MLT Station II, LLC has recently closed on Building 2 of the Terrace Station TOD project, NextMLT reports. The entity is a partnership between Lake Union Partners and Rainier Pacific Properties, the same development team currently developing Building 1.
Building 1 is under construction and anticipated to open in September 2020. It consists of 258 residential apartments, a 40,000-square-foot 24 Hour Fitness center and a 17,000-square-foot Nobel Learning community center. Building 2 will add 170 apartment homes and 16,000 square feet of new retail space. The design team consists of Veer (architect), Yu & Trockalis (structural),Pace (civil/landscape), Emerald City Engineers (mechanical, engineering and plumbing).
The project is expected to break ground in July 2020 and is projected currently at a 16-month construction schedule for completion in October 2021. The purchase from seller Sierra Construction includes the land and binding site plan approvals. MLT Station II, LLC will take the project through the full city permit approval process and Sierra Construction will be the general contractor. The purchase price was $10.25 million.