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SEATTLE-Milliken Urban LP has sold its interest in 2200 Westlake to lead developer Vulcan Inc. The estimated $200-million mixed-use development is under construction on a sloped 2.5-acre sight bounded by Westlake Avenue, Denny Way, Terry Avenue, Lenora Street and 9th Avenue. Terms of the deal were undisclosed.

The project will include a 160-room five-star hotel operated by Pan Pacific Hotels and Resorts topped with 33 luxury condos, 228 additional condominium units in two 11-story towers, a 47,000-sf Whole Foods grocery store, 39,000 sf of shops and restaurants, an 8.500-sf luxury day spa and a 5,700-sf Bank of America branch. About 95% of the condominiums have been sold. Completion is expected by October 2006.

Milliken Urban president Don Milliken says his company envisioned 200 Westlake and worked for 6.5 years to bring it to reality. The heavy lifting is done at 2200,” says Milliken. “Now … we’ve decided to accept a very good offer and move on to new Seattle projects and another in downtown Minneapolis.” Milliken provided no more detail on the new projects, other than to say further information would be made available “soon.”

Originally, 2200 Westlake included a 238,000-sf office tower, not a hotel. That was December 2000, however, when the office market was still healthy. In April 2003, Milliken told GlobeSt.com they were proposing to replace the office space with a high-end hotel.

“While Vulcan’s role has largely been on the financial end, they’ve been building a development arm and should be able to complete the final phases of the construction,” says Milliken. “It seems clear that Vulcan does not want to be involved in any real estate joint ventures. My understanding is they are in a legal dispute with one partner to dissolve (a different) partnership and have bought out another partner.”

A Vulcan spokesperson did not return a Monday phone call by GlobeSt.com seeking a response.

In April 2004, Vulcan took over lead developer status on 223 Yale, a 362,000-sf residential and office project, after one of its two partners, locally based Harbor Properties, sold its interest to Vulcan in order to focus its resources on other developments. Harbor Properties chief Denny Onslow told GlobeSt.com at the time that a major reason why all parties signed off on the transition was that Vulcan had greatly expanded its in-house development services team to 25 real estate professionals and now had the capability to handle the lead developer role.

For previous stories about 2200 Westlake, click one of the following story links:

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