On Wednesday, Washington Holdings announced preliminary plans for a nine-story apartment building across Western Avenue from Seattle’s Olympic Sculpture Park. The proposed solar-powered building would feature 225 rental units at 3000 Western Ave., and is owned by Alexandria Real Estate Equities Inc. Acquisition of the property and construction are not expected to occur until 2025 at the earliest, according to Washington Holdings’ press release.
This rare development proposal comes in an environment where financing remains elusive while Seattle starts emerging from the effects of the pandemic. “Although there are currently many headwinds and feasibility is not assured, we’re hopeful,” said Ben Margoles, Executive Vice President of Washington Holdings in their press release statement. Photo credit for Olympic Sculpture Park goes to Weiss Manfredi Architects .
