All Forum Posts by: Julie Nealey

2.68acres Prime Mixed Use, pre-app approved land for sale. 2.27acres buildable in a PRIME location in Mill Creek, WA, a suburb just north of Seattle in a very hot market. Median income over 105K -- Property sits with excellent frontage for prime retail on major SR 527 at a dedicated right hand turn lane. Just 2 miles North of the Mill Creek Town Center. Traffic counts are very high. 

Environmental complete, partially cleared and graded. Rezone is possible for $2500. City has been great to work with. My circumstances changed. FOR SALE -  Feel free to reach out and ask questions.

You would also need to have parking. If you only have 8000sq ft lot, you would not have the space for your parking requirements if you plan to max out the site.(Most requirements are per X sq ft. (Of course you could always go underground, but that is a very very expensive and I would not recommend it.)

I wish you luck!

 What about mixed use development? Best of both worlds? 

@Douglas Gratz Your original post was from Dec 2021. I'm curious where you are in the process? Have you completed all your due diligence? I just went through this process and it cost me 700K to get full entitlements. 

If you have an elevator as you mentioned originally, that alone will cost 30-50K. Of course, I am in a suburb just north of Seattle and I got bids for my 14 multifamily townhomes/commercial that came to $300sq ft and my finishes were high-end, but NOT luxury for anticipated sale price between 950K-1million (Townhomes) Prime retail. It took me a year to get entitlements. So hard money needs to be 2years at least and I suggest doing interest reserve. Traffic mitigation fees alone were 30K for my site and the surety bonds required by the City were about 80K. We also bid 20% contingency cost just to insure we had the required funds to compeletion.

 

 I listed it, so it's on the market now. I think the biggest hurdle is the re-zone from 50/50 +1 commercial to 75/25, but is very doable. Thank you Jess.

When you say "alternative investments" are you looking to develop?

As far as meeting hard money lenders, I have always cold called, but I would say that it really is 50/50 if you actually get to speak with someone. Cold calling got me my first HML, but I have found a wonderful broker that helped me find my latest lender, he was/is excellent at what he does, honest and extremely responsive, so much worth the fee.

 Thank you. 

I own raw land in a prime location just north of Seattle in a very good location. Its mixed use, 50/50 +1 split. I have owned the property for 4years and pre-covid actually obtained all entitlements to build an owner occupied development.  I even started to clear and grade the site, and then Covid hit. Coming out of covid the cost to build over doubled and I could not have my clients absorb that, so I decided to go a different route. Had the wetlands redetermined and went from a 100' buffer to a 50' buffer. HUGE!!! I could then max out the site and had a new site plan drawn up and pre-app approved for multifamily/commercial. 

I am not a developer. I have learned A LOT going through the permitting process the first time around, but for the new site plan, its a bit too big for me to tackle. My questions are:

Sell ? In this market will we not get our asking price as developers are in a "wait and see" pattern?

Keep it undeveloped and hold it for a while as the value will only increase, as it is in a prime location with incredible traffic counts and frontage on a major state route.

Bring in an experienced developer and develop it? If so, what are typical splits for deals like this? 

Thank you in advance?