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SEATTLE-In the works for five years now, a $12-million development is finally underway on a long-vacant parcel at the northern terminus of Capitol Hill’s Broadway commercial district.

A partnership of The Union Group and David Hoy of HMI Inc. is developing Broadway Plaza, a mixed-use development with 11,000 sf of retail space below 57 upscale apartment units. The building is scheduled for delivery this time next year.

Union Group partner Marty Nelson tells GlobeSt.com that the partnership, named Broadway’s End, paid about $4 million for the former gas station site after it was decontaminated and will spend another $7.5 million developing Broadway Plaza, which the partnership intends to hold long term.

The architecture firm Weber + Thompson designed the four-story, 44-foot-tall building and grounds, which features a public plaza with a water fall. The building itself will comprise brick and stone, slate and tile, concrete accents and steel decks.

The project was originally designed as 65-foot-tall in order to accommodate an extra floor for the nearby Susan J. Henry Library. While community planners promoted the idea, neighborhood groups hotly contested the proposed height and ultimately nixed the idea.

The original plans also called for 51 condominium units, not 59 apartments. Nelson tells GlobeSt.com that he made the change six months ago in response to the current economic climate. The apartments will rent for about $2 per sf. The triple-net asking rate for the retail space will likely be in the $30 to $35 range, says Nelson, adding that there is a long list of good-credit tenants interested in leasing space.

The Union Group consists of Nelson and Ron Lien, who have developed residential projects on Queene Anne, Shilshole Bay and, most recently, in Downtown Bellevue. Prior to forming the Union Group, Nelson and Lein operated L&N Properties. They have been partners for 18 years. Hoy’s HMI Construction will act as the general contractor for Broadway Plaza.

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