
As the new Admiral Safeway store gets closer to opening – now less than a month till the August 12th date – we have new information this morning about the apartments being built on the east side of the site. The developer is Kirkland-based Madison Development Group, also parent to the entity that is trying to take over the stalled Fauntleroy Place (aka “The Hole”) development. This morning, Madison has announced that the 78-unit apartment project along 42nd SW will be called “Element 42,” with 78 studio and one-bedroom apartments “designed for the working urbanite”; sizes range from 420-square-foot studios to 660-square-foot one-bedrooms with dens. They say the apartments will be available for leasing “in 2012” (what part of the year isn’t specified – we have a followup question out), and they don’t plan to announce the pricing until next year. Their announcement also says the buliding includes a 720-square-foot “amenity room” with a community kitchen, dining area, lounge area, and fireplace, and an “intimate 2,600-square-foot rooftop plaza” with views from the Olympics to the Cascades. You may recall, the building originally, under a different developer, was planned to include flex-work space and fewer apartments; Safeway said that developer couldn’t get financing for that project configuration, and the more-apartments plan was revealed. You can read Madison Development’s full news release about the apartment project’s status by going here (2-page PDF).
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