John Stone Development LLC, of Spokane, is developing three apartment complexes in the Seattle area that together are expected to cost about $38 million and will include 300 residential units and 15,000 square feet of commercial space.


Two of the projects already are under way, one in Seattles University District and the other on First Hill, near Seattle University, says Jim Rivard, director of real estate for the Spokane company. The third project is planned near Pike Place Market downtown, he says.


Rivard says the sites for the projects were bought by a group of Spokane investors, led by John Stone Development, through Park Place II LLC and Bridgestone Fortune LLC, two limited-liability corporations. When the apartment complexes are completed, they will be owned by the two limited-liability corporations. The estimated $38 million price tag of the three projects includes the cost of the four pieces of property that make up the three sites, Rivard says.


John Stone Development LLC believes there is a need for additional units in the Seattle area, particularly in-city locations, and will continue to aggressively acquire raw land for additional projects, Rivard says.


Work began last month on the biggest of the three projects that John Stone Development plans now. That project is the Allegro Apartments, at 42nd and Roosevelt in Seattles U-District. The big complex will be constructed in two phases, the first of which is an L-shaped, six-story building with 88 apartment units on its upper five floors, underground parking, and about 6,000 square feet of commercial space on its first floor, says Rivard. That phase is expected to cost about $10.3 million and is to be completed by next July, he says.


The second part of the Allegro Apartments will include a six-story addition with 53 apartment units and 3,000 square feet of commercial space, Rivard says. That phase, which is expected to cost $6.3 million, should get under way next spring and take about nine months to complete.


Work also began last month on another of the three apartment projects, a 47-unit complex to be called AlderCrest Apartments. Its being built on a 14,400-square-foot parcel on First Hill, Rivard says. That six-story complex, which is expected to cost about $6 million, is to be completed by next July, he says.


The third project is slated for a 19,500-square-foot parcel at Lenora Street and Second Avenue near Pike Place Market downtown.


The project, which still is in the design phase and has yet to be named, will include 110 apartment units and 5,000 square feet of commercial space. Its expected to cost $15.7 million.


Because each of the three projects will have underground parking, the developments can be done on small parcels of land, Rivard says. He says the inclusion of commercial space in the residential complexes is in response to a push by the city of Seattle for work-and-live developments, where people dont need to go far to get to their jobs or to find services.


No commercial tenants have been signed for the three projects, Rivard says.


Driscoll Architects, of Seattle, designed the three projects, and S.G. Taylor Construction, of Seattle, is the construction manager on the projects.