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North Seattle Haller Lake Redevelopment Opportunity

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North Seattle Haller Lake Redevelopment Opportunity EDMONDS COMMUNITY COLLEGE NORTH SEATTLE HALLER LAKE 15 Minutes REDEVELOPMENT OPPORTUNITY 10 Minutes 130TH ST LIGHT RAIL 1.65 ACRES OF MULTI-USE EXTENSION SHORELINE SUBJECT COMMERCIAL LAND COMMUNITY COLLEGE NORTHWEST HOSPITAL & MEDICAL ZONED C1-65 CENTER 5 Minutes NORTH SEATTLE NORTHGATE COLLEGE MALL GREEN LAKE BALLARD NEIGHBORHOOD 10 Minutes UNIVERSITY OF WASHINGTON SOUTH LAKE JAMES TJOA & ASSOCIATES UNION P 206.726.6230 F 206.322.7576 15 Minutes E [email protected] WWW.JAMESTJOA.COM CENTRAL BUSINESS DISTRICT James Tjoa & Associates has been retained as the exclusive listing broker for the Haller Lake exclusively listed by Redevelopment Site in the city of Seattle, Washington. Legal documents and reports summarized in this Offering Memorandum are not intended to be comprehensive statements of the terms or contents JAMES TJOA & ASSOCIATES of such documents and reports. While the Seller and James Tjoa & Associates believe the information P 206.726.6230 to be accurate, potential buyers should conduct an independent investigation and reach conclusions F 206.322.7576 without reliance on materials contained herein. The Seller reserves the right, for any or no reason, to E [email protected] withdraw the property from the market. The Seller has no obligation expressed or implied, to accept any offer. Further, the Seller has no obligation to sell the property unless and until the Seller executes WWW.JAMESTJOA.COM and delivers a signed contract of sale on terms acceptable to the Seller, in its sole discretion. The material contained in this Offering Memorandum is confidential, under the terms and conditions of a Confidentiality Agreement, which has been executed by the recipient as Reviewer, and furnished solely for the purpose of considering the purchase of the property described herein and is not to be copied and/or used for any other purpose, or made available to any other person without the express written consent of James Tjoa & Associates or the Seller. Offers should be delivered to the office of the Exclusive Listing Agent, James Tjoa & Associates at RE/MAX Metro Realty, attention James Tjoa. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and operating similar properties, familiarity with the market and any other information which is likely to favorably reflect on the offerors ability to close this proposed transaction in a timely manner. Inquiries and tours are to be directed to the Exclusive Listing Agent. Please do not contact the Property. This document has been prepared by James Tjoa & Associates for marketing purposes and general information only. James Tjoa & Associates makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. James Tjoa & Associates excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from. This publication is the copyrighted property. JAMES TJOA & ASSOCIATES 2 Table of Contents THE OPPORTUNITY ...............................................04 PROPOSED DEVELOPMENT ..................................05 QUADRANT DEVELOPMENT RENDERINGS .........05 PROPERTY SUMMARY ..........................................07 ZONING .................................................................08 DEMOGRAPHICS ...................................................09 AMENITIES .............................................................10-11 LOCATION OVERVIEW ..........................................12-15 3 HALLER LAKE REDEVELOPMENT The Opportunity N 130TH STREET This fantastic development AURORA AVE N opportunity in the northwest section of Seattle provides 1.65 acres of multi-use commercial land zoned C1-65 (general commercial and multifamily uses allowed). 99 Haller N 125TH STREET QUADRANT HOMES Lake DEVELOPMENT 120 TOWNHOMES FOR SALE IN 2021 SUBJECT POTENTIAL This exciting opportunity is adjacent to Quadrant FOR Homes 120 townhome development scheduled for APPROX. 210 NORTHWEST sale in 2021.Current new construction townhomes HOMES HOSPITAL & in the immediate area are selling for $650,000- MEDICAL CENTER $750,000. This is an opportunity ideal for developers who want to acquire land early in an area that will see significant change over the next 2-3 years. Multi-family developers, retail developers, and large national stores will benefit from a very close proximity to the new planned community. JAMES TJOA & ASSOCIATES 4 Renderings of Potential Mixed-Use Development Renderings exhibiting the potential mixed- use development opportunity for this site. JAMES TJOA & ASSOCIATES 5 Quadrant Development Proposed Rendering The proposed Quadrent Homes development is just northeast of the offering. The Quadrent Homes development will have 120 units of townhouses for sale. JAMES TJOA & ASSOCIATES 6 Property Summary N 125TH STREET QUADRANT HOMES DEVELOPMENT 120 TOWNHOMES FOR SALE IN 2021 37,000 AVG CARS PER DAY PER AVG CARS 37,000 The Opportunity SUBJECT Sale Price $7.2M 12226 Aurora Ave N Address 12220 Aurora Ave N Seattle, WA 98133 3026049092 Parcel Numbers 3026049107 AURORA AVE N C1-65 Zoning POTENTIAL FOR Total Site Area 72,079 SF APPROX. 