Grand Street Commons site sells for $20M; polluted property to become 700 Rainier Valley units

About 3.2 acres in the Rainier Valley sold last Friday for almost $19.9 million, according to King County records. The sellers were four LLCs representing the Centioli family and others. Jason Rosauer and Rob Anderson of Kidder Mathews were their brokers.

The buyer was Grand Street Commons LLC a new venture among Mt. Baker Housing Association, Lake Union Partners and HAL Real Estate. A press release accompanied the sale and provided details.

The site comprises 16 parcels arranged in three chunks at South Grand Street and Rainier Avenue South. There's no official project address yet. The site a few blocks south of the Judkins Park Station, at Interstate 90, where light rail service will begin in 2023. It's zoned up to 65 feet now, with an anticipated upzone to 75 feet under the Housing Affordability and Livability Agenda (HALA).


HAL Real Estate is Gearing Up for Growth

HAL Real Estate has been quiet for a few years, but now the Seattle firm is starting to make some noise. The 23-year-old company recently was named as the equity partner on a five-story building at 744 N. 34th St. in Fremont that Tableau Software has leased. HAL executives told the Buzz this week they are actively looking to get involved in more real estate projects and deals across all sectors. The catalyst for this change is the return last fall of Paul Manheim as president.

HAL Real Estate is the Seattle-based subsidiary of an international holding company called HAL Holding N.V., which has roots that go back to 1873 when it operated as a shipping and travel company based in Holland. According to its website, in 1989 HAL sold off its main operating unit, Holland America Line, to focus on building an international holding company.


Dargey Buys Belltown Land

Everett developer Lobsang Dargey is planning his first project in Seattle.

An entity related to Dargey bought a .3-acre site on Fourth Avenue between Blanchard and Lenora streets from an entity related to HAL Real Estate Investments for $11.5 million, property records show.

Dargey is president of Path America, a development company that finances projects through the EB-5 program, which allows people to obtain permanent visas and a path to citizenship if they invest in a qualifying real estate project.

Dargey said he is planning a mixed-use project on the site but would not release any further details