30,800 SQUARE FEET IN SEATTLE, WA EXCLUSIVELY LISTED BY
SPENCER CLARK First Vice President Investments Seattle Office
Cell 206.898.2089 Office 206.826.5709 [email protected] License WA 110024 TABLE OF CONTENTS
EXECUTIVE SUMMARY | 04
FEASIBILITY STUDY | 08
NEIGHBORHOOD OVERVIEW | 14
FUTURE OF NORTHGATE | 19 NORTHGATE DEVELOPMENT SITE
EXECUTIVE SUMMARY 4 SUMMARY OF TERMS - UNPRICED
INTEREST OFFERED Marcus & Millichap has been selected to exclusively market for sale the Northgate Development Site, located in Northgate.
PROPERTY TOURS All property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval.
OFFERING PROCEDURES The property is being offered for sale without an asking price. Interested purchasers are encouraged to review the feasibility studies and determine pricing and terms that work for them in today’s market. A bid date will be established and all offers will be reviewed at that time. With your offer please include any of the following readily available:
• Company or Personal Resume • Similar Transaction History NORTHGATE DEVELOPMENT SITE • High Level Plan for the Site • Plan for Debt and Equity
EXECUTIVE SUMMARY 5 SEATTLE CBD NEARBY AMENITIES
Target NORTHGATE MALL
Best Buy
TJ Maxx
Northgate Mall
Regal Thornton Place & IMAX
Northgate Transit Center
Hubbard Homestead Park HUBBARD HOMESTEAD PARK The Polyclinic Northgate Plaza
QFC NORTHGATE DEVELOPMENT SITE Safeway
Billings Middle School
EXECUTIVE SUMMARY 6 ZONING ANALYSIS
OVERVIEW
ADDRESS 11301/ 11065 5TH AVE NE, SEATTLE, WA, 98125
PARCEL NUMBER 2926049414, 2926049458
ZONING LR3 (M)
NORTH: LR-3 (M), SOUTH: LR-3 (M), ADJACENT ZONES EAST: LR-3 (M) / LR-2 (M), WEST: LR-3 (M)
STREET CLASSIFICATION 5TH AVE NE - MAJOR PEDASTRIAN STREET
URBAN CENTER NORTHGATE URBAN CENTER
OVERLAY DISTRICT NORTHGATE OVERLAY DISTRICT - CORE AREA
LOT AREA 30,800 SF (COMBINED)
FAR 2.3 MAX NORTHGATE DEVELOPMENT SITE
HEIGHT LIMIT 50’
FRONT: 5’ REAR: 10’ MINIMUM WITH ALLEY, 15’ MINIMUM WITHOUT ALLEY SETBACKS SIDE: 5’ IF BUILDING IS 40’ IN LENGTH OR LESS, OTHERWISE 7’ AVERAGE WITH 5’ MIN
LR ZONE REQUIREMENTS 150’ MAX STRUCTURE WIDTH FOR APARTMENTS WITHIN URBAN CENTER
TRANSITION AREA 75’ MAX IN WIDTH AND 65% LOT DEPTH / 90’ MAX IN DEPTH REQUIREMENTS
DESIGN REVIEW REQUIRED
LANDSCAPING GREEN FACTOR 0.60 OR HIGHER
RESIDENTIAL AMENITIES 25% OF LOT AREA
PARKING NOT REQUIRED
MHA MHA FEES REQUIRED
EXECUTIVE SUMMARY 7 FEASIBILITY STUDY - APARTMENTS Perspectives & Unit Matrix
Unit Matrix Building Area
LEVEL STUDIO OPEN 1 1-BED 2-BED UNITS LEVEL AREA (GSF) FAR (SF) PARKING LEVEL - - - - - PARKING LEVEL 16,400 SF - PLAZA LEVEL - 7 4 - 11 PLAZA LEVEL 12,900 SF 10,515 SF LEVEL 1 1 12 7 1 21 LEVEL 1 15,500 SF 15,080 SF LEVEL 2 1 11 8 2 22 LEVEL 2 15,500 SF 15,080 SF LEVEL 3 1 11 8 2 22 LEVEL 3 15,500 SF 15,080 SF LEVEL 4 1 11 8 2 22 LEVEL 4 15,500 SF 15,080 SF
TOTAL 4 52 35 7 98 TOTAL 91,300 SF 70,835 SF
PERCENTAGE 4% 53% 35% 8% -
ZONE LR3 (M) SITE AREA 30,800 SF MAX FAR 2.3 MAX FAR AREA 70,840 SF
*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle. studio19 architects | 207 1/2 1st ave s suite #300 | seattle wa 98104 April 15th, 2020
FEASIBILITY STUDY 8 N
FEASIBILITY STUDY - APARTMENTS Parking Level 1
PARKING GARAGE 45 STALLS
ADA ADA
TRASH ROOM 635 SF LOBBY ELEVATOR
TRASH CHUTE
RAMP UP
Utility Lobby/Amenity
*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle. studio19 architects | 207 1/2 1st ave s suite #300 | seattle wa 98104 April 15th, 2020
FEASIBILITY STUDY 9 N
FEASIBILITY STUDY - APARTMENTS Basement / Plaza Level
1-BED AMENITY SPACE 740 SF
OPEN 1-BED 550 SF
PLAZA 4,000 SF
OPEN 1-BED 550 SF
BIKE PARKING 87 STALLS OPEN 1-BED 550 SF
STORAGE
1-BED OPEN 1-BED 700 SF 615 SF
1-BED 770 SF
TRASH CHUTE
STORAGE
1-BED OPEN 1-BED OPEN 1-BED OPEN 1-BED 640 SF 520 SF 520 SF 520 SF RAMP DOWN
Utility Residential Landscaping Lobby/Amenity Circulation
*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle.