210 HOMES Acres 1.65 JAMES TJOA & ASSOCIATES 7 Street-Level Non-Residential Design Same as NC1 zone for structure containing residential uses, or when across a street from a residential zone. No Zoning requirements for non-residential structures, or when not across from a residential zone. Maximum Size of Commercial Use C1 | Commercial 1 No size limits for most uses; 25,000 - 40,000 square feet for ware house and wholesale showroom uses; 35,000 square An auto-oriented, primarily retail/service commercial area feet or size of lot, whichever is greater, for office uses. that serves surrounding neighborhoods as well as citywide or regional clientele. Parking Location No restrictions generally. When a developer contains Typical Land Uses residential uses or is across a street from a residential zone, it must meet NC1 zone standards. Large supermarkets, building supplies and household goods, auto sales and repairs, and apartments. Parking Access Building Types No restrictions generally. When a developer contains A variety of commercial building types and site layouts residential uses or is across a street from a residential zone, including one-story commercial structures with extensive it must be from the alley if leaseable. Curb cuts are limited. surface parking, and multi-story office or residential buildings. Parking Quantity Depends on land use and location. No minimum parking is Street-Level Uses requiredFloor Area Ratio in Urban Centers, and portions of Urban Villages. Applied by height limit and land use mix as per the FAR Chart below. An FAR of 2 allows a building with gross Non-residential uses required at street-level on street-facing floor area equal to 2 times the area of a lot. Higher FARs are allowed in Light Rail Station Area Overlay district. facades. Residential uses are limited to 20% of the street- FAR Chart Chart level, street-facing facade. Height Limit Type of Development 30’ 40’ 65’ 85’ 125’ 160’ Street-Level Residential Design Maximum FAR Residential-only or 2.25 3.00 4.25 4.50 5.00 5.00 See Bitter Lake Overlay District guidelines. nonresidential-only Single use within mixed-use n/a n/a 4.25 4.50 5.00 5.00 development Mix of residential and 2.50 3.25 4.75 6.00 6.00 7.00 nonresidential uses JAMES TJOA & ASSOCIATES 8 Demographics 2018 Household Income by Drive Time 5-MINS 10-MINS 20-MINS Median $59,017 $79,165 $80,366 Average $80,586 $108,429 $114,650 SUBJECT Population by Drive Time 5-MINS 10-MINS 20-MINS 2010 34,603 109,604 191,924 15 Minutes 2018 39,351 120,894 223,399 2023 42,390 129,231 241,178 10 Minutes 5 Minutes 37,418 79,440 TOTAL TOTAL BUSINESSES EMPLOYEES WITHIN 15 MINUTES WITHIN 15 MINUTES JAMES TJOA & ASSOCIATES 9 Amenities Puget Sound N 145TH STREET AURORA AVE N 99 ASIAN FOOD CENTER PLANNED LIGHT RAIL N 130TH STREET STATION LYNNWOOD LINK LIGHT RAIL EXTENSION NORTHWEST HOSPITAL & MEDICAL CENTER GREENWOOD AVE N NORTHGATE N NORTHGATE WAY NORTHGATE MALL NORTH SEATTLE COLLEGE JAMES TJOA & ASSOCIATES 10 Amenities The opportunity is located along the major retail corridor of Aurora Ave N/ HWY 99 with major surrounding retailers that include: Albertsons Home Depot Lowe’s Rite Aid Asian Food Center Ivar’s Seafood Bar Marshalls Safeway Burger King Jack In The Box McDonalds Sears Outlet Lake Cash & Carry Jiffy Lube O’Reilly Auto Parts Shari’s Café and Pies Washington Central Market JoAnn Fabrics and Crafts OfficeDepot Sherwin-Williams Dollar Tree KFC PetSmart Starbucks Firestone Kidd Valley Pier 1 Imports Taco Time Grocery Outlet Krispy Kreme Doughnuts Planet Fitness Walgreens Hobby Lobby LA Fitness QFC Major Northgate area retailers include: 24 Hour Fitness Discount Tire Petco T.J. Maxx Best Buy Jiffy Lube QFC Target Big 5 Sporting Goods Mattress Firm Regal Cinemas Total Wine & More Dick’s Sporting Goods Men’s Wearhouse Ross Dress for Less Walgreens Northgate Mall FULL MALL DIRECTORY Barnes & Noble Nordstrom Ram Restaurant and Brewery Ulta Beauty JCPenney Nordstrom Rack Red Robin Macy’s Old Navy Stanford’s Restaurant and Bar 11 HALLER LAKE REDEVELOPMENT Location Overview Seattle Overview Seattle is a seaport city on the west coast of the United States. It is the seat of King County, Washington. With an estimated 713,700 residents as of 2017, Seattle is the largest city in both the state of Washington and the Pacific Northwest region of North America. In July 2013, it was the fastest-growing major city in the United States and remained in the Top 5 in May 2015 with an annual growth rate of 2.1%. In July 2016, Seattle was again the fastest-growing major U.S. city, with a 3.1% annual growth rate. The city is situated on an isthmus between Puget Sound (an inlet of the Pacific Ocean) and Lake Washington, about 100 miles south of the Canada– United States border.
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