Westlake - Investor

Project Details

Small Brick Warehouse Building on 12K SF Lot

2553 Westlake Ave N, Seattle, WA 98109

Small vacant brick building on steeply sloped 12K SF lot prime for future redevelopment.  By identifying the steep slope areas and navigating the ECA variance process, 47 North intends to assemble this property as part of a larger development on Westlake Ave N.


Project Goals

  • Lease vacant building in near term to provide cash flow during permit process.
  • Maximize the buildable area through identification of steep slope areas and 30% intrusion limits.
  • Assemble property with additional adjacent sites.

Key Investment Highlights

  • Taylor redevelopment plans based on realities of additional property assemblage.
  • Potentially entitle and sell larger project to national developer.
  • Build and sell smaller live-work project depending on viability of larger assemblage.

By The Numbers

Acquired - 2018

Built/Renovated - 1925/2019

Lot - 12,000 SF

Zoning - C2-55

Building - 1,568 SF

Buildable - 39,000 SF

Interesting Building Fact

The existing building was the long-time foundry for native Seattle sculptor Robert Mortenson.

Project Team

Geotech:  PanGeo

Survey:  Chadwick & Winters

Features of Westlake - Investor