Seattle-based Madrona Real Estate Services announced this week a new seven-story mixed-use project in the Pike/Pine Corridor called REO Flats. The development—which includes eco-friendly elements and is designed to reflect the site’s history—preserves much of the existing 1925 building’s façade and is the first to break ground utilizing incentives set by the Pike/Pine Neighborhood Conservation Overlay District.
While the name REO Flats is a nod to “Ransom E. Olds’ (of Oldsmobile) and his REO Motor Company—which was once located on the historical ‘auto row’ that thrived on Capitol Hill—REO Flats not only celebrates the past, but also demonstrates our commitment to integrity, stewardship and an eye toward detail”. I can’t help think of “Real Estate Owned” and REO’s association with the foreclosure crisis of the last five years.
Full press release after the jump or more at REO Flats.
Madrona Real Estate / Glenmont Capital Management, LLC Announce REO Flats Mixed-Use Project on Capitol Hill
108-Unit Pike/Pine Corridor Project Includes Eco-Friendly Elements & Reflects Site History; Utilizes New City Incentives to Preserve Old Facades, Structural Elements
Seattle, February 13, 2013 – Madrona Real Estate Services LLC (www.MadronaRealEstate.com), a full-service real estate company based in Seattle, and Glenmont Capital Management, LLC (www.glenmontcapital.com), a New York based real estate investment fund manager, today announced the ground breaking of REO Flats, a new seven-story, 68,000 square foot mixed-use development in Capitol Hill’s thriving Pike / Pine Corridor. The project includes 108 luxury apartment units, 7,200 square feet of street level retail and a 72-space subterranean parking garage located at 1515 Fourteenth Avenue (between Pike and Pine).
REO Flats represents the first joint venture between Madrona Real Estate Services and Glenmont Capital Management. “With beautiful interiors and high-end amenities, eco-friendly elements and design that pays homage to the neighborhood’s history, REO Flats represents a highly compelling opportunity to capitalize upon the resurgence of the local economy while delivering to the community a quality development that respects the rich history and culture of the Pike/Pine neighborhood” said Brad Augustine, managing member of Madrona.
“REO Flats represents the first of what Glenmont hopes to be many investments in the Seattle area. REO Flats’ location within Capitol Hill and its convenient proximity to major employment centers, nightlife, services, and the future light rail station are all key attributes that Glenmont seeks for its real estate investment platform. Seattle’s diverse economy and highly educated workforce solidified Glenmont’s interest in this exciting project” said Lawrence A. Kestin, Glenmont’s founder and managing principal.
“Named after Ransom E. Olds’ (of Oldsmobile) and his REO Motor Company—which was once located on the historical ‘auto row’ that thrived on Capitol Hill—REO Flats not only celebrates the past, but also demonstrates our commitment to integrity, stewardship and an eye toward detail,” added Augustine.
In seeking to emulate the area’s history, REO Flats is designed to honor the look and feel of a 1925 mercantile building. By preserving the current structure’s façade, REO Flats is the first development to break ground utilizing preservation incentives set by the Pike Pine Neighborhood Conservation Overlay District.
REO Flats’ will feature high-end amenities and condominium-style finishes. The venture is developing the project to Built Green® Level 3 standards and will include environmentally friendly amenities such as electric vehicle-charging stations, Zip Car parking, a green rooftop deck with picturesque views of downtown Seattle and resident bicycle storage.
Apartment leasing is anticipated to commence in March 2014, with initial occupancy expected by late spring / early summer 2014. Other key members of the project development team include Washington Trust Bank (construction lender), Seattle based architect Johnson Architecture & Planning LLC, Two9Design, LLC (interior designer), and Compass Construction (general contractor).
For more information, visit www.REOFlats.com.
About Madrona Real Estate Services. Madrona Real Estate Services, LLC is a full-service real estate company located on Capitol Hill in Seattle, Wash. For more than sixteen years, the company has provided management, development and brokerage services. Its founder and principal, Bradford Augustine, has more than thirty years of real estate development and management experience. In addition to REO Flats, Madrona Real Estate has also developed several projects in Seattle and the surrounding area, including: Twenty Sixty-One in Madison Park; the Pike & Madison Building in Capitol Hill; the East Hill Village retail center in Kent, Wash.; and the Fidalgo Square retail center in Anacortes, Wash. The firm also manages more than 75,000 square feet of retail in the Pike-Pine and Capitol Hill neighborhoods.
About Glenmont Capital Management, LLC. Founded in 2000 by Lawrence A. Kestin, Glenmont Capital Management, LLC (“Glenmont”) is a New York-based real estate private equity fund manager focused on real estate investments throughout the United States. Glenmont manages a series of closed-end, institutionally backed investment funds seeking both value add and opportunistic investments in distressed and underperforming real estate, select development opportunities, non-performing loans and real estate operating companies. Since inception, Glenmont has acquired in excess of $1.5 billion in assets that includes a diverse mix of multifamily apartment buildings, hotels, industrial complexes, retail centers and distressed residential developments.