Promenade 23 is one of four properties identified in the Daily Journal of Commerce Tuesday as retail sites recently purchased and poised for redevelopment or recapitalization.
The other retail centers were Westwood Village, Burien Town Plaza, and Broadway Market.
According to the report, the shopping development’s likely future include mixed-use development including housing.
The shifting of Promenade 23 to new owners was discussed at length on the CDN site earlier this year. Here is a portion of what DJC had to report on Promenade 23:
Promenade 23
Some of the biggest changes could occur at Promenade 23, a 97,000-square-foot urban infill property that straddles South Jackson Street at 23rd Avenue.
Houston-based Weingarten Realty, a publicly traded company, acquired the site from a partnership that included the heirs of the original owner, Jimmy Sumler, as well as the Central Area Development Association, a nonprofit established to revitalize the area.
George Staggers, the CEO for CADA, said some owners in the partnership are aging and others live outside the area. “They just reached a point where I think they felt it was time to let someone else take it to the next level,” Staggers said.
He thinks the parcel south of Jackson could be redeveloped with five stories of housing above retail.
more… (subscription required)
Our sister site Capitolhillseattle.com reported on the Broadway Market situation on Monday.
since most folks cannot read the DJC article because we don’t have a subscription, could you paraphrase what the rest of it said? Thanks.
Promenade 23
Some of the biggest changes could occur at Promenade 23, a 97,000-square-foot urban infill property that straddles South Jackson Street at 23rd Avenue.
Houston-based Weingarten Realty, a publicly traded company, acquired the site from a partnership that included the heirs of the original owner, Jimmy Sumler, as well as the Central Area Development Association, a nonprofit established to revitalize the area.
George Staggers, the CEO for CADA, said some owners in the partnership are aging and others live outside the area. “They just reached a point where I think they felt it was time to let someone else take it to the next level,” Staggers said.
He thinks the parcel south of Jackson could be redeveloped with five stories of housing above retail.
That is possible, said Neil Soskin of Weingarten. He said Weingarten could also do a more modest repositioning of the property. He said the new owners first will look at the south parcel, now anchored by a Red Apple market.
Soskin said redevelopment of the north parcel, where there is a Walgreen’s, would be more difficult because the site is smaller.
Promenade 23 is 92 percent leased, said Soskin. Weingarten, which owns a handful of other properties in Seattle, handles property management and leasing in-house.
Another member of the selling partnership, Art Wahl of CB Richard Ellis, put the deal together.
…for the “rest of the story”…I’m sure there will be more to come!
Maybe we’d get a grocery store that is actually more than a “grown up” convenience store! :)
Or maybe we’d end up with nothing and have to go much further for day-to-days. :(
What do you mean by “grown up” convenience store?
Is this another dig at the Red Apple? I hope not…
Yes this is a dig at the ghetto store red apple. We need a decent market not this sterotypical racist excuse for a food store. A Fred Meyers, a Metropolitian Market and throw in a Trader Joes as well.
I have started doing more of my shopping at our FRIENDLY Red Apple.
They are carrying more organic produce & will order anything that you request. Milk there is cheaper of the same price as Safeway/QFC.
This is not a “grown up convenience store”–except that it’s MORE CONVENIENT for some of us.
Please stop slamming. If you hate it so much, don’t shop there, or go check it out to see if it has improved since your last visit.
There are a lot of options for groceries in the area and beyond. Eyes, nothing is stopping you from shopping at those stores you mention. And there are plenty of neighborhoods that don’t have those stores. It’s only 1.5 miles from the “ghetto store” to Trader Joes. It’s less than 10-15 minutes to Fred Meyer or Metropolitan Market. Unlike you, there are plenty of people in the neighborhood who use the Red Apple regularly and actually like shopping there.
I like to walk to the Red Apple…I feel that my walk is being rewarded by customer service & better selection. More people walking takes the “ghetto” out of any neighborhood.
JB, I’ve never been able to reach a Fred Meyer or Metropolitan Market in 15 minutes from our neighborhood…which locations do you frequent?
As it is, Trader Joe’s and Safeway are much closer for me than Red Apple anyhow so I don’t have an opinion on it, but I do think I need to stop in to Red Apple and see if it’s improved since the last time I was in there (admittedly, 2+ years ago). I hear such wildly different opinions about it on this site, it’s time I checked it out for myself.
I have to put in a good comment for the Red Apple. I Shop there at
least once a week and find it well stocked and the people who work
there very friendly. I also appreciate their weekly specials.
I hope they stay.
I live across the street from Red Apple. The folks who manage the store as well as rest of the employees are so very friendly. Their deli has the best fried cat fish and chicken in town. It may be old yes, and it would be nick if they did a true remodel inside and out. I just hate the idea of new construction. I have left my condo living room windows open during the day while the new apartment construction took place, and the dust that collected in my living room tripled from before construction first began.
Because it hasn’t looked to me like the existing new construction has filled, and it’s hard to imagine that, in this market, more condos are a good idea. I don’t know what the rental vacancy rates look like for the region, so maybe that’s not over-saturated in the same way, but it still sounds nutty to me.
And I love the Red Apple! It’s not fancy, but it’s a fantastic local grocery store – WAY better than a “glorified convenience store.” (My two cents on Trader Joe’s is that *they* are a high-end convenience store, since they primarily carry alcohol and prepared foods. Their produce selection is minuscule and pre-packaged, just like convenience stores.)
I am so excited to hear this. I recently moved here and after leaving Red Apple a few times and saying hello as I was leaving the store and having dudes just “mad dog” me sucks. This hasn’t just happened once either :(. I have been driving out of my way to Safeway but that just takes more time I don’t have.
The produce from there isn’t that great either. More than a few times stuff ive bought has gone bad within a day. Anyhow it stinks for the employees there if this means they will loose/have to work for what ever new place. I am just glad they will make this a more friendly place, I hope!