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Offering Memorandum Offering Memorandum PINEHURST DEVELOPMENT SITE 11552 15th Ave NE Seattle, WA Exclusively offered by Paragon Real Estate Advisors 15TH AVE NE PINEHURST DEVELOPMENT SITE PINEHURST WAY NE A Newly Discovered Neighborhood of Proximity NE 117TH ST 600 University Street | Suite 2018 | Seattle, WA 98101 1 P 206.623.8880 | E [email protected] | ParagonREA.com Offering Summary Paragon Real Estate Advisors is pleased to offer for sale the Pinehurst Development Site. This 16,259 square foot site zoned NC2-40 is located in the Pinehurst neighborhood of Northgate which is on the cusp of experiencing an urban renaissance. With the explosion of high paying jobs and increasing housing costs in Seattle, Pinehurst provides affordable housing for both home ownership and rental housing within minutes of the downtown core. Developers and investors alike have recently discovered Pinehurst and are able to build and provide affordable housing which benefits from the close proximity to downtown, the future light rail services and neighborhood amenities. The Pinehurst Site can accommodate the development of a 50 – 60 Unit Mixed-Use Building or 16 Townhomes with 8 units offering accessory dwelling units and 22 parking spaces. Name Pinehurst Development Site Address 11552 15th Ave NE Seattle WA 98125 Parcel Number 679810-0765 Lot Size 16,259 Square Feet Zoning NC2-40 PINEHURST Price $2,600,000 DEVELOPMENT SITE Price Per Foot $159.91 Built 1945 Existing Use 5,656 Square Foot Service Building Development Potential 50 - 60 Unit Mixed Use Building or 16 Townhouse Units Terms Cash Out 600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com 600 University Street | Suite 2018 | Seattle, WA 98101 3 P 206.623.8880 | E [email protected] | ParagonREA.com Investment Highlights A neighborhood of proximity Transit oriented location Close to the future Northgate Light Rail Station Increased desire for home ownership Increase in new development including single family houses, townhouses and apartment buildings 2 blocks to the Hazel Wolf K-8 STEM school High visibility corner lot however building is set back from the street Diverse shopping neighborhood anchored by the Northgate Mall Minutes to Seattle’s CBD and Amazon’s South Lake Union headquarters Near major employment centers including Aerospace, Healthcare, Technology and Universities Conveniently located near the two major north-south highways - Interstate 5 and Highway 99 600 University Street | Suite 2018 | Seattle, WA 98101 4 P 206.623.8880 | E [email protected] | ParagonREA.com Pinehurst Pinehurst is a neighborhood in the Northgate area of Seattle Washington. Residents enjoy true urban living within walking distance to transit, grocery stores, quaint coffee shops and bakeries. Residents also enjoy the restaurants, entertainment, recreational venues and highly rated schools in this neighborhood. Pinehurst has two neighborhood parks, Pinehurst Playfield and Pinehurst Pocket Park, and the neighborhood is bounded on the north by Jackson Park and Thornton Creek Park The Northgate Mall is located withing blocks of the subject property. In recent years the Northgate Mall has experienced some major transformations. One of the most recent development is Thornton Place. This urban center is home to a 14 screen cinema, an IMAX screen and an array of restaurants and retail all located within the Thornton Place complex. Pinehurst has recently been discovered by both residents looking for well-located affordable housing and developers seeking to build in areas ready to expand. The Pinehurst Development Site is located within 2 blocks of the acclaimed Hazel Wolf K-8 STEM school. The construction of the school was completed in 2016 and the student body moved in the same year. This is a “choice school” with an innovated curriculum based on environmental learning. This school is highly regarded and draws students from all over the city. The Pinehurst Development site is well situated on the ST3 Light rail Expansion schedule for completion in 2021. 