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Seattle — Vulcan Real Estate has acquired two retail properties comprising six acres on the north and south sides of South Jackson Street in Seattle for $30.9 million.
Vulcan intends to develop a mixed-use project comprised of 570 multifamily units, subterranean parking and ground floor retail in two five- and seven-story buildings on the 3.6-acre south parcel of land currently known as Promenade 23.
Runberg Architecture Group is designing the project. Groundbreaking is set for mid- to late-2017, with construction expected to last 24 months.
Vulcan has no current development plan for the north parcel, which is home to approximately 36,000 square feet of existing retail occupied by Walgreens and Starbucks Coffee.