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.
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.
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Our sister site Capitolhillseattle.com reported on the Broadway Market situation on Monday.