Those of you who jumped with glee when you spotted the “Redimensions LLC” sign out front of the Festering Pit that sits at NE 40th St and Stone Way, where the Safeway used to be, can sit back down. We chatted with Prescott Development’s Mike Derr to get the latest scoop.
As a reminder, the property is owned by QFC (which, in turn, is owned by Kroger), and they developed a plan with Prescott Development four years ago to build a mixed used complex involving condos and retail space. The permit allowed for “a five-story, 143 units residential building with seven live-work units (5,111 sq. ft.) and 16,934 sq. ft. of retail use located at street level. Parking for 192 vehicles will be located below grade.”
For whatever you may think of condos and the state of retail space on Stone Way, we believe that if they built a prison there, at this point, it would be an improvement.
Unfortunately, the project is still blocked on financing. Redimensions is just a general contracting company owned by the same parent as Prescott, and they have been contracted to perform some maintenance on the property (repairing a sewer pipe and maybe shoring up the eastern wall), but that’s all that’s in the works as this point.
Mike sounded hopeful that financing would happen and the project would move forward, but realistic that until the financing was actually arranged, nothing was certain. He added that if anyone had several millions dollars in financing available for a development project, they should contact him.
We’ll take up a collection.
I have 7 dollars in change in my car seats that he can have
Well I suppose on the plus side at least it’s not as big as the hole (Festering Abyss?) north of Greenlake where the dairy place was.
Has anyone heard anything about that other neighboring pit over where Vitamilk used to be??
The financing really dried up for some of the big projects, didn’t it?
At least the complex that used to be the Albertsons by Green Lake is nearing completion. That would have been a real eyesore, that close to the lake and all.
Can we form a Friends of Festering Pit group and apply for a Neighborhood Match grant from the City?
Doug — If you start a Facebook group, you can later demonstrate neighborhood buy-in on your grant application by citing the number of Facebook group members you’ve got. 😉
i prefer the pit to condos and the traffic it will bring.
I prefer the name “Pit of Despair”
I also prefer condos on Stone rather than townhomes pushed further back into the single family hood….and that whole intersection desperately needs a makeover.
The biggest problem with Prescott’s parking/entry plan will force traffic over on 39th and other side streets. If they can figure a way to keep the majority of vehicles on Stone, than I am all for it.