Plan for contaminated Seattle city block at 700 Dexter includes repositioning for mixed-use development
Frontier Renewal, a nationally recognized leader in brownfield redevelopment, has finished demolition and begun cleanup of its South Lake Union property in Seattle. The 700 Dexter property totals 1.4 acres and spans an entire city block. Frontier Renewal acquired the brownfield property in January of 2010.
The property is located between Valley Street, Roy Street, Dexter Avenue and 8th Avenue in South Lake Union. It was the former location of an industrial dry-cleaning operation and an Auto Hound Collision Center. The site has significant soil and groundwater contamination including PCE as a result of historical operations.
Demolition of all exterior buildings concluded last month after a decade of abandonment. Contamination cleanup begins this month, and by first quarter 2014 the onsite cleanup will be substantially complete allowing development to begin. Offsite cleanup will continue for several years.
Frontier Renewal led the effort to settle with four insurance companies on claims under comprehensive general liability policies. The insurance settlement proceeds have provided the money necessary to clean up environmental contamination beneath the site. The area has been rezoned to allow for significantly higher density, which led Frontier Renewal to plan the site for a biotech facility.
“Frontier Renewal is excited about this property and putting it back to good use,” said Eric Williams, President and CEO of Frontier Renewal. “South Lake Union is developing into a hub of life sciences research which will be a good fit for this property when it’s ready for development next year.”
South Lake Union is a booming real estate area adjacent to downtown Seattle. The 700 Dexter property is within a few blocks of the Bill and Melinda Gates Foundation headquarters and the new Amazon world headquarters.
Demolition photographs available by request.
About Frontier Renewal:
Frontier Renewal is a brownfield redevelopment company that acquires environmentally challenged real estate. We integrate a unique combination of real estate, environmental, and financial expertise and capabilities to our projects. We acquire and take title of environmentally challenged real estate, utilize our money to develop a complex capital stack, assume and extinguish environmental liabilities, and reposition properties for highest and best use. Visit www.FrontierRenewal.com.