See more images on the Baylis Architects site.
Many more details from the Daily Journal of Commerce story:
It has been 18 years since the QFC grocery chain acquired the site at 3920 Stone Way N. and announced plans for 26 condos above a grocery. Excacvation started, but high construction costs halted the work in 2007, leaving a one-acre hole that has been the bane of the neighborhood.
Prescott Development said in 2009 it would buy the site and build market-rate apartments above retail.
Last month, a limited liability company that shares an address with Kirkland-based Prescott bought the property from a QFC affiliate for $8 million.
Benaroya said his company is providing both the construction loan and mezzanine debt. The plan is to complete the project and sell it.
The Benaroya Co.’s decision gives Stone Way Village a significant stamp of approval and expands the Bellevue-based company’s role as a financer of residential projects. Benaroya is a long-time developer in the Seattle area, with a track record in office, industrial, retail and high-tech. It has financed one other housing deal: the $80 million Mosler Lofts in downtown Seattle. The Schuster Group developed Mosler Lofts five years ago, and it has been a commercial and architectural success.
The Stone Way Village team on Jan. 6 requested an exemption to do work during the rainy season, according to a spokesman for the Department of Planning and Development. He said permits have been issued for the excavation, foundation and garage, and that the developer applied on Nov. 30 for a permit to build the rest.
Benaroya officials said they like the location near transit connections as well as the design by Baylis Architects. Compass Construction is the general contractor.
Another advantage is excavation, often the riskiest part of a big construction project, is well under way.