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Updates on holes in Seattle January 21, 2011

Posted by Erik Swanson in Articles, Blogs, Development, Retail News, Sale.
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You have most likely seen some of the holes that were created when the commercial real estate market imploded and several development projects stopped mid stream. At least the fate of one of the three notable development projects is becoming more clear.

Kirkland’s Prescott Development plans a 154-unit mixed-use project at North 40th and Stone Way. Trader Joe’s looks is a possible tenant for 17,000 square feet of retail space. Full DJC article here.

Also in the DJC article are mentions of NAOIP’s Real Estate Challenge contest. Teams from WSU, UW and The University of British Columbia will compete to help decide the fate of the prime location at Second and Pine where Starwood had planned to build a $250 million luxury hotel-condo tower.

There remains a massive hole at the corner of Fauntleroy and Alaska Street in West Seattle. Plans for a 185 unit mixed-use project with 65,000 square feet of retail space that was to be taken by Whole Foods Market and a Hancock Fabrics store were shelved about two years ago. Now the site will be put up for sale in a court ordered auction. The developer,  BlueStar stumbled and construction was stopped near the end of 2008.  See the blog post in Puget Sound Biztalk here.

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