Concept image courtesy of Lake Union Partners
Construction on the long-vacant lot at 23rd and Union could finally start this spring, now that real estate development company Lake Union Partners has purchased the land from former owner Ian Eisenberg.
Puget Sound Business Journal broke the story late last week, reporting that Lake Union Partners paid $3.8 million for the lot. The new owners are hoping to break ground this spring on a previously designed building with 92 apartments, 74 underground parking stalls, and 4,000 square feet of retail space. Lake Union Partners is also planning to develop a lot at the corner of 24th and Union, where they hope to build an approximately 40-unit building.
We previously reported that Eisenberg planned to develop the land in partnership with Lake Union Partners, with a timeline of breaking ground in August 2013 and opening in fall 2014. But that timeline was delayed, and Eisenberg eventually decided to sell the land.
The lot was the former home of the Coleman Building, which was damaged in the 2001 Nisqually Earthquake and subsequently demolished.
Megan, you should check out what is meant about the NW of 24th and E. Union. It caused numerous misunderstandings on other conversations.
I have assumed that “NW corner of 24th and E. Union” referred to the bank building and parking lot that previously was Key Bank, and before that, Emerald City Bank, and before that Liberty Bank. It suddenly sprouted a fence around it it this past week end.
But earlier it had been announced that Capitol Hill Housing had acquired it for affordable housing units. Did they sell it to Lake Union Partners?
I apologize for the inconsistency, carried over from the PSBJ article. I checked with Lake Union Partners and they have purchased land at the southeast corner of 24th and Union. I’m not sure why that was ever written as northwest because that’s obviously wrong. We’ll be looking into the purchase more for a separate post. Thanks for the question!
SE Corner of 24th and Union is the current Fatima Cafe, yes? Does this mean that that business is closing? Looking forward to the separate post about this!
They haven’t closed on the deal yet, but the addresses they’re hoping to develop are 1140 24th Ave and 2407 East Union. I do not believe that accounts for Fatima Cafe at 2401 E. Union.
Those two lots add up to about 13,500 square feet. They are both zoned NC2P 40. That is, Neighborhood Commercial with a pedestrian overlay, height limit 40′. Permitted development would likely be be retail at the ground floor, some parking, and 2-3 floors of apartments above.
Checked with King County iMap, and verified Fatima Cafe is located on the property with the 1140 24th Ave address.
Thanks.
The fence was put up because of the homeless people that kept setting up camp at Key Bank site. CHH still buying that site – at least hopefully.
Thanks for the update, Ian.