“Flowers+”
4742 & 4237 University Way NE
PROPOSED USE: RESIDENTIAL MIXED-USE
PROPOSED USE: RESIDENTIAL MIXED-USE
CURRENT STATE
Comprising two parcels, this site is currently occupied by a restaurant and retail businesses across two buildings. One restaurant space is vacant and the prominent space on the corner of 43rd and University Way NE has limited and inconsistent operating hours. The facilities are in a depreciated condition and in need of serious investment. This proposal supports the development of one mixed-used building on both parcels, requiring their purchase and consolidation.
This is a prime location situated steps away from the new University District Link Light Rail Station and the main Seattle Campus of the University of Washington.
PROPOSAL
PROPOSED USE: MIXED-USE RESIDENTIAL WITH GROUND FLOOR RETAIL & DINING
Ground floor use in the proposed development will include retail and restaurant. Ground floor uses should capitalize on the all-day foot traffic that is present due to its proximity to light rail and the University of Washington. Business hours and services should begin in the AM commuting hours and extend to the evening, beyond typical PM commute hours. Market research shows an opportunity for mid/high end dining with table service as the market is saturated with fast-casual/counter service restaurants. Potential ground-floor retail businesses could include a bicycle shop, offering retail and service. There is high demand for bicycle parts and service in the area and multiple shops on the outskirts of The Ave, but none in the heart of the U-District.
Quality design elements should accompany a transparent frontage onto the prominent corner and should contribute to a lively and safe atmosphere that instills a proud sense of place onto the streetscape.
Photo Sources: Emberly Interior by Julia Keim for Condé Nast Traveler & Glady’s Bikes Interior by Ashley Anderson for Momentum Mag
DEVELOPMENT SCENARIO A: 5 STORIES
SCENARIO A METRICS:
Dwelling Units per Acre: 197
Net Operating Income: $263,055
Landowner Return on Asset: 5.90%
5-year Valuation Number: TBD
Ground Floor
Rent/SF/Year: $35
Uses: Restaurant, Retail
Retail SF : 9,171 SF
Residential Floors
Total Unit Count: 56
Average Rent:
Studio: $1,574
1 BR: $2,011
2 BR: $2,979
EXAMPLE YIELD PLANS
DEVELOPMENT SCENARIO B: 6 STORIES
SCENARIO B METRICS:
Dwelling Units per Acre: 247
Net Operating Income: $297,432
Landowner Return on Asset: 6.02%
5-year Valuation Number: TBD
Ground Floor
Rent/SF/Year: $35
Uses: Restaurant, Retail
Retail SF: 7,744 SF
Residential Floors
Total Unit Count: 70
Average Rent:
Studio: $1,574
1 BR: $2,011
2 BR: $2,979
EXAMPLE YIELD PLANS
