Fauntleroy Place update: Project’s being sold

fplaceastside.jpgThanks to Robert for the link – Times reports Fauntleroy Place project is being sold. May explain why BlueStar hadn’t been returning our phone calls/e-mails (though a rep replied Tuesday he’d call Wednesday, and didn’t). Will add any additional details we find; we have a call out to Seattle Capital (described as one of the current co-owners, though county records still list Fauntleroy Place LLC, with BlueStar‘s address, as site owner). As we reported Tuesday, Whole Foods reiterated its commitment to the West Seattle project (but of course that didn’t necessarily imply the developer would remain the same). ADDED 12:51 PM: King County online records show 8 liens related to the property filed in the past month and a half, with parties including construction and engineering firms. Details of the liens are not available online, just the names and dates. ADDED 1:12 PM: For document-reading fans, here’s a copy of the 10-page lease agreement filed last March, between Whole Foods and Fauntleroy Place LLC. ADDED 1:46 PM: Here’s a document that shows FP transferred the Deed of Trust and other key interests to Seattle Capital last June. 3:49 PM UPDATE: Have just heard back both from Seattle Capital via e-mail and BlueStar by phone, writing a separate update, will post the link in this report when it’s done.

27 Replies to "Fauntleroy Place update: Project's being sold"

  • PSPS January 29, 2009 (12:29 pm)

    This was bound to happen. The newspaper article says BlueStar is “selling most of it to another company, stalling construction for a few months while the deal closes…” Well, don’t hold your breath. Given the economic climate, I’m afraid we’ll have just a big hole in the ground for years to come.

  • Sue January 29, 2009 (12:36 pm)

    I hate to say it, but a big hole in the ground still looks better than the eyesore that was there beforehand. Maybe they can fill it up and make a community pool. ;)

  • B-squared January 29, 2009 (12:36 pm)

    But look at all that glorious visqueen……! in the meantime, we should have a slip-n-slide park.

  • JenV January 29, 2009 (12:46 pm)

    this would be a perfect time for….wait for it…..Trader Joe’s to step in and save the day. ;)

  • jsrekd January 29, 2009 (12:58 pm)

    yeah, but I need someone to come back in so I can buy thread without having to go all the way to Southcenter!! groan

  • SHOCKING January 29, 2009 (1:03 pm)

    I put the chance of Whole Foods finally being built there at about 5.1%. There just isn’t enough business for 3 grocery stores on that CORNER alone…plus 2 in Admiral junction and one in Morgan junction. Just nuts.

    I agree…built the place (as apts) put in a Trader Joes and misc retail space and be done with it.

  • cjboffoli January 29, 2009 (1:04 pm)

    There was something about that “deeply committed” statement on the part of the Whole Foods rep that seemed excessively engineered to me. It seems to be that anything could happen.

  • WSB January 29, 2009 (1:08 pm)

    I kept thinking it was a pun on the hole in the ground. Still digging through legal records looking for details.

  • P January 29, 2009 (1:39 pm)

    agreed, we do not need another store in that area, let alone a Whole Paycheck store(it takes a whole paycheck to shop there)! How about a store on 35th and Morgan area.

  • big gulps,eh? well, see ya later. January 29, 2009 (1:47 pm)

    The leins don’t give a real feeling of confidence that things are on track. It might be time to embrace the hole. We can pretend we live in Butte Montana. The hole does look glorious in the diffuse winter light. I would like to be the first to welcome the hole to the neighborhood!

  • Meghan January 29, 2009 (1:53 pm)

    Keep in mind that situations like this (i.e. selling a development and liens) are not at all unusual in big construction projects, even in good economic times. This doesn’t mean the project won’t happen (or even that it will be stalled very much). In fact, the fact that it seems to be being sold to a more stable developer is a good sign for its eventual completion.

  • CMP January 29, 2009 (1:54 pm)

    Commercial properties change hands all of the time so it doesn’t mean that the project won’t be completed. The liens are a bit worrisome though. Whole Foods committed to a 20 year lease and restricted the landlord from leasing any space to a grocery or restaurant tenant so don’t count on Trader Joe’s coming in unless WF can assign their lease. I’m banking on WF having some contingencies to get them out of this one, but maybe not given they’re the anchor tenant. Didn’t seem to work with the Magnolia location so who knows.

