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Developer With Big Plans Just Paid $3.5M For Ballard Homes

Right now on the corner of NW 56th Street and 17th Avenue NW, you'll find a 1944-built 1,290 square-foot home converted for commercial use next to a 1,292 square-foot duplex. Neither are in particularly great shape. Naturally, someone just paid $3.5 million for them. Both purchased for $150,000 each back in 1984, the buildings sit on a 4,750 square-foot lot valued anywhere between $600-940K, depending on the listing service. So, uh, what gives? The lot is one block removed from Market Street and in prime apartment building territory where available property is getting slim. The buyer is a group called LMV 1701 Ballard Holdings, which is linked to Lennar Corp. one of the largest homebuilders in the country. Their plan is a seven-story building with 177 apartment units above 22 live-work units, 4,406 square-feet of retail space, and parking for 144 vehicles. The property is being called The Valdok, assumedly for the family name of the sellers. Clark Design Group is the architect on the project.
· 1707 NW 56th St [Zillow]
· 1707 & 1711 NW 56th St [DJC]
· Notice of Application [DPD]
H/T: Whitney