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 Unpriced Use Permit Site with Master Development Parcel A: townhomes for 116 Commercial Land Parcel B: Multi-Use N, Seattle, WA 98133 12301 Stone Ave 98113 Aurora Ave N, Seattle, WA 12226 & 12220 C1-75 (M) 5.77 Acres / 251,341.2 SF Parcel A: 4.12 Acres / 179,287 SF Parcel B: 1.65 Acres / 72,079 SF A) MUP for 116 townhomes (Parcel can be 72 (very walkable, most errands accomplished by foot) 73 (very bikeable, flat as a pancake with excellent bike lanes) PRICE ZONING BIKE SCORE LAND AREA WALK SCORE PROPERTY TYPE PROPERTY ADDRESS - PARCEL B ADDRESS - PARCEL ADDRESS - PARCEL A ADDRESS - PARCEL # OF UNITS PLANNED COMBINED PARCEL TOTAL A PARCEL N 125TH STREET B PARCEL

Overview 37,000 AVG CARS PER DAY AURORA AVE N 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. wood-frame construction over a concrete base structure instead 1 per unit; no minimum in of the current limit of five stories. Buildings using this option urban villages if within a Minimum parking would have to meet additional fire safety standards. Allowing quarter mile of a street with an additional story of wood construction can help to reduce the frequent transit service marginal cost of building an additional story. We expect some new structures to be built with six stories of wood framing over one story of concrete.

* See also Section 7 Design and Livability Standards.

62 Zoning | C1

C1 | COMMERCIAL 1

An auto-oriented, primarily retail/service commercial area Street-Level Non-Residential Design that serves surrounding neighborhoods as well as citywide or regional clientele. Same as NC1 zone for structure containing residential uses, or when across a street from a residential zone. No requirements for non-residential structures, or when not across from a residential zone. Typical Land Uses Large supermarkets, building supplies and household Maximum Size of Commercial Use goods, auto sales and repairs, and apartments. No size limits for most uses; 25,000 - 40,000 square feet for ware Building Types house and wholesale showroom uses; 35,000 square feet or size of lot, whichever is greater, for office uses. A variety of commercial building types and site layouts including one-story commercial structures with extensive surface parking, and multi-story office or residential Parking Location buildings. No restrictions generally. When a developer contains residential uses or is across a street from a residential zone, it must meet NC1 Street-Level Uses zone standards. Non-residential uses required at street-level on street- facing facades. Residential uses are limited to 20% of the Parking Access street-level, street-facing facade. No restrictions generally. When a developer contains residential uses or is across a street from a residential zone, Street-Level Residential Design it must be from the alley if leaseable. Curb cuts are limited. See Bitter Lake Overlay District guidelines. Parking Quantity Depends on land use and location. No minimum parking is required in Urban Centers, and portions of Urban Villages. Amenities AURORA AVE N/HWY 99 MAJOR RETAIL:

Albertsons LA Fitness KELLOGG Asian Food Center Lowe’s MIDDLE SCHOOL Burger King Marshalls Cash & Carry McDonalds Central Market O’Reilly Auto Parts SHORECREST HIGH SCHOOL Dollar Tree OfficeDepot Firestone PetSmart THE HIGHLANDS Grocery Outlet Pier 1 Imports GOLF COURSE Hobby Lobby Planet Fitness Home Depot QFC Ivar’s Seafood Bar Rite Aid N 145TH STREET Jack In The Box Safeway LAKESIDE Jiffy Lube Sears Outlet MIDDLE SCHOOL JoAnn Fabrics and Shari’s Café and Pies ASIAN FOOD CENTER Crafts Sherwin-Williams INGRAHAM KFC Starbucks JACKSON PARK GOLF COURSE HIGH SCHOOL Kidd Valley Taco Time Krispy Kreme Walgreens PLANNED LIGHT RAIL N 130TH STREET STATION AURORA AVE N MAJOR NORTHGATE AREA RETAIL: LYNNWOOD LINK LIGHT RAIL EXTENSION 24 Hour Fitness Petco PARCEL A Best Buy QFC Big 5 Sporting Goods Regal Cinemas

