MacFarlane Partners Sets Similar Development Plans for Two Multifamily Projects in South Lake Union
By Alex Girda, Associate Editor
MacFarlane Partners has seriously ramped up its involvement in the Seattle area, specifically the booming neighborhood of South Lake Union, recently announcing serious progress in the development of two different apartment projects. The investment management firm announced a deal for a parcel at 201 Westlake Ave. North, where it intends to build one new apartment building, as well as the acquisition of the final parcel it required for its planned multifamily complex at 215 Eighth Ave.
The current single-story structure on the 0.29-acre site at 201 Westlake Ave. N. will be torn down to make way for a seven-story, 77-unit apartment building. The structure will be built following plans by Ankrom Moisan, a noted architectural firm. Floor plans will feature studios, as well as one- and two-bedroom rental apartments. The property will also include 4,500 square feet of leasable retail space. Resident amenities will include a rooftop terrace, views of the city’s growing downtown area and the Space Needle, as well as a resident lounge with fire pit and outdoor seating. A formal groundbreaking will be held during the first quarter of 2014, with summer 2015 completion set in the developer’s sights.
For its Eighth Avenue North project, MacFarlane acquired a number of properties, the last of them being 215 Eighth Ave. North for $2.7 million, from Haven Investments. The existing assets will be replaced with a seven-story, 174-unit multifamily property. That property, too, will follow a design by Ankrom Moisan, featuring a brick-and-glass aesthetic. The building will also feature studio, one- and two-bedroom floor plans and a street-level retail component of 5,047 square feet. The development schedule will mirror the plan for Westlake Avenue North, with the groundbreaking in the first quarter of next year and completion planned for the summer of 2015.Tags: Acquisitions/Dispositions, Ankrom Moisan, Architecture/Design, Brokers, Conventional - Market Rate, Developers, Development, economy, Finance/Investment, Investors, Local, MacFarlane Partners, multi-family, National, Owners, Policy, Professional, Regional, Residential, Seattle Lead Story, Seattle multifamily market, South Lake Union apartment complex