Mortgage Banking

Making sense of commercial real estate finance.

Largest Urban Infill Opportunity in Nation

Posted by Jordan Crouch on November 16, 2007

Imagine being able to shape a city. Form a downtown. Create a vision for a neighborhood. Someone will have this opportunity soon.

The Denny Triangle neighborhood is located directly north of Seattle’s CBD; adjacent to another growing neighborhood, South Lake Union. This past June, thirteen acres in this neighborhood was placed on the market. That is potentially 12 million square feet of new development. Last week I had the opportunity to visit the presentation center for this historic sale. And I can say, it was awesome. A model of what could be built on the property makes you realize what a once-in-a-lifetime opportunity it really is. (I haven’t been able to find a picture of this model on the web.)

The Clise family has been acquiring property in the area for over 100 years. And now they have decided to sell the undeveloped portions. Al Clise, the head of the family company, spoke briefly to a group of young professionals last week. He described the family’s vision for the portfolio and that they are working with several interested buyers. Of course he wouldn’t say who the buyers were, but there has been international interest. He also pointed out that there is not a similar project in any CBD in the country.

The two pictures below give you some idea of the size of the portfolio.

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2 Responses to “Largest Urban Infill Opportunity in Nation”

  1. Jordan- Please keep us updated with any additional information that may occur with this project! I read about it when it was first announced – and I have not heard or read about it lately until your post.. I’m really eager to see who will be developing the property and what the plans are.

    You mentioned that there is a model of what can be built on the property – does that mean they have plans and approvals already? Or is it just a model, and just that – a model.
    -Andrew

  2. Andrew,
    I didn’t mention in the post that Mr. Clise believes the deal will close sometime in 2008 but until then, I doubt we’ll know much about the new owners or their plans.

    The model I wrote about it just a model, showing max density and height per the zoning; basically the mass of each building. The zoning recently changed allowing for higher density and less parking, which is one of the reasons the Clise family decided to sell.

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