John Stone plans more apartments in Seattle
Spokane concern to build projects that will cost about $15.5 million, have 119 unitsJune 4th, 1998
John Stone Development LLC, of Spokane, plans to develop two more apartment complexes near downtown Seattle that together are expected to cost about $15.5 million. They will include a total of 119 apartment units.
The company, which is owned by Spokane developer John Stone, is working on the project for and is a member of DoubleUp LLC, a group of Spokane investors. Through DoubleUp, John Stone Development already is building on three other mixed-use apartment complexes in the Seattle area that include 300 dwelling units plus 15,000 square feet of commercial space. Those projects, announced last November, have a combined estimated cost of about $38 million.
One of the new projects will be located just south of Lake Union near a Marriott hotel in the Cascade District, and the other will be on First Hill near Harborview Medical Center, says Jim Rivard, director of real estate for John Stone Development.
DoubleUp LLC recently agreed to buy the sites, Rivard says. He says the estimated $15.5 million price tag of the projects includes land costs.
The biggest of the two complexes, to be called the Cascadian Apartments, will be located on a 16,600-square-foot site near Lake Union. Construction of the six-story, 74-unit complex, which will include an underground parking garage, is expected to begin late this summer. The Cascadian Apartments will cost between $9 million and $10 million to build, Rivard says.
The smaller complex, to be called the StoneTerrace Apartments, will be located on an about 14,000-square-foot site. Construction of that six-story, 45-unit complex, which will have an underground parking garage, is expected to begin in September and to be completed next year. The project will cost about $5.5 million, Rivard says.
Driscoll Architects, of Seattle, designed both projects, and S.G. Taylor Construction, of Seattle, is the construction manager on the projects
Rivard says John Stone Development also is eyeing additional land in the Seattle area to develop more projects.
Separately, John Stone Development is developing a $14 million, 144-unit retirement campus on about five acres of land in Oceanside, Calif. That project involves construction of three buildings that will have a combined total of 100,000 square feet of floor space. That project is expected to be completed this fall.