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KIDDER.COM
AURORA LIGHTS 173-UNIT MULTIFAMILY DEVELOPMENT SITE
14925 AURORA AVE N | SHORELINE, WA | BUYAURORALIGHTS.COM
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
KIDDER.COM
For more information contact
HOLLY YANG, CCIM
MIKE YEH, MBA
AURORA LIGHTS
EXCLUSIVE REPRESENTATION
K I D D E R M AT H E W S i s t h e e x c l u s i v e L i s t i n g Brokerage Fi rm for th is Offer ing. Hol ly Yang, C C I M , a n d M i ke Ye h , M B A , a re e x c l u s i v e l y representing the Seller in the sale of Aurora Lights Development Site (“Exclusive List ing Brokers”) .
PROPERTY OFFERING
AU R O R A L I G H T S D E V E LO P M E N T S I T E i s a 1.35 acre vacant land parcel located at 14925 Aurora Ave N, Shoreline, WA 98133. The offering provides a buyer the opportunity to develop a 6-story, 173-unit mixed-use apartment bui lding located 1.5 mi les west of the future Shorel ine South/145th l ight rai l stat ion. The offer ing price is $6,300,000. The ownership wi l l review offers as received, but reserve the r ight to set a Cal l for Offers date.
OFFERING REQUIREMENTS
ALL OFFERS must be submitted to Holly Yang and Mike Yeh, and must include the fol lowing terms and information:
• Purchase price; • Amount and t iming of earnest money deposit ; • Timing for feasibi l i ty contingency, high-level summary of feasibi l i ty study to
be conducted, and post-di l igence closing period; and• Source of funds for acquisi t ion
3 AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS
Kidder Mathews is pleased to present Aurora Lights - a development site for sale in Shoreline, WA.
THE OFFERING
Aurora Lights is a 1.35-acre vacant land parcel that is perfectly situated just blocks north of Seattle city limits along the major Hwy 99 / Aurora north / south arterial, and 1.5 miles west of the future Shoreline South / 145th Light Rail Station. The Property provides an excellent opportunity for a developer to construct a multifamily project for a growing population of workforce-commuters looking for more cost-
INVESTMENT SUMMARY
effective housing options. The offering includes full sets of plans for a 6-story, 173-unit, mixed-use apartment building that are ready to submit to the City of Shoreline for review. With the streamlined review process, the developer can expect to break ground as soon as 6 months from permit submittal.
AURORA LIGHTS OFFERING
Price $6,300,000
Address 14925 Aurora Ave N , Shoreline, WA 98133
Parcel No. 282710-0005
Lot Size 58,972 SF / 1.35 Acre
Current Use Vacant Land
Jurisdiction City of Shoreline
Zoning Mixed Business (MB)
Project Summary
A proposed 6-story / 270,504 SF mixed-use building containing 173 dwelling units, 1,678 SF street level commercial space, and parking for 72 vehicles at grade and 139 vehicles at 1 subgrade level.
Permit Status “Permit Submittal Ready” - Drawings are complete and ready to submit to the City of Shoreline for review
PROJECT TEAM
Architect, Civil, Interior Design, and Landscape Architect: BCRA, Inc.
Structural: Swenson Say Faget
Building Envelope: Nexus
Geotech: Zipper Zeman Associates
Plumbing & Mechanical: Robison Engineering
PERMIT STATUS Pre-application Meeting and Public Meeting held in 2018. Required materials are complete and ready to submit, including architectural plans (70%), and structural plans (90%), traffic study, shoring plans, and acoustic study. Anticipated completion of review process is approximately 6 months from submittal.
AMENITIES Community room, outdoor courtyard, fitness center, dog wash and outdoor play area, and bike storage
PROJECT DEVELOPMENT
RESIDENTIAL PROGRAMMING
Unit Type No. of Units Average Unit SF Total SF
Studio 25 592 14,805
1 Bed / 1 Bath 69 708 48,845
2 Bed / 2 Bath 79 1,019 80,489
Total 173 833 144,139
COMMERCIAL PROGRAMMING
Type Total SF
Retail 1,678
PARKING PROGRAMMING
Floor Level Stalls
Ground 72
Subgrade 139
Total 211
PROJECT PROGRAMMING
Building Level Gross Area (SF)
Net Rentable Area (SF) Retail (SF) Amenities (SF) Parking (SF)
Circulation, Utility &
Storage (SF)
3rd - 6th 35,520 (each level)
29,170 (each level)
- 174 (each level)
- 6,176 (each level)
2nd 35,396 27,459 - 1,683 - 6,254
Ground 44,375 - 1,678 6,292 31,497 4,908
Subgrade 48,653 - - - 45,124 3,529
Total 270,504 144,139 1,678 8,671 76,621 39,395
AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS 4
EASY ACCESS TO FUTURE LIGHT RAIL STATION
The future Shoreline South/145th station with a slated completion date of 2024 is located just 1.5 miles east of the Aurora Lights site, and offers Aurora Lights residents an easy commute option to downtown Seattle in just 18 minutes.
NEAR AURORA SQUARE REVITALIZATION PROJECT
Ongoing redevelopment of Aurora Square will bring new shopping, dining, and walkable urban village experience to Shoreline residents. Aurora Lights site is located only 1 mile south of Aurora Square.
MULTI-FAMILY TAX EXEMPTION (MTE)
Aurora Lights site is located within the Shoreline’s MTE program area, which provides developers an opportunity to abate property taxes in exchange for setting aside a percentage of units as affordable units.
STRONG MARKET FUNDAMENTALS
Rent continues to climb and vacancies remain low due to explosive employment growth in the Seattle metropolitan area. The average household income is approaching $95,000 in a three-mile radius, well-above the national average.
