SHORELINE TOD SITE 365 APARTMENTS EVERETT
LYNNWOOD
SHORELINE TOD SITE 365 APARTMENTS
KENMORE
NORTHGATE
BALLARD UNIVERSITY KIRKLAND DISTRICT
QUEEN ANNE
SEATTLE CBD BELLEVUE
WEST SEATTLE Future 185th Street Light Rail Station
185th Street OFFERING
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Shoreline TOD Site. Just shy of 2 acres, this site boasts an 84,385 square foot lot zoned MUR-70 which allows for approximately 365 apartment units. The site is comprised of four separate but contiguous tax parcels, walking distance to the soon to be finished 185th Light Rail Station.
The proposed preliminary site plan by Caron Architects supports 365 residential units, 13,420 sq. ft. of ground floor retail with 408 parking stalls. The new building would also feature a massive 15,675 sq. ft. interior courtyard for resident leisure.
The Shoreline North/185th Link light rail station will be located on the east side of Interstate 5, on the north side of NE 185th Street and will include an adjacent bus station and parking garage with approximately 500 stalls. The Light Rail Expansion is projected for completion in 2023 and will bring with it economic development and rapid growth in population as businesses, jobs, and industries flock to the area.
NAME Shoreline TOD Site - 365 Apartments
ADDRESS 18313 - 18330 3rd Ave NE, Shoreline WA 98155
PARCEL NUMBERS 6084100180, 6084100185, 6084100190, 6084100195
LOT SIZE 84,385 Square Feet (1.94 Acres)
ZONING MUR-70’ up to 140’ if Built Green
PRICE $12,600,000
PRICE PER LOT FOOT $149
EXISTING IMPROVEMENTS Single Family Homes 6 Story Mixed Use Building with Ground Floor Retail, PROPOSED USE 365 Residential units and 408 Parking Spaces
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. INVESTMENT HIGHLIGHTS
Transit oriented development opportunity
Rare shy 2-acre site zoned MUR-70 *
Walking distance to future 185th Street Light Rail Station
Off the main arterial providing a better residential experience
Potential to build 365 residential units
17 minutes to Seattle CBD via future light rail line
Close-proximity to multiple parks
Nearby major retailers include Costco, Home Depot and Lowes
Block from Interstate 5
11 miles to Downtown Seattle
Potentially, buildings in this zone that provide a greater level of green building and affordability (among other requirements) could achieve a height of 140’, following a public process requiring notification, a hearing, and Council approval. PLANNED ACTION AREA
185TH STREET STATION SUBAREA PLANNED ACTION AREA MARCH 2015 SOUND TRANSIT LINK LIGHT RAIL
The Northgate Link Extension will Sound Transit anticipates the project connect the Northgate, Roosevelt starting construction in 2018 and and U District neighborhoods to opening for service in 2023 with daily downtown Seattle and the airport The projections estimating between elevated Northgate Station will be 63,000 and 74,000 riders each located east of 1st Ave NE, spanning weekday by the year 2035. With trains NE 103rd Street. Station entrances arriving every 4 to 5 minutes riders will be on the Northgate Mall property can expect a 16 minute commute from north of NE 103rd Street and near the the station at 145th and downtown Northgate Transit Center south of NE Seattle. These transit times will save 103rd Street. Construction is currently approximately 14 - 16 min during peak underway and this station is slated to morning commute times. 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.
CITY OF SHORELINE
City of Shoreline has a Pro Growth Vision - Shoreline wants to promote walking vibrant communities around transit oriented hubs.
City working to simplify regulations to encourage development.
Over $250 Million in permit applications.
Shoreline is the 14th largest city in Washington and borders the City of Seattle.
City of Shoreline has more landlord friendly tenant regulations. SHORELINE
Shoreline is Seattle’s closest neighbor to the North. In fact, the two are basically grown together with no physical or geographical barrier in between. Shoreline CROMWELL PARK shares its south border with Seattle and Downtown SEATTLE VIEWS Seattle is approximately 9 miles away. Public transportation is readily available and easy to access. Metro Transit, Community Transit and Sound Transit RICHMOND BEACH all provide services to the surrounding communities and to the central business district. SHORELINE Shoreline’s more than 400 acres of park land and open space offer a variety of enriching recreation and outdoor experiences. The city recently invested $18.5 million to improve its parks, which include saltwater shoreline, a botanical garden, an interurban trail and hiking trails, and newly improved athletic fields, KAYU KAYU AC PARK courts and playgrounds.
POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED MEDIAN RENT INCOME HOUSING 56,020 $80,489 36% $1,423 SEATTLE EMPLOYER MAP SEATTLE’S BOOMING TECH MARKET
SEATTLE
LOCAL TECH COMPANIES IN SEATTLE
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A T I O N F R O M S A N F R AN C IS CO B AY AR EA SAN FRANCISCO KING COUNTY INFORMATION
KING COUNTY 2.3 million SINCE 2O1O, ON AVERAGE, KING COUNTY HAS ADDED 31,8OO PEOPLE PER YEAR, OR POPULATION GROWTH HAS BEEN GREATER THAN 13,OOO HOUSEHOLDS AT 2.45 PERSONS PER HOUSING PRODUCTION CONSISTENTLY SINCE 2O11. HOUSEHOLD. POPULATION
KING COUNTY MEDIAN NATIONAL MEDIAN $95,009 $63,179 HOUSEHOLD INCOME HOUSEHOLD INCOME
KING COUNTY by 78% NATIONAL INCREASE by 3% INCREASE SINCE 2OOO ($41,852) SINCE 2OOO ($1,780) HOUSEHOLD INCOME
KING COUNTY NATIONAL BACHELOR’S OR 53.2% BACHELOR’S OR 32.6% HIGHER DEGREE RATE HIGHER DEGREE RATE
KING COUNTY NUMBER EDUCATION OF UNIVERSITIES 10
KING COUNTY RENTAL NATIONAL RENTAL 36% HOUSING RATE 43% HOUSING RATE
KING COUNTY MEDIAN $1,494 NATIONAL MEDIAN $1,023 MONTHLY RENT MONTHLY RENT REAL ESTATE SITE PHOTOS MASSING STUDY MASSING STUDY MASSING STUDY MASSING STUDY 600 University St, Suite 2018 Seattle Washington 98101 206 623-8880 / [email protected] www.ParagonREA.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.