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All the latest news articles and market trends of the Seattle Real Estate Market. If it is happening in Seattle it is happening on the Stroupe Group.

AvalonBay Looking to Build in Belltown

A new apartment building might be coming to Belltown! AvalonBay is seeking approval to build on the former McGuire Apartments site, a half-block plot at 210 Wall Street.

210 wall street Map View of 210 Wall Street

According to the permits filed with the Department of Planning just last week, the company is seeking to build a 24-story mixed-use tower containing 320 apartments (and 250 parking spaces) in addition to 9,000 square feet of retail space.

AvalonBay Communities, Inc. is a publicly traded real estate investment trust (REIT) headquartered in Arlington, VA. The company, founded in 1978, develops, manages and acquires apartment communities. According to its website, it has 17 complexes in Washington, from Bothell to Ballard.

For those unfamiliar with the now defunct McGuire Apartments, here’s the story behind the infamous structure. The 272-unit building owned by Carpenter’s Tower LLC was erected in 2001 for $32 million by McCarthy Building Companies Inc. The prime Belltown location made the building extremely popular. Until 2007, that is. That year, the owner filed a lawsuit against the builder over construction problems. It turns out that the post-tension steel cables which reinforced concrete slabs were corroding because the end of the cables were not property protected with anti-corrosion paint. Apparently, the wrong type of grout was used to seal the cable ends and anchors, resulting in water seeping in and, eventually, deterioration. In addition, issues with concrete and reinforcement placement were discovered.

Multiple inspections estimated that cables were likely to start breaking in the beginning of 2011 and close to a third of them would fail by 2019. After considering numerous ways to remedy the situation, the owner decided to proceed with demolition & the Department of Planning and Development issued an order deeming the building unsafe. While the legal issues between Carpenter’s Tower LLC and McCarthy Building Companies Inc. were eventually settled, the terms were not disclosed. The last of the residents moved out of the building in August of 2010 and ten year old building was eventually demolished – a first in the Pacific Northwest.

mcguire FedEx/Kinko’s – McGuire’s last tenant.

We will be keeping an eye on the 210 Wall St site & will post as new information becomes available.

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