PERMIT SUBMITTAL READY
The bulk of project design and permit pre-application work has been developed. The permit application is ready to submit to the City of Shoreline.
STREAMLINED PERMITTING PROCESS
Prospective buyers can expect to obtain permits and break ground in approximately 6 months from permit submittal.
ELEGANT AND LIVABLE BUILDING DESIGN
Guided by Fengshui principles, the building was designed with a sense of balance for indoor and outdoor space. The generous floor plans around a courtyard with a woonerf, connect Aurora Ave N with the Interurban Bike Trail.
INVESTMENT HIGHLIGHTS
AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS 5
FUTURE LIGHT RAIL STATION
After the Northgate extension opens in 2021, the Lynnwood Extension extends light rail into Snohomish County.
This will create four new stations:
• Shoreline South / 145th• Shoreline North / 185th• Mountlake Terrace • Lynnwood City Center
Upon opening in 2024, riders will enjoy fast, frequent and reliable service between south Snohomish County and the University of Washington, Downtown Seattle, the Eastside, Sea-Tac Airport, and more.
SHORELINE SOUTH/145TH STATION
Located just northeast of I-5 at NE 145th Street, the elevated Shoreline South / 145th Station connects to new Sound Transit SR 522 / NE 145th Bus Rapid Transit service, which also starts in 2024. A parking garage with approximately 500 new spaces will also be part of the project. Riders can expect to travel from Shoreline South / 145th Station to University of Washington in 11 minutes and to Downtown Seattle in 18 minutes.
Aurora Lights site is located just 1.5 miles west of the future Shoreline South / 145th Station.
SUBJECT PROPERTY
AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS 6
AURORA SQUARE REVITALIZATION PLAN
A new downtown for Shoreline and neighboring communities is coming into view: Shoreline Place.
In July 2013, the Shoreline City Council adopted the Shoreline Place Community Renewal Area plan to revitalize the approximately 70-acre area between N 160th and N 155th Streets to the north and south, and Aurora Ave N and Dayton Ave N to the east and west.
The core of the plan is the redevelopment of the 17-acre Sears property sold to Merlone Geier Partners last year. Beginning in Summer 2018 with an extensive public engagement process, their revitalization design includes a walkable urban village, tree-lined streets, a town green, dog park, sustainable landscaping, 75,000 SF of retail featuring local restaurants and cafes with covered outdoor seating, and 1,400 units of housing. Development is anticipated to continue over the next 10 to 20 years.
Aurora Lights site is located 1 mile south of Aurora Square.
155TH AND WESTMINSTER RETAIL ENTRY PLAZA
COMMUNITY GATHERING SPACE AND RETAIL IN EAST PLAZA
AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS 7
SEATTLE CBD - 11 MILES 268,000+ Employees
BELLEVUE - 15 MILES 150,000+ Employees
KIRKLAND - 16 MILES 37,000+ Employees
SUBJECT PROPERTY
BOTHELL - 8.5 MILES 25,000+ Employees
PUGET SOUND
LAKE WASHINGTON
U-DISTRICT - 7 MILES 28,000+ Employees
FREMONT - 6 MILES 20,000+ Employees
SLU - 9 MILES 45,000+ Employees
ACCESS TO EMPLOYMENT HUBS
AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS 8
NEIGHBORHOOD AMENITIES
EAT + DRINK
1 Hae-Nam Kalbi & Calamari
2 McDonald's
3 Taco Time NW
4 Old Village Korean
5 Taqueria El Sabor
GROCERY + SHOPPING
1 Seattle Ski and Snowboard
2 JOANN Fabrics and Crafts
3 Safeway
4 Central Market Shoreline
5 Marshalls
6 Shoreline Farmers Market
COMMUNITY + SERVICES
1 Safety First Driving School
2NW School for Deaf & Hard-of-Hearing
3 WSDOT - NW Region
4 United States Postal Service
5 Pacific Learning Center
6 The Evergreen School
6 Le’s Pho Tai & Sandwiches
7 Super China Bufet
8 Shake N Go
9 Pho Tic Tac
10 Las Margaritas
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SHORELINE SOUTH LIGHT RAIL STATION
SUBJECT PROPERTY
Shoreline Place Redevelopment Project
AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS 9
AREA DEMOGRAPHICS
POPULATION
1 Mile 3 Miles 5 Miles
2019 22,227 143,753 354,463
2024 24,160 153,771 354,463
Growth Projection 8.70% 6.97% 6.74%
HOUSEHOLDS
1 Mile 3 Miles 5 Miles
2019 9,875 62,616 141,922
2024 10,697 66,779 150,898
Growth Projection 8.06% 7.40% 7.88%
HOUSEHOLDS OCCUPIED
1 Mile 3 Miles 5 Miles
Renter 5,276 30,152 58,674
Owner 4,598 32,464 83,248
AVERAGE HOUSEHOLD INCOME
1 Mile 3 Miles 5 Miles
2019 $81,861 $94,038 $112,625
BALLARD
LAKEWASHINGTON
SUBJECT PROPERTY
ELLIOT BAY
PUGET SOUND
1 MILE3 MILES5 MILES
QUEEN ANNE
NORTHGATE
SHORELINE
KENMORE
MOUNTLAKE TERRACE
LYNNWOOD
EDMONDS
AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS 10
11 AURORA LIGHTS DEVELOPMENT SITE KIDDER MATHEWS
PARCEL INFORMATION
AERIAL VIEW OF PARCEL
NE 149TH ST
INT
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N T
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PARCEL MAP WITH DIMENSIONS
30
,26
5+
CA
RS
DA
ILY
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
HOLLY YANG, CCIM
MIKE YEH, MBA
For more information contact
KIDDER.COM
