Wine Country Development Site Seeks Fresh Start; Rebound Seen for Downtown Seattle Condo Sales
- Aug 10, 2011
The site of a scuttled $200 million mixed-use development in the Woodinville wine district is heading for the auction block. Located on a 24-acre site at the intersection of Woodinville-Redmond Road and Highway 202, the project proposed by MJR Development called for a 150-key boutique hotel, a 260-unit residential component, four wineries, office space, restaurants and retail. MJR intends to use proceeds from the sale to help retire a $24 million debt incurred by the project.
Woodinville city officials are eager to see another developer committed to developing the site, which city manager Richard Leahy told the Puget Sound Business Journal is centrally located in the city’s tourist district. A successful project would build on successes like the recent expansion of a nearby shopping center and the steady growth of the local winery industry, which now tallies some 80 wineries.
Meanwhile, in downtown Seattle, the market for upscale condos and townhomes is awaiting a much-needed surge in interest, with a series of properties priced at $1.1 million to $5 million remaining vacant. However, with the market appearing to be on the verge of an upswing—at least compared to the recession-scarred last few years–buyers from out of state and even overseas are scouting availabilities. The Business Journal cites a comment from a broker at Realogics Sotheby’s International Realty, who suggested that a spike in interest is closer than many observers believe.