After living with an old, decrepit Safeway on Stone Way at N. 40th, followed by its demolition in 2006 and the festering pit left in its wake, it’s official: According to a spokesperson for Stoneway Village II, LLC, excavation will start next week for a new residential/retail building. We have a statement from one of the owners who provided us with some background behind the long wait and the details of the new building:
The “pit” and the old store were demolished back when there was going to be a new modern grocery store and a roof top condominium project which was finally permitted and ready for construction. At the time, we as owners could not bring the project into budget and had to abandon the planned project. In 2007, Stoneway Village, LLC entered into a Purchase and Sale Agreement to re-develop the project into what is now permitted for a mixed use residential/commercial project. Once again, the project had been scheduled to start construction in December of 2008, after many months of processing and significant neighborhood input. The project had to be put on hold due to the national financial crisis that had occurred.
Fortunately, Stoneway Village, LLC was able to prevail, and we now have a project that is underway and will have onsite construction activity in the next few days. The project consists of 154 market rate rental apartments and 17,000 square feet of commercial space for lease. The construction activity will take 18 months and we will start leasing activity in early 2012. This will be one of the first new construction projects to be able to start since several months of the economic downturn.
There has been no commercial leasing activity to date. We will begin to solicit potential tenants in the next few months as we can now promise a completion date and provide details of the issues that commercial tenants are looking for. The interest from potential tenants has been very high and we can offer a variety and types of space. The exterior design of the building will be very appealing from the exterior and everybody that had input on the design will be very pleased with the final product.
The following companies have been involved in the design and will complete the building:
Baylis Architects provided us with the following sketches. If you click on the box with the four-way arrows, you can see the images in their original size.