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Mixed-Use

Frelard Development Site

4332 Leary Way NW, Seattle, WA 98107

Listing Price: Request For Offer

Lot Size
1.39 acres
Land Type
Land

Investment Overview

The Frelard Development Site consists of nine tax parcels that nearly encompass an entire city block and total 60,363 square feet. Currently the site is occupied by a mix of bars, small multifamily structures, and single-family residences. The leases on all of these properties are short term and thus provide a prospective buyer with the opportunity to develop the site unencumbered of tenants. The site is situated at the border between the popular Seattle neighborhoods of Fremont and Ballard, appropriately nicknamed “Frelard,” and offers 400 feet of street frontage on Leary Ave NW, which carries nearly 30,000 VPD and is the primary arterial connecting the two neighborhoods. The immediate area has experienced tremendous growth and development in recent years, specifically with the completion of Center Cal’s Terminal at Ballard, a 39,000-sf grocery-anchored, neighborhood center; as well as Martin Selig’s 15th & Market office building, which is anchored by Target, Polyclinic and WeWork. Adding to the retail draw of the area, a 164,500 sf Fred Meyer is situated across the street from the property, and Ballard Blocks I & II - a 265,000 sf retail and office complex anchored by PCC, Trader Joe’s, LA Fitness, Ross, and Kaiser Permanente – is less than ½ mile away. Furthermore, this part of the city has become the brewery district of Seattle, and is home to over a dozen breweries such as Fremont Brewery, Lagunitas, Rueben’s and Stoup. The site is zoned IB U/45 and lies within the Ballard-Interbay-Northend Manufacturing Industrial Overlay (BINMIO) and a frequent transit service area. The zoning allows for development of industrial, office, retail, storage or a combination of the aforementioned types with a floor area ratio (FAR) of 2.50, which would allow for total buildable area up to 150,907 square feet. Total area per parcel for a structure is capped at 100,000 square feet for office use and 75,000 square feet for retail use. The maximum height allowed for a new structure is 45 feet. Because the property is located with the BINMIO and a frequent transit service area, parking requirements are reduced by 15% and can be further reduced by up to 50% if certain strategies are implemented. Multiple water, drainage and sewer lines surround the property, thus providing multiple locations for infrastructure access. The City of Seattle does not recognize any environmentally critical areas within property. This is an excellent opportunity for a developer to capitalize on a large and well located site at the midway point between two of Seattle’s most popular neighbors.

Investment Highlights

  • Rare Large-Scale Development Opportunity
  • Prominent Retail Trade Area
  • Transit Oriented and Accessible

Exclusively Listed By

Listing Price: Request For Offer

Lot Size
1.39 acres
Land Type
Land

Investment Highlights

  • Rare Large-Scale Development Opportunity
  • Prominent Retail Trade Area
  • Transit Oriented and Accessible

Investment Overview

The Frelard Development Site consists of nine tax parcels that nearly encompass an entire city block and total 60,363 square feet. Currently the site is occupied by a mix of bars, small multifamily structures, and single-family residences. The leases on all of these properties are short term and thus provide a prospective buyer with the opportunity to develop the site unencumbered of tenants. The site is situated at the border between the popular Seattle neighborhoods of Fremont and Ballard, appropriately nicknamed “Frelard,” and offers 400 feet of street frontage on Leary Ave NW, which carries nearly 30,000 VPD and is the primary arterial connecting the two neighborhoods. The immediate area has experienced tremendous growth and development in recent years, specifically with the completion of Center Cal’s Terminal at Ballard, a 39,000-sf grocery-anchored, neighborhood center; as well as Martin Selig’s 15th & Market office building, which is anchored by Target, Polyclinic and WeWork. Adding to the retail draw of the area, a 164,500 sf Fred Meyer is situated across the street from the property, and Ballard Blocks I & II - a 265,000 sf retail and office complex anchored by PCC, Trader Joe’s, LA Fitness, Ross, and Kaiser Permanente – is less than ½ mile away. Furthermore, this part of the city has become the brewery district of Seattle, and is home to over a dozen breweries such as Fremont Brewery, Lagunitas, Rueben’s and Stoup. The site is zoned IB U/45 and lies within the Ballard-Interbay-Northend Manufacturing Industrial Overlay (BINMIO) and a frequent transit service area. The zoning allows for development of industrial, office, retail, storage or a combination of the aforementioned types with a floor area ratio (FAR) of 2.50, which would allow for total buildable area up to 150,907 square feet. Total area per parcel for a structure is capped at 100,000 square feet for office use and 75,000 square feet for retail use. The maximum height allowed for a new structure is 45 feet. Because the property is located with the BINMIO and a frequent transit service area, parking requirements are reduced by 15% and can be further reduced by up to 50% if certain strategies are implemented. Multiple water, drainage and sewer lines surround the property, thus providing multiple locations for infrastructure access. The City of Seattle does not recognize any environmentally critical areas within property. This is an excellent opportunity for a developer to capitalize on a large and well located site at the midway point between two of Seattle’s most popular neighbors.

Exclusively Listed By

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