{"id":7824,"date":"2024-08-29T15:34:14","date_gmt":"2024-08-29T22:34:14","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7824"},"modified":"2026-07-07T13:45:59","modified_gmt":"2026-07-07T20:45:59","slug":"case-study-crockett-street","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/08\/29\/case-study-crockett-street\/","title":{"rendered":"Case Study &#8211; Crockett Street"},"content":{"rendered":"<div id=\"pl-7824\"  class=\"panel-layout\" ><div id=\"pg-7824-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7824-0-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7824-0-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7824-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-bdfc1dc96073-7824\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h2 class=\"sow-headline\">\n\t\t\t\t\t\tCrockett Street | Townhome Development Site\t\t\t\t\t\t<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7824-0-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7824-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7824-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7824-1-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7824-1-1-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-7824\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/LA_12072021_BLP_2110-2120-1st-Avenue-N-15-768x512.jpg\" width=\"768\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/LA_12072021_BLP_2110-2120-1st-Avenue-N-15-768x512.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/LA_12072021_BLP_2110-2120-1st-Avenue-N-15-300x200.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/LA_12072021_BLP_2110-2120-1st-Avenue-N-15-1024x682.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/LA_12072021_BLP_2110-2120-1st-Avenue-N-15-1536x1023.jpg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/LA_12072021_BLP_2110-2120-1st-Avenue-N-15-2048x1364.jpg 2048w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/LA_12072021_BLP_2110-2120-1st-Avenue-N-15-272x182.jpg 272w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"LA_12072021_BLP_2110-2120 1st Avenue N-15\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-7824-1-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7824-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7824-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7824-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7824-2-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-7824-2-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">OVERVIEW<\/span><\/strong><\/h2>\n<ul style=\"list-style-type: square\">\n<li>2110 1st Avenue N | Seattle, WA<\/li>\n<li>Townhome Development Site<\/li>\n<li>9,470 Land SF \/ 0.22 AC<\/li>\n<li>Seller Representation<\/li>\n<li>Sale Price: $3,210,000<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-7824-2-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">The Outcome<\/span><\/strong><\/h2>\n<p><strong>Listed:<\/strong> January 3, 2022<\/p>\n<p><strong>Competing Offers:<\/strong> 1<\/p>\n<p><strong>Under Contract:<\/strong> February 27, 2023<\/p>\n<p><strong>Closed:<\/strong> August 29, 2024<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7824-2-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child panel-has-overlay\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-7824-2-1-2\" >\t\t\t\t<div\n\t\t\t\t\tclass=\"panel-background-overlay\"\n\t\t\t\t\t\t\t\t\t\t\tstyle=\"background-image:url(https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2019\/07\/Quote-01-e1653503530561.png);background-repeat:repeat;opacity:0.15;\"\n\t\t\t\t\t\t\t\t\t>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<blockquote>\n<p>\"I appreciate how creative the<br \/>\nLee &amp; Associates team was in<br \/>\nstructuring a deal on my behalf and<br \/>\ntheir attention to detail throughout<br \/>\nan extended transaction process.\u201d<\/p>\n<p><i>- Brian Regan, Arbor Space, LLC<\/i><\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7824-2-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7824-2-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">THE CHALLENGE<\/span><\/strong><\/h2>\n<p>Our team represented ownership in the sale of the Crockett Street Townhomes, a 9,470-square-foot LR2-zoned development site in the heart of Queen Anne. The full parcel was 16,003 SF and included the Arbor Space historic office building. Ownership had designed and received a MUP for a 52-unit SEDU development on the surface parking lot. The seller had a proposed condominium plan to divide the parcel into two units, with Unit 1 being the 3-story office building and Unit 2 being the new apartment building.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7824-2-2-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong><span style=\"color: #009ad9\">Our Approach<\/span><\/strong><\/h2>\n<p>Market dynamics shifted during the sales process, with virtually all SEDU developers holding off on acquiring new development sites. We pivoted and focused more of our discussions on townhome developers, as we believed the scale would work well for a boutique project in the affluent neighborhood, which was going to benefit further from the Safeway redevelopment across the street. We went under contract with a townhome developer that needed two closing extensions to secure financing and ensure a lot boundary adjustment was final. In exchange for these extensions, we were able to get additional daily earnest money payments that were not applicable to the purchase price. The sale closed at $401K\/\u00a0 Townhome Unit and the buyer is now under construction.