studio19 architects | 207 1/2 1st ave s suite #300 | seattle wa 98104 April 15th, 2020
FEASIBILITY STUDY 10 N
FEASIBILITY STUDY - APARTMENTS Level 1
LOBBY 850 SF
1-BED OPEN 1-BED OPEN 1-BED 740 SF 525 SF 525 SF
1-BED 590 SF OPEN 1-BED 550 SF
OPEN 1-BED 550 SF 1-BED 660 SF
OPEN 1-BED 550 SF
1-BED 660 SF STORAGE
1-BED OPEN 1-BED 700 SF 615 SF
OPEN 1-BED STUDIO 500 SF 470 SF
1-BED 600 SF
TRASH CHUTE
1-BED OPEN 1-BED OPEN 1-BED OPEN 1-BED OPEN 1-BED OPEN 1-BED 2-BED 640 SF 520 SF 520 SF 520 SF 520 SF 500 SF 950 SF
Utility Residential Landscaping Lobby/Amenity Circulation
*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle.
studio19 architects | 207 1/2 1st ave s suite #300 | seattle wa 98104 April 15th, 2020
FEASIBILITY STUDY 11 FEASIBILITY STUDY - APARTMENTS N
Level 2 - 4
2-BED 1-BED OPEN 1-BED 1-BED 800 SF 740 SF 525 SF 620 SF
1-BED 590 SF OPEN 1-BED 550 SF
OPEN 1-BED 550 SF 1-BED 660 SF
OPEN 1-BED 550 SF
1-BED 660 SF STORAGE
1-BED OPEN 1-BED 700 SF 615 SF
OPEN 1-BED STUDIO 500 SF 470 SF
1-BED 600 SF
TRASH CHUTE
1-BED OPEN 1-BED OPEN 1-BED OPEN 1-BED OPEN 1-BED OPEN 1-BED 2-BED 640 SF 520 SF 520 SF 520 SF 520 SF 500 SF 950 SF
Utility Residential Circulation
*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle.
studio19 architects | 207 1/2 1st ave s suite #300 | seattle wa 98104 April 15th, 2020
FEASIBILITY STUDY 12 FEASIBILITY STUDY - APARTMENTS N
Roof
ELEVATOR LOBBY
ROOF DECK 4,900 SF
Landscaping Lobby/Amenity Circulation
*The summary provided is based on limited information and should be reviewed and confirmed with the City of Seattle. studio19 architects | 207 1/2 1st ave s suite #300 | seattle wa 98104 April 15th, 2020
FEASIBILITY STUDY 13 NORTHGATE
Roughly 8 miles from downtown Seattle, Northgate has new Virginia Mason clinic. The NHL headquarters will become a popular neighborhood for young professionals establish Northgate as a landmark in the Seattle area and growing families. Northgate is historically well attracting visitors, businesses and new residents to the known as home to the Northgate Mall Shopping Center; neighborhood. which was built in the 50’s and grew to hold over one million square feet of retail space and 108 tenants. The Northgate transit station is set to further improve with the opening of a new light rail station in 2021. More recently Northgate’s proximity to downtown and The light rail will provide direct access to the University plans for future development have transitioned it into a District, Downtown Seattle and Sea-Tac Airport. The highly sought-after market for people to live, work and City of Seattle projects the Northgate stop to see nearly invest. 50,000 daily riders by 2022.
