Haller Lake Development
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HALLER LAKE DEVELOPMENT 5.77 ACRES OF C1-75 (M) ZONED LAND AVAILABLE FOR MULTIFAMILY OR COMMERCIAL USES Table of Contents OVERVIEW ....................................................................... 03 THE OPPORTUNITY ......................................................... 04 PARCEL A OVERVIEW...................................................... 05 PARCEL A SITE PLAN ...................................................... 06 PARCEL B RENDERINGS .................................................. 07 ZONING ........................................................................... 08 - 10 AMENITIES ....................................................................... 11 NORTHGATE MALL REDEVELOPMENT .......................... 12 TRANSPORTATION ......................................................... 13 DEMOGRAPHICS & DRIVE-TIMES ................................... 14 LOCATION OVERVIEW .................................................... 15 MAJOR EMPLOYERS ........................................................ 16 PARCEL A COMPARABLE PROPERTIES .......................... 17 Overview PRICE Unpriced PROPERTY TYPE Parcel A: Development Site with Master Use Permit for 116 townhomes Parcel B: Multi-Use Commercial Land ADDRESS - PARCEL A 12301 Stone Ave N, Seattle, WA 98133 ADDRESS - PARCEL B 12226 & 12220 Aurora Ave N, Seattle, WA 98113 N 125TH STREET 37,000 AVG CARS PER DAY PER AVG CARS 37,000 ZONING C1-75 (M) PARCEL COMBINED PARCEL TOTAL 5.77 Acres / 251,341.2 SF A LAND AREA Parcel A: 4.12 Acres / 179,287 SF AURORA AVE N PARCEL Parcel B: B 1.65 Acres / 72,079 SF # OF UNITS PLANNED MUP for 116 townhomes (Parcel A) WALK SCORE 72 (very walkable, most errands can be accomplished by foot) BIKE SCORE 73 (very bikeable, flat as a pancake with excellent bike lanes) N 130TH STREET The Opportunity AURORA AVE N Haller Lake Development IS A RARE DEVELOPMENT OPPORTUNITY IN THE NORTHWEST SECTION OF SEATTLE PROVIDING 5.77 ACRES OF LAND ZONED C1-75 (M) FOR A VARIETY OF MULTIFAMILY AND 99 COMMERCIAL USES. With a maximum allowed FAR of 5.5, 1.3M square feet of building is possible with a height limit of 75 feet. The 4.12 acres of Parcel A will have a master use permit of 116 townhomes, Haller Lake vested under prior zoning so there is no MHA fee required, N 125TH STREET although the zoning supports higher density. The 1.65 acres of Parcel B could yield 375 apartment units PARCEL using the City’s development example for this zoning. This A opportunity is ideal for developers who want to acquire land early in an area that will see significant change over the next PARCEL 2-3 years. B 7.57 ACRES AVAILABLE SEPARATELY Numerous amenities are close by: schools such as Seattle College, University of Washington, Shoreline Community College, and Ingraham High School; the Northgate Mall redevelopment and planned professional hockey facility; natural attractions such as Greenlake, Lake Washington, Carkeek Park, and Haller Lake itself; and neighborhood 7.15 ACRES businesses that range from restaurants, the Oak Tree Cinemas, AVAILABLE SEPARATELY grocery stores, and local and national retailers. Haller Lake Development offers a range of transportation 3.3 ACRES options for quickly getting around the Seattle MSA. The AVAILABLE SEPARATELY Lynnwood Link Light Rail extension is in the planning stages and will be located 5 minutes from the development. South NORTHWEST Lake Union and the CBD, as well as the Cities of Shoreline, HOSPITAL & Edmonds, and Lynnwood are 15 minutes away by car, and, MEDICAL CENTER being in a frequent transit corridor, multiple Rapid Ride Bus routes make getting around easy. Parcel A Overview Parcel A IS A RARE OPPORTUNITY TO CREATE A NEW NEIGHBORHOOD WITHIN THE HEART OF NORTH SEATTLE. THIS WELL LOCATED 4.12 ACRE PARCEL WILL HAVE A MASTER USE PERMIT FOR 116 TOWNHOMES WITH NO MHA FEE REQUIRED. HOME CONFIGURATIONS RANGE FROM 2 TO 4 BEDROOMS AND 1,250 TO 2,400 SF SO THERE WILL BE SOMETHING FOR EVERYONE IN THIS URBAN INFILL DEVELOPMENT. New Home Market Seattle continues to see strong demand for affordable homes that are conveniently located to amenities and transit. In the Haller Lake and adjacent neighborhoods, there are only 5 new homes available (vs 22 sold and pending in the past 180 days) under $1M (as of 6/11/19), with pricing ranging from $375/SF to $477/SF ($440/SF average). In the North Seattle market west of I-5, there are only 44 new homes available (vs 196 sold and pending) under $1M, with pricing ranging from $374/SF to $797/SF ($504/SF average). Parcel A N 125TH STREET Site Plan BLDG 1 BLDG 2 BLDG 3 PARCEL A HAS A MASTER USE PERMIT FOR 116 NEW BLDG BLDG STONE AVENUE BLDG BLDG BLDG CONSTRUCTION 17 16 BLDG 15 14 13 TOWNHOME UNITS 4 BLDG BLDG BLDG 18 BLDG 12 11 5 # OF UNIT # OF CAR BEDS/ SQUARE BLDG 10 BLDG 9 UNITS TYPE GARAGE BATHS FEET 