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Vulcan Buys 23rd & Jackson Site for $30.9M, Eyes Mixed-User

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Vulcan isn't just about development in South Lake Union or even Yesler Terrace, they've got their eyes on Central District as well. That's why they've purchased six acres on the north and south sides of South Jackson off 23rd Avenue for $30.9 million. Paul Allen's company is in the early stages of the Promenade 23 complex, a mixed-use project that will include approximately 570 rental units in two buildings, with heights of five-to-seven stories. Plans also call for below groujnd parking, a publicly-accessible plaza, and ground-floor retail. Vulcan plans to take advantage of Seattle's Multi-Family Tax Exemption program by setting aside 20 percent of the units for workforce housing at 65 percent of area median income. Designed by Runberg Architecture Group, the project is rargeting LEED Gold certification. Vulcan says they want to break ground on the first phase of the project by mid-to-late 2017 and expects construction to last around 24 months. One part of the site that's staying the way it is (for now) is the parcel on the north side of Jackson, which is home to Starbucks, Walgreens, and a few other retailers.
· Done deal: Vulcan pays $30.9M for 6 acres at 23rd and Jackson [CHS]