Last week Seattle Mayor Jenny Durkan announced the $143.5 million sale of a city-owned, underutilized area in South Lake Union. The buyer, experienced in supporting spaces for biotech industries, plans on transforming the 2.8 acres of land into a new life sciences campus for biotech or medical research, with many community perks. The transaction would close in early 2020 with construction permitting to follow.
Juniper Capital recognizes this is one of last large plots of undeveloped land in Seattle’s SLU tech hub. The potential for this property, and the impact of this sale, are significant – the buyer will build 175 subsidized apartments for low-income residents, make a $5 million donation to address homelessness, build a new community center for Seattle Parks and Recreation, make bicycle and pedestrian improvements on Eighth Avenue and Mercer Street, among others. The City of Seattle also announced plans to spend $78.2 million of land sale proceeds on measures meant to positively impact Seattle’s affordable housing and homelessness needs.
South Lake Union won’t be the only growing hub of tech and life sciences. The momentum of these industries calling the Pacific Northwest home continues, evidencing a clear need for community-benefiting, mixed-use commercial projects such as the one proposed by Mayor Durkan last week. Juniper Capital is here to help fund that next commercial real estate opportunity—including the next mega block. What project will you fund? Our team creatively and efficiently works with you to fund your vision, taking it from red tape to green light.
Based in Issaquah, Wash., Juniper Capital leads the Northwest in alternative financing and private money lending, providing private capital to fund commercial real estate projects in Washington, Montana, Oregon and Idaho. Call us today to learn about our community involvement, loan programs, market trends, and the real estate loan process.
