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1300 East Columbia

OFFERING

EXECUTIVE SUMMARY

The 1300 East Columbia Offering provides an opportunity to acquire one of the few remaining

large-scale development sites within the infill Seattle core. The property consists of a 61,440

square foot development parcel on East Columbia Street between 13th and 14th Avenues. The

site features an attractive location adjacent to transportation infrastructure, neighborhood

amenities and the institutions of Seattle University, Swedish First Hill Medical Center and

Swedish Cherry Hill Medical Center.

The property is currently owned by Hospital Central Services Association (“HCSA”), a healthcare

linen processing organization owned by a consortium of regional hospitals. HCSA currently

operates an existing laundry processing and distribution facility consisting of approximately

60,000 square feet on the western half of the property. HCSA is developing a new linen

processing facility in Auburn, WA, as the existing building no longer accommodates the linen

processing requirements of the hospitals.

HCSA desires to sell its existing property at 1300 East Columbia in conjunction with the

completion of the new linen processing facility in July 2013.

The property is located within Seattle University’s Major Institution Overlay (“MIO”), which

potentially provides for additional density beyond underlying zoning to developments featuring

uses that are consistent to the goals and missions of the University. The City of Seattle recently

adopted an amendment to Seattle University’s Major Institution Master Plan that provides for a

building height limit of 55’ on the site. The amendment requires that any building envelope fit

within the height limit and required setbacks for the site, which ultimately provides a

developable FAR potential of 4.5. The underlying base zoning is LR-3 on the western half and LR-

2 on the eastern half, providing a developable FAR of 1.6.

1300 E COLUMBIA, SEATTLE WASHINGTON 98122

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PROPERTY DESCRIPTION

1300 East Columbia consists of a 61,440 square foot development site. The western half of the

site features underlying zoning of LR-3 within two King County tax parcels consisting of 9,836

square feet and 20,884 square feet, respectively. The eastern half of the site features

underlying zoning of LR-2 within on King County tax parcel consisting of 30,720 square feet.

The property is situated on East Columbia Street between 13th and 14th Avenues, with 256’ of

frontage on East Columbia Street , and 240’ of frontage on both 13th and 14th Avenues. The site

features gradual downward slope to the southwest, with an 18’ grade change from the northeast

corner of the site to the southwest corner.

The property contains an existing two-story building of approximately 60,000, which is currently

configured for the existing industrial use associated with the laundry processing operation.

Please see density summaries on pages 8, 9 and 10


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SEATTLE MARKET SUMMARY

Seattle’s strategic location and thriving economy have made it one of the best investment

markets in the nation for multifamily development. Recognizing Seattle’s many attributes, the

Urban Land Institute ranked the area seventh among the top 10 markets to watch in 2013 in the

group’s annual Emerging Trends in Real Estate report. Metro Seattle is host to several Fortune

500 companies, including Costco, Microsoft, Amazon, Paccar, Starbucks and Nordstrom.

The Seattle region is ranked fifth in the nation for concentration of high-tech businesses. There

are an estimated 230,000 jobs statewide in high-tech industries, with 47,000 employed in

software companies and 13,400 working on a contract basis. One in five jobs in the state

depends on technology-based industries. The Seattle area has an average high-tech wage of

$78,742—the second-highest tech salary in the nation, according to a 2010 report by

Glassdoor.com.

CAPITOL HILL SUBMARKET SUMMARY

Capitol Hill is one of Seattle’s mostly densely developed areas and one of its most popular for

apartment renters. The area’s proximity to downtown Seattle, primary transportation routes,

neighborhood employment, and entertainment and dining establishments make it a desirable

place for people to live.

The property’s surrounding neighborhood is well served by mass transit and urban retail.

Multiple Metro Transit lines serve Madison Avenue, Broadway Avenue and 12th Avenue East,

while the new First Hill Streetcar line, within walking distance of the property, will serve

Broadway Avenue, providing easy access to all of Capitol Hill and a connection to the

International District. Swedish Medical Center – First Hill and Swedish Medical Center – Cherry

Hill are both within walking distance of the property, while the Seattle University campus is

adjacent to the property.

The City of Seattle has seen a significant increase in multifamily development activity. However,

there has actually only been a modest increase in the multifamily activity in the surrounding

neighborhood of the property, with less than 500 units currently proposed.


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SWEDISH MEDICAL CENTER - FIRST HILL

Swedish Medical Center - First Hill is situated on Swedish Medical Center's original site

established in 1912 and currently serves as its flagship location. The facility consists of 624 beds

and provides 9 inpatient and 23 outpatient services. The campus features one of the most active

and advanced birthing programs in Washington State and houses a Level III neonatal intensive-

care unit. More surgeries are performed and more types of cancer are treated each year at the

Swedish First Hill campus than at any other facility in the region. Swedish Medical Center

employs over 1,600 full time and 1,000 part-time employees at its First Hill campus.

