SEATTLE—Regency Centers, a national owner, operator and developer of grocery-anchored shopping centers, has closed on 212,000 square feet of mixed-use property in the Capitol Hill neighborhood of Seattle. This property consists of 111,000 square feet of retail, as well as 30 residential units, and 230 stalls of subterranean parking.

Broadway Market has a long history on Capitol Hill, having been developed into a plaza mall with a movie theater and residences on its Harvard Ave E side in 1989 by local developer Val Thomas. Gold's Gym now occupies the former theater and most of the second floor while QFC has occupied the plaza and former Fred Meyer spaces since 2004. Broadway Market's plaza and small businesses served as an unofficial cultural center of Capitol Hill for many years.

Anchored by one of the top performing QFC locations in the 66-store chain, this site has a long-standing history of serving the needs of the Capitol Hill community. Other well-known Regency properties include the recently completed $90 million ground-up development Grand Ridge Plaza in Issaquah, Sammamish Highlands, and Cascade Plaza, among many others in the greater Washington state.

“This is a tremendous addition to our Pacific Northwest platform, as we continue to grow our business through development, redevelopment, and acquisitions of highly productive urban and suburban grocery-anchored and mixed-use properties,” said Craig Ramey, senior vice president and senior market officer for Regency Centers. “Broadway Market already provides a densely populated community with needs that fulfill their lifestyles, and we will make subtle but important changes to enhance this experience and further connect with the community.”

As Washington state's most dense market, Capitol Hill boasts nearly 28,000 residents per square mile. In 2013 alone, Seattle grew faster than any other major American city by adding close to 18,000 residents. Broadway Market is located within walking distance of the major employment hubs of Downtown Seattle and just east of Amazon's upcoming new 3.3 million square foot global headquarters.

 

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