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 COMMENTS