700 Dexter Ave.

South Lake Union, Seattle

 

Property Highlights:

  • A 1.4 acre city block in one of Seattle’s most desirable, fastest-growing commercial and residential areas, South Lake Union
  • Former location of an industrial dry-cleaning operation with significant soil and groundwater contamination
  • Abandoned over a decade
  • Owned by a successful businessman who was determined to transform the land for his heirs and the community


Unlocking Property Value:

  • Comprehensive risk management, protecting the seller and future buyers/developers
  • Thorough, responsible environmental engineering and cleanup of soil and groundwater
  • New entitlements, making use of zoning changes that tripled development height
  • A $28 million capital stack, led by Frontier Renewal’s own equity fund and business-insurance settlements, to get the project done
  • Negotiated settlements with four insurance companies on claims under comprehensive general liability policies


Current Status:

  • Demolition of all building completed March 2013
  • Onsite cleanup of contamination substantially complete. Offsite clean up will continue for several years
  • Sale to biotechnology research and development firm to close April 2014, bringing new investment, jobs, residents and commerce to the area


In Seattle and elsewhere, Frontier Renewal eliminates uncertainty and risk—often the only barriers to brownfield redevelopment