Northgate was selected to become the new headquarters As new developments come on line and improvements for Seattle’s NHL team. Scheduled for completion in June made to the infrastructure in Northgate, the neighborhood 2021, the privately funded headquarters will include will see strong population increases, making Northgate practice & training facilities, three ice rinks, a public a desirable neighborhood for investment. park and an 1,000 seat hockey rink, as well a brand- NORTHGATE NORTHGATE DEVELOPMENT SITE SEATTLE, WA
POPULATION 4,283
NEIGHBORHOOD OVERVIEW 15 AN EDUCATED & DYNAMIC RECREATION/OUTDOORS SHOPPING & ENTERTAINMENT WORKFORCE
• MEADOWBROOK PLAYFIELD • NORTHGATE MALL • MEDIAN HOME VALUE: $469,294 • HUBBARD HOMESTEAD • NORTHGATE NORTH • 63% WITH BACHELOR DEGREES • NORTHACRES PARK • THORTON PLACE • MEDIAN INCOME $55,515 • JACKSON PARK GOLF COURSE
NORTHGATE OVERVIEW
TRANSPORTATION EMPLOYMENT HUBS SCHOOLS
• 15 MINUTES TO DOWNTOWN SEATTLE • NORTHGATE EXECUTIVE CENTER • SEATTLE PUBLIC SCHOOLS DISTRICT • NORTHGATE TRANSIT CENTER • PROVIDENCE HEALTH & SERVICES • NORTH SEATTLE COLLEGE • EASY ACCESS TO 1-5, 99, & 522 • NORTHGATE MALL • SOUND TRANSIT TRAIN AND • NORTH SEATTLE COLLEGE BUS ROUTES • NORTHWEST HOSPITAL LAKE CITY
NORTHGATE DEVELOPMENT SITE BITTER LAKE
NORTHGATE
LICTON SPRINGS
MAPLE LEAF
NEIGHBORHOOD OVERVIEW 17 MARKET OVERVIEW
FOOD | DRINK | GROCERY
1. PIZZA HUT EXPRESS 8. JIMMY JOHN’S 15. PATTY’S EGGNEST 2. GYRO HUT 9. BLUE SAUCER CAFÉ & COFFEE HOUSE 16. ENAT ETHIOPIAN RESTAURANT 3. BASKIN-ROBBINS 10. BAN HUA SAI 17. DICK’S DRIVE-IN 4. QFC 11. THE MAPLE 18. CLOUD CITY COFFEE 5. STARBUCKS 12. SNAPPY DRAGON 19. ELLIOTT BAY PUBLIC HOUSE & BREWERY 6. TOTAL WINE & MORE 13. KIZUKI RAMEN & IZAKAYA 7. MASALA OF INDIA CUISINE 14. RED ROBIN
HEALTH | FITNESS | ACTIVITIES
1. 24 HOUR FITNESS 4. THE POLYCLINIC NORTHGATE PLAZA 8. INTERNATIONAL PUPPETRY MUSEUM 2. REGAL THORNTON PLACE SCREENX & 5. SEATTLE ATHLETIC CLUB NORTHGATE 9. VASUDA SALON IMAX 6. UW MEDICAL CENTER NORTHWEST 10. NORTHEAST VETERINARY HOSPITAL 3. KAISER PERMANENTE NORTHGATE 7. THE LITTLE GYM OF MAPLE LEAF MEDICAL CENTER
SHOPPING | SERVICES | ENTERTAINMENT
1. TARGET 6. T.J. MAXX 11. THE SEATTLE PUBLIC LIBRARY (NORTHGATE) 2. DICK’S SPORTING GOODS 7. UNITED STATES POSTAL SERVICE 12. NORTHGATE FAMILY DENTISTRY 3. BEST BUY 8. BIG 5 SPORTING GOODS 13. NORTHGATE MALL 4. SOLA SALON STUDIOS 9. WALGREENS 14. FUTURE NHL FACILITY - 2021 5. MEN’S WEARHOUSE 10. MATTRESS DEPOT USA 15. THE HOME DEPOT
NEIGHBORHOOD OVERVIEW 18 THE FUTURE OF NORTHGATE
Northgate Mall, a focal point of the neighborhood, is These new developments in Northgate mean the area undergoing a complete redevelopment. Simon properties will see thousands of new residents, employees and is dramatically changing the 33-acre parcel. shoppers. Northgate is set to become one of Seattle’s major centers for entertainment, shopping and employment.
