New development in Wallingford

[Jenny Tsen]

My company is looking to buy this property in Wallingford area looking at Lake Union. The offer price is almost $4.8MM. We have already gotten our feasibility study on the property. It’s in a C1-40M zone, lot size is 12010 sf. Per the feasibility study, we should have 33018 sf for condo sale, 39011 sf total building area and 17000 sf underground parking for 41 stalls and 1 elevator. The site has a side on a steep slope hazardous zone, I got an estimated quote for building retainer on that side for $350K. But, I feel the land price is still too high. Any thoughts? And would you recommend wood frame or Type II structure? And for an average of $900/sf for selling price in that area, how much do you think my construction cost should run for that quality grade? Thanks

[Adrian Chu]

$150 is not a Seattle price :)

I am working on a similar project in the Maple Leaf area right now.  17k sq ft C1-75, 5 over 2 construction with underground parking.

How many units are you trying to build?  I'd estimate $300-350 hard costs + additional costs for ECAs like slope and/or any utility upgrades needed.  But keep in mind your sale price is for net unit area, not gross area. Parking itself costs a lot to build but does not add much sell-able value.  

Do you have an architect you are working with for the feasibility study?