buildings are for sale: Terrace Villa (36 units for $5.3 million), Westridge (26 units for just under $4 million), and Avalon West (same size/price as Westridge).

15 Replies to "Avalon Way changes afoot: Deal, development, & listings"

  • JanS May 22, 2012 (10:49 pm)

    Hallelujah…it’s about time !

  • Celeste17 May 23, 2012 (12:31 am)

    I am so tired of all these projects getting started and then walked away from to become an eye sore. So its nice to see one of these projects become active and hopefully become complete.

    Now if only we can get the hole done.

  • Avalon resident May 23, 2012 (5:55 am)

    So nice to learn that the apartment building we are currently living in is for sale through WSB, otherwise I’m sure we wouldn’t have been told.

    • WSB May 23, 2012 (7:20 am)

      Avalon resident – we used to patrol the apartment-building listings more closely and that’s not the first time I’ve heard someone say that, after we published news of a listing. For what it’s worth, some other buildings currently in the commercial listings have been listed for years, unsold; we’ve seen some simply get taken off the market. So you might not see change any time soon. But hopefully your management company can tell you more about what’s going on. – TR

  • Harbor Ave. resident May 23, 2012 (6:53 am)

    Doesn’t make it any less ugly.

  • Jennifer May 23, 2012 (7:11 am)

    Great! More people living in West Seattle equates to even more traffic congestion on the bridge. :-(

  • Give A Hoot May 23, 2012 (9:47 am)

    Funny when people think that when They create traffic congestion it’s perfectly ok, but god forbid others move in and do the same. (if bridge traffic affects you, you are part of the problem).

  • WSratsinacage May 23, 2012 (10:15 am)

    Amen Jennifer!
    .
    The city should plan for density in more ways than just green-lighting building permits. Seems reasonable to have a transportation plan prior to increasing population substantially. The city dropped the ball (again).. Yeah, the bridge is getting widened this year but that was needed 5 + years ago when all the condos and apartments started going up where there were once single family homes. Myself and many others expressed conern and had suggesstions for the city but we were just brushed off and now we have the current situation on the bridge and elsewhere.

  • RobJ May 23, 2012 (10:26 am)

    When will the Redline be open in the main floor??

    • WSB May 23, 2012 (10:37 am)

      I’ll be checking with Scott to see if that’s still on, given the building delay …

  • DW May 23, 2012 (10:40 am)

    So the Bellevue company bought it in 2010 did nothing for two years and sold it for a $3.3 million profit?

    Boy am I in the wrong business…

  • Diane May 23, 2012 (11:46 am)

    TR, re recent sale/transfer of Link/Mural, which tenants of both were unaware; would that have shown up in the commercial listings source that you use? or is there another source for that?

    • WSB May 23, 2012 (11:52 am)

      no, they were never on that site. It’s not a comprehensive listing of everything available for sale – I’m not sure exactly what their parameters are but it’s the closest thing to a comprehensive site. Some projects seem to be just shopped around quietly.

  • Mc May 23, 2012 (12:13 pm)

    Every time I passed the 35th & Avalon corner a thought crossed my mind, with the location and amenities (ie: abundance of shopping/transportation options, etc) – wouldn’t that be a PERFECT opportunity for DESC… I know there is much MORE to it, but just a thought.

  • Marcus M May 23, 2012 (8:28 pm)

    “Fugitive developer” – has a nice ring to it

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