Capitol Hill Seattle Blog: Finally, a $23.25M deal — and plans for inclusive development — at 23rd and Union

Capitol Hill Seattle Blog
By: Justin Carder

It is a riskier bet than most $23.25 million land deals in Seattle. But new neighbors and longtime community members are probably happy to see real progress. Africatown, again in partnership with sustainability nonprofit turned in-city housing developer Forterra, will still be part of inclusive development component in the deal. And the buyers seem to know what they are doing.

Lake Union Partners announced Tuesday that it is surging ahead with a plan to redevelop 23rd and Union’s Midtown Center block and has already closed on a purchase of the land — a riskier approach than national shopping center developer Regency Centers and its partner Lennar were apparently willing to take in their failed deal to acquire the property and build a grocery-focused project.

“Given our other investments at 23rd and Union, we’ve worked hard to connect well with the neighborhood and as always, we simply try to do good work with our design, be respectful of the community, and create projects with neighborhood retail that residents of the area need and want,” Patrick Foley of Lake Union Partners said in the announcement.

Read the full article here.

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