16 UA 1 2 / 1.15 1,250 BLDG 20 UB 1 3 / 3 1,500 19 BLDG 20 UC 2 4 / 3.5 1,800 6 12 UF 2 2 / 2 1,250 BLDG 8 BLDG 7 30 UE 1 2 / 2 1,390 6 UA-S 1 3 / 2.5 1,666 6 UB-S 1 3 / 3.5 2,041 3 UC-S 2 3 / 3.5 2,149 3 UD-S 2 3 / 3.5 2,441 Parcel B Renderings of Potential Mixed-Use Development RENDERINGS EXHIBITING THE POTENTIAL MIXED-USE DEVELOPMENT OPPORTUNITY FOR THE SITE UNDER PREVIOUS HEIGHT LIMIT OF 65 FEET, AND HAS SINCE BEEN UPZONED TO 75 FEET AND 5.5 FAR Zoning | Overview of MHA Requirements The Offering is zoned C1-75 (M). The (M) suffix indicates that affordable housing requirements apply for development in this zone. Where MHA requirements apply, new multifamily and commercial developments will be required to contribute to affordable housing by including affordable units in new development (performance option) or paying into a fund used to support development and preservation of affordable units (payment option). Specific standards for the payment and performance options are in Seattle Municipal Code Chapter 23.58B for commercial development and Chapter 23.58C for residential development. We estimate that the proposed MHA requirements would result in the creation of 6,000 new affordable homes by 2025 citywide. About half of these homes would be generated from development in the area affected by this proposal. The figure below shows the proposed performance and payment amounts. Requirements would vary by geographic area (low, medium, or high) and by the scale of the zoning change as indicated by the (M), (M1), or (M2) suffix. Commercial / Neighborhood Commercial 75 Standards Capacity Increases Since the same key development capacity standards More than 99 percent (169 acres) of land currently zoned apply in Commercial and Neighborhood Commercial NC-65 would be converted to the new NC-75 zone. The 75 (C-75 and NC-75) zones, this table and discussion proposal would also rezone 51 additional acres of land Zoning | C-75 pertains to both. with C-65 zoning and 78 acres of land with C-40 or NC- 40 zoning to NC-75. The proposed NC-75 zone would maximize the use of economical wood frame construction C-75 | COMMERCIAL/NEIGHBORHOOD 75 Maximum FAR 5.5 over a base concrete structure. The amount of land citywide proposed to have NC-75 zoning is 85 percent Capacity Increases Height limit 75 feet greater than land with NC-65 zoning today. More than 99 percent (169 acres) of land currently zoned NC-65 For properties rezoned from NC-65 to NC-75, the FAR Density limit No limit would be converted to the new NC-75 zone. The proposal would limit would increase from 4.75 to 5.5, an increase of 16 also rezone 51 additional acres of land with C-65 zoning and 78 percent, and the height limit would increase one story Setbacks acres of land with C-40 or NC- 40 zoning to NC-75. The proposed from 65 feet to 75 feet. NC-75 zone would maximize the use of economical wood frame First-floor dwellings must The proposal would remove the FAR limit for a single-use construction over a base concrete structure. The amount of land be located at least 4 feet development. This provides flexibility and development citywide proposed to have NC-75 zoning is 85 percent greater above street level or set capacity, as builders could achieve the maximum allowed than land with NC-65 zoning today. Front back 10 feet from the street floor area without including a mix of residential and property line; commercial uses. For properties rezoned from NC-65 to NC-75, the FAR limit 8 foot setback above 65 would increase from 4.75 to 5.5, an increase of 16 percent, and feet in height Separate legislation proposes changes to the Seattle the height limit would increase one story from 65 feet to 75 feet. Building Code that would facilitate use of the additional Setbacks required above development capacity. The Building Code change would 13 feet in height if next to The proposal would remove the FAR limit for a single-use allow six stories of wood-frame construction over a Side and rear a residential zone; setbacks development. This provides flexibility and development concrete base structure instead of the current limit of five vary by height but are a capacity, as builders could achieve the maximum allowed floor minimum of 10 feet stories. Buildings using this option would have to meet area without including a mix of residential and commercial uses. additional fire safety standards. Allowing an additional Building breaks required for story of wood construction can help to reduce the Separate legislation proposes changes to the Seattle Building Facade modulation* buildings with a width of marginal cost of building an additional story. We expect Code that would facilitate use of the additional development 250 feet or greater some new structures to be built with six stories of wood capacity. The Building Code change would allow six stories of framing over one story of concrete.