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SEATTLE-Site work has started for a two-tower mixed-use development at Westlake Avenue North and Denney Way, where one major project was just completed and another set to start in January. The current project, 2201 Westlake, includes a 12-story office tower and a 19-story residential tower atop a five-level retail and office podium. In total, the project will contain 300,000-sf of office, 135 luxury condominiums and 25,000-sf of retail. Occupancy is scheduled for early 2009.

The 2201 Westlake project and the two others are all being developed by Vulcan Real Estate, the real estate development arm of billionaire Paul Allen, which owns approximately 60 acres of property between Downtown Seattle and Lake Union that it has been rapidly gentrifying. The company currently has more than 1 million sf under development and an additional 3 million sf in the pipeline.

The 2201 Westlake project sits opposite Vulcan’s recently completed flagship project, 2200 Westlake, which includes a 160-room Pan Pacific hotel, 260 condominiums, 47,000-sf Whole Foods Market and other retail services in two 11-story towers. Also at the intersection, Vulcan is preparing to start construction early next year on Rollin Street, an 11-story, 414,000-sf residential-over-retail building with 208 for-sale residential lofts and 25,315 sf of street-level retail. Plans are still being finalized for a small triangular-shaped parcel at the intersection; it may become additional retail space.

All projects at the intersection will be served by the city’s new streetcar line, which is scheduled to begin operations late next year. A source at Vulcan tells GlobeSt.com that is not using a third party brokerage firm to lease the office space at 2201 Westlake, but is partnering with John L. Scott on the condo sales and with Jennifer Severson of Real Retail on the retail portion. Sellen Construction is the general contractor, Callison is the architect and Cary Kopczynski & Co. is the structural engineer. Vulcan declined to release the estimated total development cost of the project. The 2200 Westlake project is estimated at around $200 million.

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