Here's an interesting article about this project:
Real Estate
Lynn Porter
Real Estate Editor
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February 22, 2007
Real Estate Buzz: Touchstone moves ahead in Wallingford
By LYNN PORTER
Real Estate Editor
The state is seeking public comments through March 2 on Touchstone Corp.'s plan to clean up pollution at a 1.7-acre Metro Transit maintenance site northwest of Gasworks Park to make way for a new office building.
The agreement between the state Department of Ecology and Seattle-based Touchstone defines how Touchstone will clean pockets of petroleum at the 3301 Densmore Ave. N. site. Cleanup is needed before soil can be excavated on the site, according to Maura O'Brien, site manager with Ecology.
The King County Council approved a proposal in June 2006 to sell the Wallingford site to Touchstone.
Touchstone President Douglas Howe said the plan is for a 230,000-square-foot technology office building that is 45 feet tall, but slopes in some parts.
Under the purchase agreement with the county, Touchstone is required to provide a public viewing platform and a pedestrian-friendly design, said Judy Riley, manager of design and construction for Metro Transit.
Ron Posthuma, assistant director for the King County Department of Transportation, said he understands Touchstone will do a build-to-suit project for a specific tenant, and “that's why they were able to pay a premium.” He said he doesn't know who the tenant is.
The property was originally used for bulk fuel storage in the 1920s, and is now a base for crews that maintain Metro bus shelters.
King County and Chevron have cleaned up petroleum at the site, but pockets of contamination remain. Under the agreement with Ecology, Touchstone would remove the polluted soil, treat it and dispose of it off site.
The property has views of Lake Union and is near the Institute for Systems Biology.
The county values Touchstone's offer at between $10 million and $13 million, Riley said. That includes $5 million to $7.5 million for building a 23,000-square-foot replacement maintenance facility at 12526 Aurora Ave. N., including land; $3 million cash and $2 million for the cleanup.
Renova offered the only competing proposal, which was $4.4 million cash.
Neighborhood groups have sought to preserve the site for public use, but Posthuma said “nobody that was interested in doing a park had money.”
Karen Buschow, chair of the land use committee of the Wallingford Community Council, said the council had wanted a public aquatic/community center on the site. Now she said the council is asking Touchstone to provide street-level retail, wide sidewalks and a stepped-back upper level to maintain the view corridor. She said the council is confident the proposed cleanup is appropriate.
What a few million will buy
Images courtesy of Four Seasons Private Residences Seattle
A total of 16 of the 36 condos at Four Seasons Private Residences Seattle have sold. The prices range from $2 million to more than $10 million.
Developers of Four Seasons Private Residences Seattle have come up with a virtual tour that offers the first look inside the $120 million-plus, 21-story luxury hotel/condo project under construction at First Avenue and Union Street.
The Project Visualization Group (formerly Company 39) of PB designed the tour, which can be viewed at www.seattleprivateresidences .com.
Roger Nyhus, spokesman for the developer, Seattle Hotel Group, said 16 of the 36 condos have sold, including the last penthouse. Prices range from $2 million to more than $10 million.
The condos will be above a 149-room Four Seasons Hotel.
The general contractor is Lease Crutcher Lewis, and completion is slated for the summer of 2008.
The virtual tour is part of a more public sales approach initiated last fall in which the developers are working more closely with brokers and have run advertising in the luxury magazine the Robb Report.
It appears to be paying off, said Nyhus, noting sales people met with more prospective buyers in December and January than in any months since the condos went on the market.
“I think a lot of people assumed that our project was sold-out because we did take a very quiet approach,” Nyhus said.
Marketing is still very “high touch,” Nyhus said.
How high-touch is it? Well, a Lincoln Town Car takes prospects to the preview center or sales information can be brought to their home or office. Last fall, a candlelight dinner for potential buyers was held on the roof garden of the new WaMu Center, which overlooks the Four Seasons construction site, Nyhus said. Mimi Gates, Seattle Art Museum director, attended the event, said Nyhus. Principals from the development company also hold small “relationship building” events with prospective buyers, he said.
The virtual tour shows project amenities such as an infinity pool, Jacuzzi and an outdoor fireplace overlooking Elliott Bay.
The virtual tour shows built-in espresso makers in kitchens, tubs with views of Elliott Bay, televisions in the bathrooms, and project amenities such as an infinity pool, Jacuzzi and an outdoor fireplace.
Most buyers have been local, Nyhus said, and include entrepreneurs and senior executives. They are in their 30s to 80s.
Lynn Porter can be reached by email or by phone at (206) 622-8272.
© Seattle Daily Journal and djc.com.
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