• Link Light Rail Station • 200 hotel rooms • 5,300 parking spaces added • NHL Facility and Training • 596,000 square feet of retail • 342,000 square feet of open Center space public space • 1,200 new residential units • 768,800 square feet of new • 8.2 miles from downtown office space Seattle
THE FUTURE OF NORTHGATE 19 PROPOSED SITE PLAN Proposed Site Plan + Street Level Building Uses
Live/Work Residential
Multi-Family Residential NE 105th St 5th Ave NE +276 +270 +262 St NE 103rd Retail / Commercial +286 +257
Existing Retail / Commercial +283 +285 M3 Office M1 M2 R7 Hospitality
+294 +292 +269 Roadways / Parking R9 Green Space +301 +298 +300 +298 +285 2 M4 R8 R6 O4 +279 Enlarged Plan 3rd Ave NE +301 +301 Match Line +283 3rd Ave NE 3 O1 O2 O3 R3 4 5 R1 R2 R4 R5 8 +300 +300 +300
+285 NE 100th St 7 9 NE Northgate Way NE Northgate 6 H1
1st Ave NE Link Light Rail Station N Enlarged Plan Enlarged Line Match
Printed: 07.26.2018
SIMON PROPERTY GROUP | NORTHGATE MASTER USE PERMIT - EARLY DESIGN GUIDANCE | DATE: 08.13.2018 36
THE FUTURE OF NORTHGATE 20 DEVELOPMENT PROGRAM Development Program Building Gross Square Parking Building Gross Square Parking Building Dwelling Units Building Dwelling Units Feet Stalls Feet Stalls M1 - Mixed Use Residential Parking - 152,570 302 368 O4 - Mixed Use Office Parking - 130,640 N/A 403 -Preferred Option- Residential - 289,123 -Including 9 -Preferred Option- Office - 178,370 Retail - 24,838 Live / Work units Retail - --,--- SDCI MUP #: 3031302 Total - 466,531 Total - 277,140 M2 - Mixed Use Residential Parking - 186,816 422 585 H1 - Hospitality / Lodging Parking - --,--- N/A N/A -Preferred Option- -Including 12 Residential - 375,616 Buildings -Preferred Option- Lodging- 109,840 New MPD Retail - 20,831 Live / Work units Retail - --,--- SDCI MUP #: 3031303 Total - 583,263 Total - 109,840 M3 - Mixed Use Residential Parking - 24,160 227 94 R1 - Existing Retail N/A N/A -Preferred Option- Residential - 192,458 Total - 7,154 Retail - 7,074 R2 - Existing Retail N/A N/A SDCI MUP #: 3031306 Total - 223,692 New MUP Buildings Total - 13,880 M4 - Mixed Use Residential Parking - 86,617 254 309 R3 - Existing Retail N/A N/A -Preferred Option- Residential - 241,562 -Including 7 Retail - 29,190 Live / Work unit Total - 122,187 SDCI MUP #: 3031304 Total - 357,369 R4 - Existing Retail N/A N/A R7 - Commercial, Sports and Parking - --,--- N/A N/A Total - 14,639 Recreation Commerical - 145,000 R5 - Existing Retail N/A N/A -Preferred Option- Total - 145,000 Remain Total - 17,553 R9 - Retail Parking - -,--- N/A N/A R6 - Existing Retail N/A 87 -Preferred Option- Retail - 2,000 Total - 99,038 Total - 2,000 7 - Existing Parking Structure N/A 705 O1 - Mixed Use Office Parking - 12,802 N/A 31 Total - 236,726 -Preferred Option- Office - 99,160 8 - Existing Parking Structure N/A 750 Retail - 9,860
Existing Buildings within MPD Boundary to Total - 235,910 Total - 121,822 1 - Existing Retail N/A N/A O2 - Mixed Use Office N/A 36 Parking - 13,788 Total - 4,900 -Preferred Option- Office - 106,890 Retail - 17,880 2 - Existing Retail N/A N/A New MPD Buildings Total - 68,207 Total - 138,558 3 - Existing Retail N/A N/A O3 - Mixed Use Office Parking - 148,200 N/A 352 Total - 25,122 -Preferred Option- Office - 420,360 4 - Existing Retail N/A N/A Retail - 17,460 Total - 34,167 Total - 586,020 5 - Existing Retail N/A N/A Total - 13,498 Boundary to Remain
Buildings Outside MPD 6 - Existing Retail N/A N/A Total - 8,300
Printed: 07.26.2018
SIMON PROPERTY GROUP | NORTHGATE MASTER USE PERMIT - EARLY DESIGN GUIDANCE | DATE: 08.13.2018 10
