Madison Park
Seattle, WA

Multifamily Residential

Area: 26,500sf

Value: $16M

Project Summary

The Property consists of one parcel consisting of 6,720 square feet with an underlying zoning of Low Rise 3 (LR3-M). The site currently houses a 5-unit apartment building containing 5,342 square feet. A Master Use Plan (the “MUP”) had been previously submitted for the property and the adjacent 4,800 square foot neighboring property parcel. The client wanted to understand the development potential of their property alone, and in conjunction with the neighbour’s property in order to maximize their profit from development.

Our Role

Neev initial engagement was to prepare a feasibility study to help the owners understand the which development scenario would maximize their profit. As there was an existing concept design for the development of both lots, Neev also conducted a design peer review of the existing plans with a local Architect.

The feasibility study investigated multiple scenarios to sell the lot as-is, develop the lot on its own into condos/ townhomes or develop the property and the neighbour’s property into a larger condo development. Neev validated cost and revenue inputs through discussions with local consultants, contractors and brokers. 

Once the feasibility was complete, Neev was engaged to prepare a presentation to the owner’s family to present the risks and profits expected from each scenario in simple terms to help aid them in the decision of which route to proceed with.

Since then, Neev has been worked with the owner to negotiate the agreement with their development partner. We helped establish commercial terms to protect the owner’s interests including identification and management of risks involved, timing and share of capital contributions, exit clauses and key decision making terms that equity partners should participate in and appropriate waterfall structure to distribute profits.