211-Unit, 260,000 SF Pike/Pine Corridor Project Reflects Site History Through Preservation of Old Building Facades
Madison Development Group (www.mdgllc.net), a Seattle-based company specializing in commercial real estate development, today announced the ground breaking of ‘Excelsior,’ a new 9-story, 263,000 sq. ft. mixed-use development in Seattle’s Capitol Hill neighborhood.
Located in the dynamic and culturally rich Pike/Pine Corridor of Capitol Hill at the corner of Melrose Ave. and Pine St., ‘Excelsior’ is designed around the site’s original two character structures, the Timken Roller Bearer Building and Melrose Building, which will have their aging facades restored and included in the new project design.
Featuring 206 residential apartment units, the building will also include 12,800 sq. ft. of retail and commercial space, including a restaurant, and 12,200 sq. ft. of outdoor amenities. The mixed-use project is estimated to be complete during the second quarter of 2016.
“We’re thrilled to introduce ‘Excelsior,’ which will act as a gateway to the Pike/Pine neighborhood and set a precedent for adaptive reuse of historic buildings in this important Seattle corridor,” said Tom Lee, Madison Development Group (MDG) owner and co-founder.
Featuring 5 loft two-bedrooms +den, 12 two-bedrooms , 153 one-bedrooms and 36 studio units, interiors at ‘Excelsior’ will include exposed concrete ceilings, natural wood doors and cabinets and tile floors and floor to ceiling window-walls. The all-concrete structure will also contain 172underground parking spaces.
By preserving façades of Timken Roller Bearer Building, Melrose Building, and rebuilding the façade of the garage building adjacent to the Melrose Building, Excelsior will make use of preservation incentives set by the Pike Pine Neighborhood Conservation Overlay District.
Detailed as four distinct buildings, with each tailored to the historic structures and the street character below, Excelsior will include a window wall facade incorporating a variety of colors, textures and window patterns. The new building will be set back from the face of the retained character structures on each side.
The building’s retail and residential terraces will also add activity and interest to the street below, keeping with the transformation of Melrose Avenue into a future pedestrian promenade. A mid-block courtyard will also provide light, air and open space for residents and will introduce a new landscaped green-space to the street, which will act as a secondary entrance to the apartments.
Madison is actively leasing the commercial spaces with Anne Marie and Erika Koehler of JLL. Residential pre-leasing will begin after the first of the year 2016.
In addition to Melrose & Pine, Madison Development Group has completed 50 projects totaling more than six million square feet.
Excelsior is designed by Seattle-based Hewitt architects, and interior designer Robin Freeman of Two 9 Design. Structural engineering is provided by CPL, Civil engineering is by KPFF and the landscape architect is Hewitt. The general contractor is Chinn Construction and Construction financing is provided by Wells Fargo.