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Washington Holdings Proposes Apartments Near Olympic Sculpture Park
Washington Holdings on Wednesday announced preliminary plans for a nine-story apartment building across Western Avenue from Seattle’s Olympic Sculpture Park, the Puget Sound Business Journal reported. The Seattle-based developer’s early plan calls for a solar-powered building of around 225 rental units at 3000 Western Ave. The old lab/office building on a two-thirds-acre site is owned by Alexandria Real Estate Equities Inc.
Acquisition of the property and construction won’t occur until 2025 at the earliest, Washington Holdings said. The company has submitted early design guidance materials to the city. It’s “an important first step toward possible redevelopment,” said a Washington Holdings press release.
It’s a rare development proposal in an environment where financing remains elusive. Meanwhile, Seattle is only starting to emerge from the effects of the pandemic.
“Although there are currently many headwinds and feasibility is not assured, we’re hopeful,” Washington Holdings EVP Ben Margoles said in the release.
Photo of Olympic Sculpture Park courtesy of Weiss Manfredi.
- ◦Sale/Acquisition
- ◦Development
