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SEATTLE-Locally based Vulcan Inc. is gearing up for development of a 90-unit condominium development on what is now a surface parking lot at 9th Avenue North and Harrison Street in the South Lake Union neighborhood. The property arm of billionaire Paul Allen’s says it will be the first of 10 new residential developments it will construct in the neighborhood over the next several years as it continues to redevelop the 60 acres it has accumulated there in recent years.

The 72,500-sf, six-story development will include a mix of mezzanine and full height lofts with exposed wood ceilings and fireplaces, underground parking and a roof deck. The street level will include 4,000 sf of retail, including a café with outdoor seating, though no deal has been struck.

Geared toward first-time homebuyers, the units will range from 680 sf to 1,100 sf. The smallest units will start at around $250,000, which at 680 sf translates to about $367 per sf.

Presales for the condos start this spring. A company source tells GlobeSt.com the company has not yet decided whether it will pre-sell as many units as possible or intentionally hold back units with hope that market rate will be higher when the building is closer to completion.

Construction will start in late 2006; occupancy is scheduled for fall 2007. The project team includes Johnson Architecture and Walsh Construction.

Vulcan expects to qualify for LEED certification. LEED, which stands for Leadership in Energy and Environmental Design, is an industry measurement tool created by the U.S. Green Building Council to define green, environmentally and community-conscious projects. Vulcan did not say which of the three levels of certification–silver, gold or platinum—it expects to achieve.

Vulcan has delivered 650,000 sf of new development in the South Lake Union area in the past two years and has about 900,000 sf currently under development. An additional 2.1 million sf of development is in the planning process.

A source at Vulcan tells GlobeSt.com that the 10 residential projects it plans to develop over the next several years in the South Lake Union area will result in at least 1,000 for rent and for-sale units. The total does not include the 600-plus units Vulcan has recently completed or is still constructing, which includes 343 apartment units and 261 condominiums.

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