OTHER DEALS OF NOTE
The Fremont Fine Arts Foundry, an artistic haven that seems destined to become a restaurant/night spot, was sold to wine products maker True Fabrications; the owners plan to turn the space into a restaurant and wine tasting rooms. The foundry itself may not be too well-known, but chances are you've seen two of its more famous productions: the above statue of Jimi Hendrix (Capitol Hill) and one of V.I. Lenin (Fremont), which was shipped from the former Czechoslovakia and reassembled at the Foundry.
SIGN OF THE TIMES
Apartment development is in, condo development is out. Case in point: the long-planned ArtHouse condo project, which was to go up across the street from the Seattle Art Institute in Belltown, is going to be apartments instead. The Pauls Corp, based in Denver, stopped work on the condo project after the economy slowed in '08 to explore the possibility of turning them into apartments, and that's what's happened. Some, including economist Matthew Gardner, feel it may be years before we see a big condo project in Seattle again.
The Martin, a Vulcan high-rise luxury apartment project on Fifth and Lenora, will house 188 units. The Martin was initially a condo project too. Vulcan is also busy working on its Stack House project, a 278-unit development in the Cascade neighborhood near Amazon's HQ.
Through CBRE, Seattle biopharmacutical Cell Therapeutics has leased 66k SF at 3101 Western Ave, a building owned by Martin Selig. CBRE EVP Tim O'Keefe and SVP Jesse Ottele repped the lessor.
PLANNEDA 40-story apartment tower downtown on Ninth and Pine, a project begun by Security Properties and just acquired by Holland Residential.