SWEDISH MEDICAL CENTER - CHERRY HILL

Swedish Medical Center - Cherry Hill consists of a 198 bed hospital and medical facility providing

8 inpatient and 15 outpatient services. The campus recently underwent a $100 million

renovation, including renovation of the historic hospital building originally established in 1878 by

the Sisters of Providence. Swedish Medical Center employs over 800 full-time and 300 part-time

employees at its Cherry Hill campus.

SEATTLE UNIVERSITY

Seattle University is a Jesuit Catholic university established in Seattle's First Hill neighborhood in

1891. The University features an enrollment of over 7,700 students; approximately 1,000 law

students and approximately 4,600 undergraduate students and 2,100 graduate students in 8

schools and colleges. The University employs nearly 1,500 faculty and staff with a total payroll of

approximately $92 million. The current campus residence facilities provide housing for

approximately 2,000 students, translating to more than 5,700 students requiring off-campus

housing.

The University is planning a significant renovation and expansion within its campus over the next

twenty years as a result of its ambition to increase enrollment to approximately 9,200 students

by the year 2017. The University has proposed doubling the density of its current collective

building size of approximately two million square feet to more than four million square feet to

the City of Seattle through an amendment to the University's Major Institution Master Plan

("MIMP"). The proposal includes near term plans for adding housing of 356 beds and long term

(after 2017) plans of an additional 210 beds. The MIMP was adopted by the Seattle City Council

in January 2013.


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OFFERING SUMMARY

1300 East Columbia Offering provides an excellent opportunity to acquire one of the last large-

scale development sites within the highly south-after Seattle core. The property is well located

adjacent to the demand drivers of Seattle University, Swedish First Hill and Swedish Cherry Hill.

The location features a walkable neighborhood, providing convenient access to vital amenities

and is well served by transportation infrastructure, providing easy access to Seattle’s

employment options and cultural amenities.


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Site

Seattle University

Seattle Streetcar with stops

Virginia Mason Medical Center

Swedish Medical Center First Hill

Harborview Medical Center

Swedish Medical Center Cherry Hill

DETAILED LOCATOR MAP


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Light Rail

Cal Anderson Park

AMENITIES MAP


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Site

Seattle University

Swedish Medical Center First Hill

Swedish Medical Center Cherry Hill

Amenities (see list for detail)

Dining/Entertainment

Grocery/Market

Pharmacy

Other

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Amenities 1. Walgreens 2. Oddfellows 3. Comet Tavern 4. QFC 5. Bartell Drug 6. Via Tribunali 7. Neumos 8. Quinn’s 9. Café Vita 10. Bimbos 11. Boom Noodle 12. Barrio 13. The Local Vine 14. Tavern Law 15. High 5 Pie 16. Elysian Brewing 17. Banner Bank 18. Restaurant Zoe 19. Skillet Diner 20. The Garage 21. Silver Cloud Inn 22. Rite Aid 23. Starbucks 24. Café Press/Stumptown 25. Chatterbox Café 26. Canon 27. Lark 28. Von Trapps 29. The Chieftan 30. Zodiac 31. Subway 32. Starbucks 33. New Town Market 34. Ginger Lime 35. Ti Amo Pizza & Pasta 36. Shell Gas Station 37. Cherry Street Coffee 38. Ba Bar 39. Lemongrass

Cal Anderson Park

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ADOPTED SEATTLE UNIVERSITY MIMP - DENSITY SUMMARY


Map from

• Zoned MIO 55’ • No FAR limitation • No parking requirement • Required setbacks of 10’ on western property

line, 15’ on eastern property line and an additional 25’ on eastern property line above 40’

• Potential effective FAR of 4.5 • 55’ height limit • Seattle University Major Institution Master Plan

density is available to developments of uses that are consistent with respective institution’s goals and missions

1300 E Columbia

Adopted

Adopted

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UNDERLYING ZONING - DENSITY SUMMARY


Map from

• Western parcels zoned LR-3; location

of existing building

• Eastern parcel zoned LR-2

• Western parcels provide FAR of 2.0

• Eastern parcel provides FAR of 1.3

• 40’ height limit

• No parking requirement

1300 E Columbia

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SEATTLE UNIVERSITY MIMP ENVELOPE GRAPHIC


Map from

FOR MORE INFORMATION

Kinzer Real Estate Services Dugan Earl

[email protected]

206.442.1542

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