600 University Street | Suite 2018 | Seattle, WA 98101 5 P 206.623.8880 | E [email protected] | ParagonREA.com Sound Transit Link Light Rail The Northgate Link Extension will connect the Northgate, Roosevelt and U District neighborhoods to downtown Seattle and the airport The elevated Northgate Station will be located east of 1st Ave NE, spanning NE 103rd Street. Station entrances will be on the Northgate Mall property north of NE 103rd Street and near the Northgate Transit Center south of NE 103rd Street. Construction is currently underway and this station is slated to open in 2021. The Sound Transit Lynnwood Link Extension Light Rail Project will give riders a fast, frequent and reliable connection through some of the worst traffic congestion in Washington State. This extension builds four new light rail stations from Northgate to Lynnwood along the Interstate-5 corridor, two of which will be located in Shoreline, one at 148th Street and the other at 185th Street. These stations will provide access to the Northgate Mall, bus transfers at the transit center, adjacent park-and-ride facilities, North Seattle Community College and nearby homes and businesses. Sound Transit anticipates the project starting construction in 2018 and opening for service in 2023 with daily projections estimating between 63,000 and 74,000 riders each weekday by the year 2035. With trains arriving every 4 to 5 minutes riders can expect a 16 minute commute from the station at 145th and downtown Seattle. These transit times will save approximately 14 - 16 min during peak morning commute times. 600 University Street | Suite 2018 | Seattle, WA 98101 6 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Map SEATTLE CAPITOL HILL CBD QUEEN ANNE UW BALLARD U DISTRICT LAKE WASHINGTON PINEHURST DEVELOPMENT SITE NORTHGATE LAKE CITY 600 University Street | Suite 2018 | Seattle, WA 98101 7 P 206.623.8880 | E [email protected] | ParagonREA.com Employment Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston. > Adobe > Nordstrom > Alaska Airlines > Paccar > Amazon > RealNetworks > Apple > REI > AT&T Wireless > Russell Investments > Boeing > SpaceX > Costco > Starbucks > Expedia, Inc. > Symetra Financial > Expeditors International > Tableau Software > F5 Networks > T-Mobile > Facebook > Twitter > Fred Hutchinson > Uber > Gates Foundation > University of Washington > Getty Images > Virginia Mason > Google > Weyerhaeuser > Microsoft > Zillow > Nintendo > Zulilly 600 University Street | Suite 2018 | Seattle, WA 98101 8 P 206.623.8880 | E [email protected] | ParagonREA.com Major Employers - Central Business District 600 University Street | Suite 2018 | Seattle, WA 98101 9 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Development NORTHLINE NOREN PINEHURST SINGLE FAMILY DEVELOPMENT 12510 15th Ave NE, Seattle 11202 Roosevelt Way NE, Seattle 1228 - 1240 117th St , Seattle 43 Unit Mixed-Use 13 Four Story Townhouses 7 Single Family Homes Townhome Community 7 Four Story Live/Work Units Parking for 20 Recent single family development 2 blocks from Plans for 33 townhouse units and 6 Live/Work the subject site. Built by Granger. units. Project is scheduled to break ground Plans for a residential and retail development before June 2018. with 13, four-story townhouses and 7, four-story live-work units. Parking for 20 vehicles to be provided. Permits imminent. 600 University Street | Suite 2018 | Seattle, WA 98101 10 P 206.623.8880 | E [email protected] | ParagonREA.com Site Photos 600 University Street | Suite 2018 | Seattle, WA 98101 11 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Amenities PINEHURST DEVELOPMENT SITE 600 University Street | Suite 2018 | Seattle, WA 98101 12 P 206.623.8880 | E [email protected] | ParagonREA.com Development Potential - Apartments L1 Lot Area: 16,259 Sq.Ft. Assume 100% foot print buildout = 16,259 sf FAR (actually lower) Lot Dimensions: 120’ x 135.5’ Zoning: NC2-40 COMMERCIAL Overlays: Northgate District Assume approx. 190 linear feet of commercial x 30‘ avg depth = 5,700sf of commercial. Live-Work units are definitely an option. Parking: Required RESIDENTIAL FAR: 3.25 Remaining FAR = 36,582 Sf / 3 Floors = 12,194 sf floorplate @ 85% efficiency Buildable Sq.Ft.: 52,841 Sq.Ft. = 10,365 sf Residential @ 650 sf avg = 16 units per floor x 3 floors = 48 units. Since you might as well build out an entire underground story of parking I Setbacks: 15’ along E property line above 13’ would push it to an avg sf of 600 or less. May also be able to pick up units x 120 lot width = 1,800 Sq.Ft. along the back, not build out all the way to the east PL Max floorplate = 14,459 Sq.ft. (no loss of developable area) SUMMARY Amenity Area: Roof-top Deck 50-60 Unit Mixed-Use Building Other: Power Pole along SW corner may require a 5,000 -6,000 square feet of Commercial Space (or 5 Live-work units and setback, new curbs, planting strips and sidewalks corner commercial) will be required. Design review required. Parking at and below grade for 55-60 stalls Parking: At grade within building, 20 Stalls 1 level below grade - 35 - 40 Stalls Total GSF = 69,000 Square Feet 600 University Street | Suite 2018 | Seattle, WA 98101 13 P 206.623.8880 | E [email protected] | ParagonREA.com Development Potential - Townhouses NE 117TH ST According to preliminary plans this site can accommodate 16 Townhouse Units with 8 units including accessory dwelling units and 22 below grade parking spaces.
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