DEAL OF THE DAY: Schuster Buys 14,400-Sq.-Ft. Lot for $5.1M, Plans to Develop Mixed-Use Green Condo

By Anuradha Kher, Online News EditorSeattle–The Schuster Group recently acquired a 14,400 sq. ft. lot in Belltown at Elliott Avenue along Cedar Street in Seattle, for $5.1 million. This is the group’s first acquisition under its new real estate investment fund, Schuster Realty Partners.The parcel currently consists of two buildings and a small parking lot along the waterfront strip. The group will be developing the property into a mixed-use, high-rise, green condominium. While plans for the site are being developed, the Schuster Group will continue to lease the existing office space for the next few years to the current tenant.The Schuster Group plans to follow in the footsteps of its Mosler Lofts development, a 150-home LEED and Built Green certified condominium tower that is also located along Cedar. “In keeping with our commitment to green building, our goal is to develop this property to very high green standards,” says Mark Schuster, founder and CEO of The Schuster Group.“Many developers depend on bank loans to acquire and develop properties,” says Schuster. “Our goal has always been to raise capital so we can acquire properties with cash. This allows us to get the best value for our investors. Given the current credit crunch, when so many banks simply aren’t lending, this approach gives us a distinct advantage.”