We're back in town following a pleasant 4-day stay in MN. It's hard to catch up with the city when you miss a few days and even harder to catch up with the 'hood. We need a blog on every block! :)
Here's a tidbit from Belltown that shows the general direction of things downtown... and Uptown. Depending on which side of the landowner/tennant line you fall, you can love or hate this kind of change. I'm all for more opportunities for people to dig in and get more deeply invested in the area. (BTW, I hope new owners will start with a theme change -- the Area 51 thing at Site 17 with goofy alien-dented parking garage fencing always seemed dorky vs. whimsical to me... kinda like living at Gameworks)
globest.com: Belltown Apartments Fetch $185,000 Per Unit
SEATTLE-Locally based Harbor Properties Inc. has sold Site 17, a 129-unit apartment project it developed on Western Avenue in Seattle’s Belltown neighborhood. The purchase price was $23.83 million, according to public records, which equates to $184,767 per unit. The new owner of the two-building development is a subsidiary of locally based HAL Real Estate Investments Inc.
-snip-
HAL Real Estate spokesman Brad Lange declined to comment on whether HAL was planning to convert the units to condominiums, but one industry sources say that is "the most likely scenario given the price paid," and another says HAL definitely acquired the property as a conversion play. Says Lange, “We are evaluating our options and will be coming out with a communications shortly.”
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-J
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