THE FUTURE OF NORTHGATE 21 DEVELOPMENT PROGRAM CONT. Development Program Site Parking 541 Surface Parking Stalls within MPD Boundary
1,192 Surface Parking Stalls within MPD Boundary NORTHGATE MALL REDEVELOPMENT
Open Space Requirements Open Space Type Square Feet Bonus Factor Revised SF Active Park 71,993 1.5 107,990
Landscaped 29,054 1.5 43,581 Pedestrian Connections Urban Garden 11,532 1 11,532
Urban Plaza 79,006 1.5 118,509
Total Open Space 281,612 Public Open Space Public
Usable Open Space (50%) 140,806
Planted Areas
Parking Lots 9,700 - 9,700 NORTHGATE DEVELOPMENT SITE Streets 23,937 - 23,937
Slopes 6,454 - 6,454
Vertical at Grade 20,354 - 20,354 Planted Areas Planted
Total Planted Area 60,445
Total Public Open Space 342,057
Total MPD Site Area 1,785,932
Required (15% of Site Area) 267,889 Summary Usable Open Space Required (1/5 of Required Area) 53,577
Printed: 07.26.2018
SIMON PROPERTY GROUP | NORTHGATE MASTER USE PERMIT - EARLY DESIGN GUIDANCE | DATE: 08.13.2018 11
THE FUTURE OF NORTHGATE 22 NEW NEIGHBORHOOD AXONOMETRIC - LOOKING NORTHWEST New Neighborhood Axonometric - Looking Northwest
NORTHGATE DEVELOPMENT SITE
Proposed King County T.O.D. Site - By Others
NE 103rd St 5th Ave NE
Printed: 06.08.2018
SIMON PROPERTY GROUP | NORTHGATE MASTER USE PERMIT - EARLY DESIGN GUIDANCE | DATE: 08.13.2018 40
THE FUTURE OF NORTHGATE 23 NewNEW Neighborhood NEIGHBORHOOD Axonometric - Looking AXONOMETRIC Northeast - LOOKING NORTHEAST
Target NORTHGATE DEVELOPMENT SITE
NE Northgate Way
1st Ave NE
Thornton Place
NE 103rd St 3rd Ave NE
Proposed King County T.O.D. Site - By Others
Printed: 06.08.2018
SIMON PROPERTY GROUP | NORTHGATE MASTER USE PERMIT - EARLY DESIGN GUIDANCE | DATE: 08.13.2018 41
THE FUTURE OF NORTHGATE 24 NHL HEADQUARTERS
Seattle NHL Team Headquarters will open in Northgate in 2021. The development will include:
• Team offices designed by Simon Properties chief architect, Mike Kress. • State of the art training facilities. • Three community ice rinks for youth programs and public use. • One rink will include 1,000 seats for special events and games. • A new public park for Northgate residents SOURCE: NHL SEATTLE to enjoy.
SOURCE: KING 5 NEWS SOURCE: KING 5 NEWS
THE FUTURE OF NORTHGATE 25 LIGHT RAIL STATION
Set to open in 2021 Northgate’s Link Light rail Station will provide easier transportation to thousands of residents and workers to and from the Northgate area.
The station will feature easy access to University of Washington, Downtown Seattle, Seattle-Tacoma International Airport, the eastside and various other destinations in the Seattle metro area as well as frequent bus connections, a park-and-ride and a bicycle/pedestrian bridge to North Seattle College.
NORTHGATE LINK EXTENSION
PHASE CONSTRUCTION
OPEN 2021
LENGTH 4.3 MILES; 3 STATIONS
SERVICE EVERY 6 MINUTES DURING PEAK HOURS.
PROJECTED RIDERSHIP (BY 2022) 41,000 - 49,000 DAILY RIDERS
PROJECTED TRAVEL TIMES
NORTHGATE TO UNIVERSITY OF WASHINGTON 7 MINUTES
NORTHGATE TO U DISTRICT STATION 5 MINUTES
NORTHGATE TO WESTLAKE 14 MINUTES
U DISTRICT TO WESTLAKE 8 MINUTES (SOURCE: SOUND TRANSIT)
THE FUTURE OF NORTHGATE 26 LIGHT RAIL STATION
THE NORTHGATE CURVE AND NORTHGATE MALL WORK ON THE UNDERGROUND ROOSEVELT STATION, PART OF THE NEW SOUND (SOURCE: SEATTLE TRANSIT BLOG) TRANSIT NORTHGATE LINK EXTENSION. (SOURCE: SOUND TRANSIT)
TUNNEL AT MAPLE LEAF PORTAL THE NORTHGATE BIKE AND PEDESTRIAN BRIDGE WILL LINK THE (SOURCE: SOUND TRANSIT) STATION TO POINTS WEST. (SOURCE: CITY OF SEATTLE)
THE FUTURE OF NORTHGATE 27 NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investi - gation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.