Daily news blog for Seattle's Queen Anne neighborhood

 

2.1 acres of Upper Queen Anne property for sale

April 9th, 2010 · 16 Comments

Emerald Bay Equity has put 2.1 acres of Queen Anne Ave N property at the top of the hill on the market, looking for either a partner or buyer to step in and take over the company’s current redevelopment plans, according to a report by our news partner, the Seattle Times.

The property package includes the half-block where Metropolitan Market is located, which EBE would like to redevelop into a four-story 120-unit apartment complex with 40,000 square feet of ground-floor space for the longtime neighborhood grocery and other retailers (with underground parking), two retail/residential projects that were recently completed across the street–Sweetbrier and Eden Hills–and a fourth smaller redevelopment site. From the Times:

Emerald Bay principal Joe Geivett said he would prefer a joint venture over a sale.

“Getting financing is challenging,” he said. “That’s been the single biggest barrier.”

EBE purchased the Met Market property for $14 million back in 2008, when the then owners were planning to turn it into a larger mixed-use complex housing QFC. At the time many residents, alongside the Queen Anne Community Council and Queen Anne-Magnolia Design Review Board supported the EBE takeover, and according to QACC land-use review committee chair Craig Hamway, the best option for the community would be to continue the relationship with EBE. From the Times:

“It would be a shame if he had to sell,” Hamway said of Geivett [EBE principal Joe Geivett]. “He’s been good to work with from a community standpoint… He’s viewed as a pretty responsible developer.”

Of EBE’s two finished projects at the top of the hill–Sweetbrier and Eden Hills–the Sweetbrier still has a number of retail vacancies.

Read the full Seattle Times story here.

(Graphic used with permission from the Seattle Times).



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