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Find the Property:
Size, Zoning, Price
Land purchased at $34.50/sf (10,600sf parcel), seller financing at 4% simple interest, willing to subordinate, cash out in five years after deferred payments begin July 2015. Zoned NC3P/40 with opportunity to upzone.
Land also has rentable 2BR/1BA house and fully fenced yard with detached garage and basement.
This project will provide denser living units located adjacent to the Rainier Beach Link Light Rail line, Chief Sealth Trail, and multiple bus lines (7, 8, 6, and 107.) We will provide a large bike storage area, but no additional vehicle parking
Multiple Exit Strategies
Offers received from two prospective buyers: Oromo Cultural Center and from REWealth Ventures
Equity buy-out proposed by builder
Proceed to Master Use Permit and construction
Community Building: For what does the property lend itself best? Where is the economic opportunity? What problem needs to be solved?
Here are the benefits of the proposed Van Gogh Studio Lofts project:
- Provide a community for creative entrepreneurs with live-work space, amenity work studios, and available street level store-front.
- Be a catalyst for future development at the Rainier Beach Light Rail station, which has been overlooked by commercial developers due to economic distress in the area.
- Encourage the revitalization of the S. Henderson Street corridor as a safe and attractive conduit between the light rail station and the Rainier Beach commercial center along Rainier Avenue South.
- Seek to promote transit oriented development along the S Henderson Street corridor, near the light rail station, and around the “Beach Square” commercial core.
- Provide a blend of affordable and market rate housing while increasing population density at the light rail station.
More information in tomorrow's blog.