Over the years we have watched the progression of the gas station that had long stood in the Madrona business district for over 70 years be demolished and reincarnated as Pike Station, a 7 unit townhome project. The project has been sustainably built, incorporating 15,000 gallons of onsite harvested rain water, radiant floor heating, and has private rooftop gardens for each unit, accommodating soil depth for food production. It appears all but one of the residential units have already sold, (70% of the units had sold in June of 2012 last year way before project completion) and there is also commercial retail space at street level currently available. This corner unit has great visibility on 34th ave, with concrete flooring and 12 ft high ceilings. The lease rate is set at $60/sf/yr, and common shared restrooms are located in the rear of the courtyard. If you have any updates on this project, please share them with us!
The other week, I wrote about the proliferation of Madrona real estate development and what it indicated to me: that the Seattle real estate market is improving. Since my blog, two things came to my attention to bolster my thoughts. One, the May local real estate market numbers were released and again there were gains in the local real estate values: especially in certain Seattle neighborhoods such as Leschi/Mt. Baker. Two, I noticed that the Pike Station on 34th and East Pike is reporting that 5 of the 7 Madrona townhomes have already sold. As most Madrona residents know, the Pike Station is still far from completion so having a majority of the homes sold is encouraging.
If you want to know more about the Seattle real estate, please feel free to contact me.
On the front page of the Seattle Times Local Section today was a good article about the old gas station on the corner of 34th and Pike that will be torn down this Wednesday. It will be replaced by mixed-use building named the “Pike Station” with retail on the ground floor and townhomes above.
The article’s theme was: sometimes it is okay to see local Seattle “landmarks” go. (The building is not an official landmark). The article spoke about how the Madrona neighborhood has been accepting of the change to its real estate unlike other Seattle neighborhoods such as Green Lake with the “Twin Teepees trama” or Ballard with the “Sunset Bowl bluster.” The Seattle Times also gave a good history of the Madrona property with interviews with the current owner Tom Flood (owner since 2002) and previous owner Marjorie Lutton (owner from 1966-2002).
Check out the first link above to the Seattle Times’ article to learn about a sliver of Madrona’s history and to get ready for the newest addition to the Madrona Business District.
This Saturday there will be a celebration to say goodbye to the old Madrona gas station located on the corner of 34th and Pike and to welcome the new seven green townhome project that will replace it. Seattle permits have been obtained and the owners of the Madrona real estate are moving forward to build the “Pike Station.” The Pike Station will consist of 6 live-work townhomes and one residential loft. Each townhome will have both ground floor retail which opens to an interior courtyard and a 2 story, 2 bedroom, 1.5 bath apartment above it. The project will be environmentally friendly making extensive use of natural, sustainable materials and include such features as a system to reuse rainwater.
The Madrona neighborhood is invited to say farewell to the Madrona Landmark and welcome the new addition to the Madrona business district this Saturday, January 28th from 6 – 9 PM. Food, drink, music and art activities will be onsite. Please come by 1435 34th Avenue this weekend for the celebration.