Madison Park Times Real Estate - August 2018

Page 1

AUGUST 2018

Madison Park Times

Serving East-Central Seattle since 1983

Real Estate

MADISON PARK - WASHINGTON PARK - MADISON VALLEY - DENNY-BLAINE - MADRONA - LESCHI www .M adison P ark T imes . com

Midtown Center redevelopment needs more work Review board urges design changes that reflect Central District roots at 23rd and Union By Brandon Macz

Madison Park Times editor Facing pressure from the Central District residents who will ultimately have to live with it, the East Design Review Board on Wednesday night declined to move forward plans for the Midtown Center redevelopment. “23rd and Union is arguably the most important corner in the Central District,” said EDRB chair Andrew Haas. Lake Union Partners is the second developer in as many years to attempt to raze the 2.4-acre Midtown Center site and put

in a major new development. Unlike its predecessors, Lennar Multifamily Communities and Regency Centers, which ended its business with then-owners the Bangasser family after a rough review from the EDRB in early 2017, LUP committed to the project when it purchased the property for $23.5 million several months later. LUP owns two of the other corners of 23rd and Union, and has developed its The Central and East Union buildings there. Lake Union Partners and architecture firm Weinstein A+U came before the EDRB on July 18 seeking a recom-

Image courtesy of Weinstein A+U The EDRB directed Lake Union Partners to work more closely with the community on a revised design for the Midtown Center development on Wednesday, July 18. mendation to proceed with permitbusiness owners at below-market rates. ting for the project, which includes 429 LUP principal Patrick Foley mentioned residential units across three buildings, a that the project will include 240-250 16,000-square-foot central square, and a affordable housing units at income levels 12,000-square-foot drug store. between $28,000 and $60,000 a year. That The drug store is expected to generate figure includes a second development on enough revenue that Lake Union Partners  MIDTOWN, Page 8 can provide smaller retail spaces to black

MERCER ISLAND : $4,686,000

MADISON PARK: $1,274,416 Sold

DOWNTOWN CONDO: $2m Pending

MOIRA E. HOLLEY moirα@moirαpresents.com 2 0 6 . 6 6 0 . 4 78 7 moirαpresents.com


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