John Stone Development LLC, of Spokane, plans to develop a $9.8 million, 76-unit assisted-living facility in Seattle, boosting to seven the number of big dwelling complexes that the company is either working on or is about ready to launch in Washington states largest city.
The company, which is owned by Spokane developer John Stone, is developing the assisted living project for WestCare LLC, a group of Spokane investors led by Stone.
In addition to that project, John Stone Development also has six other complexes either under way or in the permitting process in the Seattle area for three other limited liability companies, all of which include John Stone Development and other investors from the Spokane area.
Jim Rivard, director of real estate for the Spokane company, says the seven projects have a combined construction value of more than $63 million and will add about 490 living units to the tight housing market in Seattle in the next year and a half.
WestCare LLCs assisted-living center, which is to be called Admiral Heights Assisted Living, will be erected on an about half-acre site in West Seattle, about a 10-minute drive from the citys downtown. Rivard says that WestCare recently agreed to buy the parcel and a former U.S. Bank branch building thats located on it. He says the bank branch will be demolished as part of the project.
The 80,000-square-foot apartment structure will have four above-ground floors and an underground parking garage. The upper three floors will house the 76 studio and one-bedroom apartment units. The buildings main level will include a central dining room, a coffee shop, an ice cream parlor, a beauty shop, a spa, a computer room and library, recreation facilities, and lounges.
Construction is expected to begin next spring and to be completed in January 2000. WestCare is acting as its own general contractor and plans to hire a separate company to manage the complex. Integrus Architecture PS, of Spokane, designed the building.
Rivard says John Stone Development began looking at the Seattle housing market, which he says is extremely tight for both homeowners and renters, two years ago. All six of the companys projects are located in or near downtown Seattle.
Were as active in downtown Seattle as any developer over there, Rivard says.
John Stone Developments other Seattle projects include: a $15.7 million, 110-unit complex near Pike Place Market downtown; a $10.3 million, 88-unit first phase of a complex in Seattles University district; a $6.3 million, 53-unit second phase of the same complex in the U-district; a $10 million, 70-unit complex near Lake Union that will be leased to the Fred Hutchinson Cancer Research Center; a $5.5 million, 45-unit complex on First Hill; and a $6 million, 47-unit complex, also on First Hill.