Overview

The Offering

Kidder Mathews has been retained to exclusively market for sale Fremont Crossing, a unique development opportunity just south of Seattle’s Fremont Bridge. This offering represents a highly unique opportunity to acquire an office development site in one of the country’s strongest office markets. With a significant amount of the development work completed, including successfully working through the city’s Landmarks and Design Review boards, the project provides a prospective buyer the opportunity to:

  • Develop a 4-story, class A office building with approximately 50,000 SF.
  • Renovate existing office with approximately 8,200 SF in prominent Seattle landmark building.
  • Additional 4,400 SF parcel with numerous potential uses.

Fremont, known throughout the Puget Sound as the “Center of the Universe”, has long been regarded as one Seattle’s most progressive and highly desired submarkets. Known for its many local bars, restaurants, and unique shops, this dense submarket has recently attracted some of the world’s top tech tenants, including Adobe, Google, and Tableau. Three recently finished office developments were fully leased before completion bringing more young talent to the neighborhood bordering South Lake Union & Seattle’s CBD.

The Fremont Crossing development brings a developer a highly unique opportunity to build into this surging growth market. With office vacancy throughout Fremont and its closely neighboring submarkets consistently below 5% as well as an unprecedented amount of demand creates a low risk opportunity to build what will certainly become an icon for the area. With unobstructed views of the Fremont Cut/Ship Canal and Fremont Bridge, the most raised draw bridge in the United States, as well as being within walking distance to all that Fremont’s retail amenities has to offer, this property is truly one of a kind.

Offering Process
The property is being offered for sale at $9,550,000. The ownership will review offers as received and reserves the right to call for offers at a later date.

Property Overview

Type Office development/investment offering, existing office building, & neighboring site
Address 316 Florentia St & 314 Nickerson St
King County Tax Parcels 1973200006 & 5244800004
Total Land Size 316 Florentia St: 27,720 SF
314 Nickerson St: 4,427 SF
Total: 32,147 SF
Locality City of Seattle
Zone C2-40'
Existing Structure Existing: 14,000 SF
Remodeled: 8,200 SF
Significantly higher ceiling heights than typical office market on first and second floor
Development Plans ±50,000 SF new 4 story office
Renovation of existing structure
Large rooftop deck with unobstructed water views
Parking Planned 2 level parking garage providing 83 stalls

Highlights

  • Unprecedented Local Economic and Job Growth
    Seattle has twice in the past decade been the fastest growing big city in the United States with over 3% annual population growth. This population growth is largely due to an incredible and consistent increase in high wage job growth, outpacing the United States by almost 50% in the last four years. With some of the world’s largest technology companies continuing to move operations to Seattle, as well as Seattle’s own Amazon, Microsoft, Expedia, Starbucks, and Nordstrom’s, among many others growing throughout the area, this job growth is expected to continue for the foreseeable future.
  • Bordering two of Seattle’s Premier Neighborhoods in Fremont and Queen Anne
    Fremont affectionately considers itself the Center of the Universe based on the unique cultural vibe and loyalty of its populace. Dozens of long-term bars, restaurants, and shops create the makeup of the neighborhood, which is truly now one of Seattle’s only live-work-play neighborhoods. Queen Anne, to the south of the property, is one of the Puget Sound’s most desired residential neighborhoods, with excellent schools, beautiful homes, and immediate access to CBD and South Lake Union.
  • Surging Office Demand
    Fremont’s class A office market with approximately 1.4 million SF consistently stays below 5% vacancy, generally several basis points below the rest of Seattle’s office market. Numerous larger tenants call Fremont their Seattle home, including Tableau and Google, as well as a number of additional creative, technology companies, including Adobe, Impinj, Ad Ready, and more.
  • Spectacular Views of Fremont Bridge, Ship Canal, & Lake Union
    Seattle’s waterways and bridges are emblematic of the culture of the city. The limited supply has a huge level of demand largely due to the views and access to the city’s public parks and trails that surround the water. This project will have unobstructed views of both the Ship Canal connecting Puget Sound and Lake Union as well as the Fremont Bridge, which is a landmark in itself with current plans in place to create a permanent light show highlighting the importance of the structure.
  • Significant Amount of Entitlement Work Completed
    The Fremont Crossings development has successfully completed much of the design work through the entitlement process. The development has also qualified for Landmark status with the existing building on the property. All of the design work has substantially satisfied Seattle’s Landmarks Board, which allows a buyer to quickly pick up the entitlement process and begin construction significantly faster than an unentitled site removing much of the entitlement risk in the development.
  • Ability to Stage Development & Additional Parcel with Future Redevelopment Potential
    With the existing building on the property, and design work completed for those future improvements, a prospective buyer could renovate this building and begin to generate income for the property significantly faster than a typical, groundup development. The property also includes a triangular piece across the street to help with staging and parking for these developments while also providing value add potential for this transaction in the future with the potential to develop residential, office, or retail on that site.

Property Details

Fremont Crossing Building Development 49,888 SF
4 stories with parking below grade
Landmark Building Redevelopment 8,200 SF
3 stories
Nickerson Parcel 4,427 SF
Planned Parking 83 stalls (1.47:1000 SF)
Plus additional potential on Nickerson parcel
Landmark Status • Certificate of approval received for building redevelopment
• Plan approved for new building with COA expected to come in after receipt of MUP
Entitlement Work New building in for MUP

Location

Overview

This property is located at the south end of the Fremont drawbridge, connecting Seattle’s Fremont and Queen Anne neighborhoods. Both Fremont and Queen Anne have long been considered as two of the most desirable neighborhoods to reside in the Puget Sound, and over the last cycle, Fremont has emerged as one of the hottest office markets on the West Coast. With an abundance of natural beauty, parks, high-end restaurants, shops, and bars, it is no coincidence that the neighborhood continues to draw people from all over the world.

Amenities

DEMOGRAPHICS - POPULATION & INCOME 1 Mile 3 Miles 5 Miles
Population 33,318 94,839 480,731
Average Household Income $127,841 $105,459 $108,513
Median Home Value $602,499 $577,580 $569,463
Renter-Occupied Median Rent $1,355 $1,312 $1,276

Seattle CBD – What’s to Come

Due Diligence

Please register to gain access to the due diligence documents, which includes the offering memorandum.