By: dgardner

Rare new apartment project begins construction on Mercer Island

*BCRA is contracted to execute Building Envelope Testing services at The Hadley Apartments.

Puget Sound Business Journal
October 3, 2014
By Marc Stiles

Construction has begun on the Hadley, a 209-unit luxury apartment in the commercial core of Mercer Island.

It will be the only big apartment project to start construction on the island, according to the development group, a joint venture of Legacy Partners Residential and Resmark Cos. The total development cost is $63 million.

Apartment development is going gang-busters in and around downtown Seattle and in downtown Bellevue, but is relatively rare in suburban cities. One thing that makes the Hadley feasible is its location at Southeast 27th Street and 76th Avenue Southeast, several blocks from the island's main transit stop where a light-rail station is scheduled to open for service in 2023.

“With it getting increasingly difficult to move about the metro due to chronic congestion, we are delighted to find a site between Seattle and Bellevue that will be served by light rail," said Kerry Nicholson, the head of Legacy Residential in the Seattle area.

The project site is where the Islander Restaurant and a True Value Hardware store operated before relocating. The joint venture of Legacy and Resmark acquire the nearly two-acre property from the Keeler family for slightly more than $8 million, according to Parker Nicholson, development analyst for Legacy.

The project is named for Homer Hadley, who in 1921 proposed a floating concrete pontoon bridge across Lake Washington. He came up with the idea as a way to overcome the challenge of building a span across the deep lake.

Units will range from studios to two-bedrooms and will rent from just over $1,000 to $2,500. The six-story project will also have commercial space at the ground-level and 244 stalls of underground parking.

Via Architects designed the project, and Chinn Construction will build it. JP Morgan Bank is providing the construction financing.

 

View original article via the Puget Sound Business Journal

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