  • WSB January 29, 2009 (2:00 pm)

    Thanks for the perspective – I am a generalist in most topics, but figured that at least offering the links to additional discovered documents would shine some light on parts of the picture, while we continue to work to reach people who are actually at the heart of all this – TR

  • austin January 29, 2009 (2:07 pm)

    I fought the temptation to snowboard the slope into the hole the entire time we were in winter wonderland mode. Maybe an enterprising someone can set up a fake snow machine and a little lift. Bowling, snowboarding/skiing, and chinese food, what more can you ask for?

  • ericak January 29, 2009 (2:11 pm)

    TR – Any idea if the other Blue Star project in the Junction is headed in the same direction, the old Huling showroom – the Gateway Center project?

  • WSB January 29, 2009 (2:21 pm)

    I have renewed my inquiries with BlueStar to ask them about that. They’ve certainly been open with the community in the past, appearing at many public forums, so I’m hopeful that eventually I will get through to someone. Will be doing the same records crossreferencing in the meantime.

  • B January 29, 2009 (3:08 pm)

    Does anyone know if when a project is sold do they usually keep the same design/plans? Obviously the hole in the ground dictates certain things but I’m wondering if they start the design review process all over.

  • WSB January 29, 2009 (3:16 pm)

    B, that’s one of the questions I have asked a Seattle Capital executive, who responded promptly and asked if I would e-mail him my questions. I also put a call out to the DPD planner on the project with similar questions.

  • jsrekd January 29, 2009 (3:35 pm)

    Liens are a matter of course in construction. As soon as anything is “ordered” for a project by a sub-contractor a lien is made against the project until the bill is paid. It would be hard for anyone other than the sub-contractor to know if the lien has been paid or not. (former project manager)

  • Biff January 29, 2009 (4:15 pm)

    If they change the design then the project will need to go back the DRB where everyone can complain and do the NIMBY dance bit. This project will likely need to be changed above the podium as it essentially has three buildings -not one, which means cladding, roof, hvac, connections etc. are 3x more expensive/complicated -not good in todays environment. There is no cost effeciency as one would see on a highrise. Additionally the units are designed as condos, not apartments which requires a complete unit redo. Otherwise rents would need to equate a mortgage payment. And who would want to pay a mortgage payment only to rent? Not a couple hundred people that is for sure. Hence the bank is looking for someone who can figure this out. Without lending there isn’t anyone with the low cost of capital to think it through while going through the whole bit.

  • Longfellar January 29, 2009 (4:54 pm)

    Too many grocery stores in one area- that I still would have to drive too. I wish I could walk to a grocery store near my home- Delridge neighborhood.

  • Gina January 29, 2009 (4:54 pm)

    An artificial lake there, the kitty corner property covered with daisies. Hey, I think I found the spot for the mid West Seattle off leash area!

  • Longtime WS Resident January 29, 2009 (7:12 pm)

    I think the it should be renamed HOLE FOODS!!!

  • Ron January 29, 2009 (8:47 pm)

    To “P” There used to be a Safeway at 35th & Morgan before it became a Uhaul site. Safeway moved out because shoplifting was such a large problem they were losing money. This was according to an employee who worked there at the time. Hopefully with the improvements in the neighborhood, it might work again, but where would you put it?

  • 56bricks January 30, 2009 (11:52 am)

    Not only was one of the reasons Safeway closed because of shoplifting but a lot of people would actually eat in the store which I suppose is another form of shoplifting but not quite as clear-cut.

  • Gina January 30, 2009 (5:01 pm)

    The Safeway at 35th and Morgan had the highest “shrinkage” rate of any Safeway within the city limits of Seattle. And there was an Albertsons where the DMV was, right across the street where Walgreen’s is now. Boeing had gone bust in 1970 and the Seattle economy was in the crapper. I think a combination of factors led to both stores pulling out.

  • CWP January 31, 2009 (9:42 pm)

    Why not call it “Hole Foods”?

Sorry, comment time is over.