Construction on a six-story mixed-use residential and retail building at Broadway and Jefferson is scheduled to start in August. Portland-based Gerding Edlen purchased the property from Valencia Capital Management of Dallas for $5.6 million earlier this month, according to the Seattle Times. Valencia paid $3.14 million for the property in 2007.
Central District News reported in December that owners of the property at 412 Broadway had put the land up for sale months after the City Council authorized a rezone for up to 70 feet in height.
The building, designed by Ankron Moisan Associated Architects, will have 118 residential units and 6,500 ft of retail space. Twenty percent of the residential units will be “designated affordable,” according to Gerding Edlen’s press release. They anticipate a LEED Gold certification on the project.
Read more on what’s next for the project at CapitolHillSeattle.com