99 PARCEL B Dick’s Sporting Goods Ross Dress for Less Discount Tire T.J. Maxx NORTHGATE Jiffy Lube Target ELEMENTARY Mattress Firm Total Wine & More SCHOOL Men’s Wearhouse Walgreens

NORTHWEST HOSPITAL & MEDICAL NORTHGATE MALL RETAIL: CENTER NORTHGATE NORTHGATE MALL Barnes & Noble Red Robin

GREENWOOD AVE N N NORTHGATE WAY REDEVELOPMENT JCPenney Stanford’s Restaurant & NHL SEATTLE NORTH SEATTLE PRACTICE FACILITY Nordstrom Rack and Bar COLLEGE Old Navy Ulta Beauty Ram Restaurant and Brewery FULL MALL DIRECTORY

NORTH INTERURBAN TRAIL $75 million project will be located on the SE corner of the new on the SE corner of the new $75 million project will be located and include a practice facility, Northgate Mall redevelopment site team offices, andcommunity oriented skating rinks which feature national and international competition as well as some team participation. The 180,000 SF facility is slated to be completed in early 2021. NHL’S NEW EXPANSION FRANCHISE WILL CALL CALL WILL FRANCHISE EXPANSION NEW NHL’S NORTHGATE MALL ITS HOME. The redevelopment portion of the property, which is still in the property, which is still in the The redevelopment portion of the of 33 acres and will include planning stage, will be on a total million SF, 400,000 SF of retail four office buildings totaling 1 rooms in two buildings, space, 953 residential units, 400 hotel underground, and 321,150 5,118 parking spaces in garages and the central park, SF of open, public space, which includes connectors. plazas, promenades, and pedestrian the majority of Northgate This redevelopment will transform Mall into a walkable transit-oriented neighborhood. When complete, the Northgate Mall redevelopment will be one of the largest mall redevelopments in the country and will provide stability, along with other ongoing developments, to the overall Northgate area. IN NOVEMBER OF 2018 THE CITY OF SEATTLE OF SEATTLE CITY THE OF 2018 IN NOVEMBER THE GREEN GROUP SIMON PROPERTY GAVE TO REDEVELOP FOR ITS PLANS LIGHT MALL. NORTHGATE

Northgate Mall Redevelopment Transportation NE 130TH STREET LINK LIGHT N 130TH STREET E RAIL STATION LINK LIGHT COMING 2031 RAIL EXTENSION

Two Link light rail stations are currently in development and will B HALLER connect Haller Lake Development LAKE to downtown Seattle in under 15 minutes. A D C PARCEL A The Lynnwood Link Extension PARCEL located 5 minutes from the property B at NE 130th Street is scheduled for

AURORA AVE N completion in 2031.

The Northgate Link Extension located at NE 103rd Street, a few blocks from Northgate Village, is under construction and is scheduled for completion in 2021.

MORE ABOUT THE E LYNNWOOD LIGHT RAIL EXTENSION

MORE ABOUT THE NORTHGATE LIGHT RAIL EXTENSION 99 NEARBY BUS ROUTES

A - E LINE NORTHBOUND NORTHGATE MALL & B - E LINE SOUTHBOUND FUTURE NHL C - ROUTES 316, 345, 346 PRACTICE FACILITY D - ROUTES 316, 345, 346 E N 105TH STREET E - RAPIDRIDE E LINE

NE 103RD STREET LINK LIGHT RAIL STATION COMING 2021 Drive-Times & Demographics

DRIVE-TIME MINUTES TO:

SEATTLE COMMUNITY COLLEGE 5 Minutes SHORELINE COMMUNITY COLLEGE 5 Minutes 130TH ST LIGHT RAIL EXTENSION 5 Minutes GREENLAKE NEIGHBORHOOD 5 Minutes NORTHGATE MALL 10 Minutes BALLARD 10 Minutes PARCEL A & B UNIVERSITY OF WASHINGTON 12 Minutes EDMONDS COMMUNITY COLLEGE 12 Minutes SOUTH LAKE UNION 15 Minutes 5 MINS SEATTLE CBD 15 Minutes