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7824-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7824-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7824-3-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7824-3-1\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7824-3-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-7824-3-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><em>For more information regarding this case study, please contact:<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7824-3-2\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7824-4\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7824-4-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7824-4-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7824-4-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"8\" ><div class=\"panel-widget-style panel-widget-style-for-7824-4-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>STUART WILLIAMS<\/strong><\/span><\/p>\n<p>Principal<strong><br \/>\nD\u00a0 <\/strong>(206) 219.1281<br \/>\nswilliams@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7824-4-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7824-4-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"9\" ><div class=\"panel-widget-style panel-widget-style-for-7824-4-2-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>ALEX MUIR<\/strong><\/span><\/p>\n<p>Senior Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 219.1283<br \/>\namuir@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7824-4-3\"  class=\"panel-grid-cell\" ><div id=\"panel-7824-4-3-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"10\" ><div class=\"panel-widget-style panel-widget-style-for-7824-4-3-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>SCOTTY ROWE<\/strong><\/span><\/p>\n<p>Associate<br \/>\n<strong>D<\/strong>\u00a0 (425) 818.2655<br \/>\nsrowe@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7824-4-4\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-7824-4-4-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"11\" ><div class=\"panel-widget-style panel-widget-style-for-7824-4-4-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><span style=\"color: #003146\"><strong>MCCALLUM MEAD<\/strong><\/span><\/p>\n<p>Associate<br \/>\n<strong>D<\/strong>\u00a0 (425) 818.2656<br \/>\nmmead@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7824-4-5\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-7824-5\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-7824-5\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-7824-5-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7824-5-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"12\" ><div class=\"panel-widget-style panel-widget-style-for-7824-5-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-7824 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-headline\">\n\t\t\t\t\t\t<b>NEW<\/b> FROM THE MEDIA CENTER...\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-7824-5-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"13\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-post-carousel so-widget-sow-post-carousel-base-ad93eedad001-7824\"\n\t\t\t\n\t\t>\t<div\n\t\tclass=\"sow-post-carousel-wrapper sow-post-carousel-theme-base\"\n\t\tstyle=\"overflow: hidden; max-width: 100%; min-height: 182px\"\n\t>\n\t\t<div class=\"sow-carousel-title\">\n\t\t\t<div class=\"sow-carousel-navigation \">\n\t\t\t\t\t\t<a href=\"#\" class=\"sow-carousel-next\" title=\"Next\" aria-label=\"Next Posts\" role=\"button\"><\/a>\n\t\t\t\t\t\t<a href=\"#\" class=\"sow-carousel-previous\" title=\"Previous\" aria-label=\"Previous Posts\" role=\"button\"><\/a>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\n<div class=\"sow-carousel-container \">\n\t\t<div class=\"sow-carousel-wrapper\"\n\t\tdata-dir=\"ltr\"\n\t\tstyle=\"opacity: 0;\"\n\t\tdata-widget=\"post\" data-fetching=\"false\" data-page=\"1\" data-ajax-url=\"https:\/\/www.lee-associates.com\/northwest\/wp-admin\/admin-ajax.php?_widgets_nonce=a6d0c0dc66\" data-item_count=\"244\" 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class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-industrial-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Industrial-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9315\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-industrial-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9315\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Industrial Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div 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value=\"3bed362a\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Crockett Street | Townhome Development Site OVERVIEW 2110 1st Avenue N | Seattle, WA Townhome Development Site 9,470 Land SF \/ 0.22 AC Seller Representation Sale Price: $3,210,000 The Outcome Listed: January 3, 2022 Competing Offers: 1 Under Contract: February 27, 2023 Closed: August 29, 2024 &nbsp; &nbsp; &#8220;I appreciate how creative the Lee &amp; Associates team was in structuring a deal on my behalf and their attention to detail throughout an extended transaction 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