May 2018
Madison Park Times
Serving East-Central Seattle since 1983
Real Estate
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Madrona Company fills retail space at The Valley New 41-unit apartment building expects to welcome residents in May; retailers still working on spaces By Brandon Macz
Madison Park Times editor The Madrona Company’s new fourstory mixed-use residential development The Valley has filled its ground-floor retail spaces and plans to start welcoming residents in May. Construction on the 41-unit apartment building at the corner of Martin Luther King Jr. Way and East Union Street started in February 2016. “For this one, we were thinking we would have a little vacation,” said Madrona Company owner Marty Liebowitz, the developer designing The Valley Building but then tapping Express Construction as the general contractor. That vacation didn’t last, as Express Construction went bankrupt, so The Madrona Company stepped in to finish the development. “We gave them a lot of money on purpose,” Liebowitz said, “so we could avoid
the stress.” But Liebowitz believes The Madrona Company taking over actually resulted in a more solid final product. Union Street Dental was the first business to open on the ground floor of The Valley Building, and will soon be joined by Velopez pro bike shop, a hair salon, health insurance office, independent post office and The Cheese Platter and More. The Central District’s iconic Cappy’s Boxing Gym is relocating to a new gym space in The Valley’s basement. The residences range from studios to two-bedroom, two-bath units. A studio will range from $1,300-$1,650, a onebedroom at $1,700-$2,000 and a twobedroom at $2,300-$3,000. The Madrona Company participated in the city’s Multi-Family Tax Exemption program, and 12 of the units are priced at affordability levels — studios at 50-65 percent of area median income, one-bedrooms at 75 percent and two-bedrooms
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Photo by Brandon Macz The Valley Building, 2719 E. Union St., has filled its retail spaces, and The Madrona Company hopes to welcome residents in May. at 85 percent, said Liebowitz’s son, Max, who pushed his father to take on the new development. “We’ve built units like this before,” Liebowitz said, “but for this one we made
minor changes.” The developer said some employees from Cappy’s and the Grocery Outlet across the street plan to move into The VALLEY, Page 11
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