According to a recent PSBJ article, the owners of Northgate mall will be taking on a major overhaul of the property to include reducing the retail space and adding in its place office space, residential units, restaurants and a hotel. This is exciting as this north Seattle neighborhood has started to become known for its aging mall (though it does have my wife’s favorite shoe store, DSW!) and the big box stores of Target and Best Buy across the street. This image and the mall itself will be getting a substantial face lift. No, let’s call it a complete makeover!
The new mall will have the ground floor areas remaining as retail and restaurants while above that would be a mix of hotel, multifamily residential, and office space. They are also talking about adding green space that the neighborhood can enjoy and benefit from!
While this topic might not seem important to a condominium blog, we disagree. Northgate is going through a bit of a renaissance. With the new light rail station coming soon, able to whisk people into Downtown in 14 minutes, we believe the neighborhood will soon be booming when it comes to real estate popularity. Now add to that the redevelopment of the Northgate mall to include more neighborhood amenities, we think Northgate will be the next up and coming neighborhood in Seattle that will experience higher than average appreciation.
Hopefully the residential portion of the Northgate mall redevelopment will include at least some condominiums to help with the extreme shortage of newer condominiums in our city. While this is not yet known, we’ll cross our fingers that the developers are able to deliver some pre-sale condo opportunities. What we hear most from buyers is that they want to be close to amenities with an easy and short commute into Downtown and South Lake Union, so it seems like a great opportunity for that. Of course, not all people work Downtown or near a light rail stop, but for those that do, the light rail is a real benefit and directly affects real estate demand. Look at how much Columbia City and Hillman City have boomed since the light rail went in on the south end of the city. With the addition of restaurants, cafes and a more modern retail, this neighborhood will have tons to walk to. If your job relocates to the new office space there, you will be even better off.
Amenities and transit, coming soon to Northgate. And hopefully, condos.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.