2018 HOUSEHOLD INCOME 10 MINS Drive Time 5-MINS 10-MINS 15-MINS Median $59,017 $79,165 $80,366 Average $80,586 $108,429 $114,650

POPULATION

15 MINS Drive Time 5-MINS 10-MINS 15-MINS

2010 34,603 109,604 191,924 2018 39,351 120,894 223,399 2023 42,390 129,231 241,178 Location Overview

Seattle Overview Seattle is a national center for manufacturing, technology, services, international trade and tourism. The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. Seattle’s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World’s Fair.

Employment Growth Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area. The Port of Seattle was ranked the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest.

As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation’s software publishing employment. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center. In addition, Puget Sound is one of the capitals of aerospace and computing, with Boeing as an industry leader and one of the largest employers. Major Employers Joint Base Lewis-Mcchord 65,829 54,000 50,000 46,293 Employees Employees Employees Employees

Navy Region Northwest

45,945 44,955 43,067 21,541 Employees Employees Employees Employees

19,957 17,601 15,539 15,449 Employees Employees Employees Employees

13,954 13,317 12,441 10,856 Employees Employees Employees Employees

10,193 8,867 8,858 7,537 Employees Employees Employees Employees 1, 3, 9, 23 Parcel A Comparable Properties

ADDRESS PRICE STATUS SQ FT BED BATH

1 14313 Phinney Ave N #B $609,950 Available 1,407 2 1.75 2 12002 Greenwood Ave N $634,500 Available 1,367 3 2.25 3 14317 B Phinney Ave N $639,950 Available 1,546 3 2.25 PARCEL A 4 304 N 120th St $644,500 Available 1,415 3 2.25 5 306 N 120th St $644,500 Available 1,415 3 2.25 6 545 N 103rd St $690,000 Available 1,760 3 3.5 7 12004 Greenwood Ave N $659,500 Pending 1,420 3 2.25 2, 4, 5, 7, 8, 10, 24 8 308 N 120th St $674,950 Pending 1,415 3 2.25 9 14319 Phinney Ave N $699,950 Pending 1,711 3 2.25 10 302 N 120th St $639,500 Pending 1,367 3 2.25 11 8704 Phinney Ave N $655,000 Pending 1,395 3 2.5 12 8706 Phinney Ave N $675,000 Pending 1,395 3 2.5 13 9434 Linden Ave N $499,000 Sold 1,046 2 0.75 14 9432 Linden Ave N $515,000 Sold 1,046 2 0.75 15 9436 Linden Ave N $552,000 Sold 1,189 2 1.75 18 16 547 N 103rd St $589,000 Sold 1,290 2 2.25 6 17 14313 A Phinney Ave N $605,000 Sold 1,426 2 1.75 18 10522 Whitman Ave N #A $615,000 Sold 1,470 3 1.75 19 744 A N 95th St $634,000 Sold 1,533 3 1.75 20 744 B N 95th St $660,000 Sold 1,533 3 1.75 21 8702 Phinney Ave N $674,950 Sold 1,395 3 2.2 13, 14, 15, 19, 22, 25 22 738 C N 95th St $675,000 Sold 1,610 3 1.75 23 14315 Phinney Ave N $699,950 Sold 1,659 3 2 24 12000 Greenwood Ave N $715,000 Sold 1,881 4 3.25 11, 12, 21 25 742 N 95th St $715,000 Sold 1,615 3 2.5 26 738 B N 95th St $749,000 Sold 1,806 3 1.75 EXCLUSIVELY LISTED BY

JAMES TJOA & ASSOCIATES P 206.726.6230 F 206.322.7576 E [email protected]

WWW.JAMESTJOA.COM

James Tjoa & Associates has been retained as the exclusive listing broker for Haller Lake Development 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 of such documents and reports. While the Seller and James Tjoa & Associates believe the information to be accurate, potential buyers should conduct an independent investigation and reach conclusions without reliance on materials contained herein. The Seller reserves the right, for any or no reason, to 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 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.