Vulcan Real Estate Debates Multifamily Developments as Project Pipeline Grows Longer
By Alex Girda, Associate Editor
With all the real estate talk of the town focused on Amazon.com’s endeavors, the commercial market has been getting plenty of attention. But the residential market also hit its stride in 2012 and local development giant Vulcan Real Estate is not immune. According to the Puget Sound Business Journal, it is intent on developing a new multifamily property.
Vulcan is currently assessing market conditions and determining whether a construction start would be opportune. Tentatively set at 4041 N.E. Roosevelt Way, the 216-unit residential project would also include a 150-space underground parking facility, as well as the inclusion of 3,600 square feet of retail space. The proposed development is in the city planning phase, and yet Vulcan is still debating whether it will immediately go ahead with construction of the seven-story structure, according to the local business publication.
The project is somewhat unusual for the Paul Allen-controlled entity, as the company has to date focused its attention on South Lake Union, its only development outside the submarket being the Martin apartments, an ongoing residential project next to the Cinerama Theater. The Seattle Housing Authority is currently considering Vulcan, along with a number of other developers, for the redevelopment of the Yesler Terrace public housing project in First Hill, while the company is also set to develop a City Hall complex for the city of Bothell. However, the municipality currently has that last project on standby.
Image courtesy of the City of Seattle at seattle.gov.