Shoreline Assemblage Fits Spectrum’s Focus on TOD in Paths of Growth

A prime Shoreline mixed-use apartment development site across from the Shoreline South/148th Light Rail Station recently sold to Spectrum Development Solutions. The price was undisclosed.

The multiparcel assemblage is located on NE 148th St. between 5th Ave. NE and 6th Ave. NE. The Shoreline South/148th Light Rail Station is opening in the fall 2024, providing a link between major metro job centers and key neighborhoods in North Puget Sound.

“This land assemblage is a great fit for Spectrum and our focus on developing high-quality transit-oriented projects in a terrific path of growth locations,” said Jake McKinstry, principal at Spectrum Development Solutions. “Our residents will be able to be in downtown Seattle within 15 minutes on light rail or in Bothell in 20 minutes via Bus Rapid Transit.”

Dylan Simon, Jerrid Anderson and Winslow Lee, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the sellers in the marketing and sale of the assemblage.

“Spectrum Development Solutions picked up this assemblage when another buyer was unable to proceed in fall 2020,” said Simon. “Despite challenges in the regional apartment market during 2020, Spectrum held steadfast in its clear vision on Shoreline as a vibrant community and the importance of transit adjacency for making livable communities in the Seattle-Bellevue metro.”

Spectrum plans to build approximately 172 apartments and has named the project Burl as an homage to the old growth trees and natural elements of Shoreline.