March 22, 2006
Kauri plans 16-story tower at Denny, Yale
By LYNN PORTER
Journal Real Estate Editor
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The 132-unit project is slated for completion in September of 2008. |
Seattle-based Kauri Investments plans to start construction in about a year on a 16-story residential/retail project in the Denny Triangle, according to CEO Kent Angier.
The project will have approximately 132 units. They will be market-rate, with units on the upper floors priced higher because of their city and Lake Union views as well as amenities, Angier said.
The site is at Denny Way and Yale Avenue, just south of where Denny and Stewart Street intersect. The building will have below-grade parking and 7,300 square feet of ground-floor retail.
Kauri will look at market conditions later in the development process before deciding whether the studio, one- and two-bedroom units will be apartments or condos, Angier said.
The project is slated for completion in September of 2008.
Kauri has owned the site for about 1 1/2 years. It is in an area where Kauri expects to see more growth, he said. It is near South Lake Union and Vulcan, Inc.'s properties and the Fred Hutchinson Cancer Research Center. Angier also points to the site's proximity to hospitals, the bus tunnel and Interstate 5.
"We just feel like the area is at the threshold of significant growth," he said. "We like to be in the path of progress."
Kauri expects to go for Built Green status. A recently completed Kauri project, Luminaire Condominiums in Lake City, achieved it, and one called Urbane Redmond will be constructed that way. Built Green is a program of the Master Builders Association of King and Snohomish Counties.
The 11,500-square-foot Denny/Yale building site is triangular, which "lays out nicely" for units and gives views on three sides, Angier said. Seattle-based Clark Design Group will be the architect. A contractor has not been chosen.
The project will be considered at an early design guidance meeting on March 28 at 5:30 p.m. at Seattle City Hall, 600 Fourth Ave.
Kauri is a multi-family and commercial developer that specializes in infill projects. Founded by Jim Potter, it has been in business since 1987. Last year, in partnership with Ariel Development, Kauri bought the historic 15-story Alaska Building from the city of Seattle for $8.5 million.