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SEATTLE, WA-A revival of waterfront properties is underway along Elliott Avenue north of this city’s Downtown. One of the largest projects on track for the so-called Interbay area is Immunex Corp.’s campus on a 29-acre parcel near Elliott Avenue and Galer Street. As well, Triad Development has been acquiring small commercial properties at the corner of 15th Ave. West and West Blaine Street, and a Staples is planning to take over the former Funplex building adjacent the Magnolia Bridge.

The Immunex Research & Development Center will contain 1.1 million sf of usable space, into which it will consolidate its headquarters, R&D and other Seattle operations. To facilitate access to the biopharmaceutical company’s new complex, the city recently approved plans to build a new overpass spanning Elliott Avenue and adjacent railroad tracks. The company expects to break ground on the project sometime in the first quarter of 2001.

Triad is targeting Interbay for possible development as it reportedly views the area as a natural continuation of the commercial redevelopment of Seattle’s waterfront. Though the Seattle developer’s acquisitions there currently measure less than one acre, sources tell GlobeSt that Triad has expressed interest in some of the six surrounding acres now owned by Tsubota Investments. No Triad spokesman was immediately available for comment.

Gordon Fouts of Colliers International represented owner, Cloverdale Investments of Vancouver BC, in the recently inked 28,500-sf lease by Staples Inc. in the 52,000-sf Funplex building on Elliott. According to Fouts, the $9 billion retailer of office supplies, furniture and technology is planning to spend about $1 million renovating the space for a new retail store there.

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