For those who regularly travel Stone Way, the fact that work has resumed in the pit at 40th Avenue North & Stone Way is hardly news. Yet, those who haven’t recently gone by should take a look at the progress being made. This is not some slight sign of activity. On February 16th, heavy equipment dug, shifted and drilled in three different areas of the property, while workers scrambled, consulted and labored to erect a long-awaited structure.
‘The pit’ nickname will soon give way to Stoneway Village – a five-story building, of 154 market-rate rental apartments (including seven live/work spaces along Stone Way,) 17,000 square feet of commercial space and 189 underground parking spaces. Stoneway Village LLC purchased the site, from Quality Food Centers (QFC) late in 2010, and representatives estimate construction will take, approximately, 18 months.
Exactly As Planned
Nothing about development plans for Stoneway Village has changed from the Master Use Permit (MUP) issued in 2008, and the community review process done at that time. Review of the current permit status, according to the City of Seattle Department of Planning & Development, shows no applications for significant changes.
The delay since 2008 had nothing to do with design. The national economic downturn made financing extremely difficult, if not impossible, to find until now. In January, the Daily Journal of Commerce reported that the well-respected Benaroya Company has provided financing for Stoneway Village, to complete the project, and have it sold.
Leasing of the apartment and live/work spaces will start in early 2012, yet Stoneway Village LLC will begin to solicit commercial tenant(s) over the next few months, now that they can promise a completion date. While there have been inquires, the space has not been leased yet. The permit on the project allows for either a single tenant, or several smaller tenants.
