Mercer Island, WA 98040 - LoopNet · 2019. 10. 24. · Mercer Island, WA 98040 29 DEVELOPMENT SITE...
7
7707 SE 29th Street Mercer Island, WA 98040 29 DEVELOPMENT SITE TIM O’KEEFE Executive Managing Director 425.362.1401 [email protected] BRODY O’KEEFE Director 206.453.1463 [email protected]
Transcript of Mercer Island, WA 98040 - LoopNet · 2019. 10. 24. · Mercer Island, WA 98040 29 DEVELOPMENT SITE...
7 7 0 7 S E 2 9 t h S t r e e t Mercer Island, WA 98040
29D E V E L O P M E N T S I T E
TIM O’KEEFEExecutive Managing Director
BRODY O’KEEFEDirector
7707 SE 29th Street Mercer Island, Washington 98040
THE OFFERINGNewmark Knight Frank, as exclusive advisor, is pleased to present the MI 29 Development Site (the Property) — A ±-22,769 SF single parcel. The existing improvements on the Property include a fully owner-occupied 1-story office building and a parking lot*—providing the ability to execute a development plan capable of accommodating ±36,653 square feet of office & retail development, or ±33,521 square feet of residential & retail development.
Located in the heart of Downtown Mercer Island, the site offers high walkability to restaurants, shopping and parks, excellent proximity to transportation, and is only minutes from two of the premier urban office, retail and residential markets in the Western United States, MI 29 offers investors a rare development opportunity.
29D E V E L O P M E N T S I T E
*Owner occupied through Q2 2020
GARAGE
EXISTING BUILDING
GARAGE 5,900 SF
OFFICE 2,107 SF
TOTAL BUILDING8,007 SF
PREMIER LOCATIONMI 29 is prominently situated in Downtown Mercer Island, square in the middle of two of the country’s leading coastal gateway markets. Surrounded by restaurants, shopping & parks, and with excellent walkability and transportation options, this site is exceptionally well suited for residential or mixed-use development.
EXCEPTIONAL DEVELOPMENT POTENTIAL The existing zoning allows for residential / retail development of up to 47 residential units, or mixed use development with up to 36,653 SF of office & retail.
STRONG DEMOGRAPHICSDemographics show that the amenity-rich neighborhoods of Seattle and Bellevue surrounding MI 29 cater to a young, highly educated workforce with significant disposable income. A healthy economic climate has made the Seattle Metro a hub for tech titans and well-funded startups. With a strong job market continuing to attract a talented, millennial-based workforce, the local downtown population is forecasted to grow by more than 4% annually in the next five years.
SUPERIOR ACCESSTouted as “Very Walkable” with a Walk Score of 80, the Property offers unparalleled access to urban amenities, transportation options and major freeways. Located only 4 blocks from the Mercer Island Park & Ride, commuters can conveniently access public transit services, including the Sound Transit Express Bus services with direct routes into Seattle & Bellevue and connecting routes to existing Link Light Rail stations. Additionally, the Link Light Rail expansion will pass through Mercer Island by 2023, providing max mobility for Mercer islanders.*
INVESTMENT HIGHLIGHTSThe MI 29 site provides the ability to develop up to ±36,653 GSF in one of the nation’s most attractive markets for multifamily / mixed use investment.
V E R Y W A L K A B L E
80
R E S I D E N T I A L U N I T S
47AT L E A S T
O R
G S F O F F I C E
36,653U P T O
*The Link Lght Rail extention is fully funded and the Mercer Island Station is currently under constrution.
90
90
SEATTLE CBD6 MILES
BELLEVUE CBD4 MILES
MERCERISLAND
downtown
MCGILVARA
ROANOKE
LUTHERBURBANK PARK
MERCERDALEPARK
N MERCER WAY
SE 24TH ST
W M
ERCE
R W
AY
SE 27TH ST
SE 29TH ST
ISLA
ND
CRE
ST W
AY
77TH
AVE
SE
78TH
AVE
SE
N MERCER WAY
AUBREY DAVIS PARK
PARK & RIDE
N
FUTURE LINK LIGHT RAIL STATION - 2023
Walk, Run, Bike Trails
Retail Cluster
30+ RESTAURANTS & SHOPS
5+ COFFEE SHOPS
8 BANKS
3 GROCERY STORES
AMENITIESWITHIN 4 BLOCKS
29D E V E L O P M E N T S I T E
Park MercerCondominiums
RITE AID
Post Office
Walgreens
Homegrown
The MercerApartments
New Seasons Market
Orange Theory
Starbucks
Newell CourtApartments
Island HouseAssisted Living
QFC Grocery
Island SquareApartments
77 CentralApartments
Retail Services
Restaurants & Retail Services
Restaurants & Retail Services
Mercer Park Building(formerly Farmers
Insurance Building)
Wells FargoBank
29DE VELOPMENT S ITE
7 7 0 7 S E 2 9 t h S t r e e t Mercer Island, Washington
29D E V E L O P M E N T S I T E
TIM O’KEEFEExecutive Managing Director
BRODY O’KEEFEDirector
The distributor of this communication is performing acts for which a real estate license is required. The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 18-1023_6/19
