Lake Union partners is buying Midtown Center (the Post Office site) at 23rd and Union for $23million. The site is approximately 3 acres and will hold around 550 apartments and some retail space. HAL (former holding company for Holland America Lines, and a large apartment developer in the area) is investing with Lake Union Partners to build the project. Lake Union Partners is also partnering with a land trust created by Africatown and Forterra for 20% of the project.
According to the Puget Sound Business Journal -“We were rooting (Africatown and Forterra) on, thinking this was going to be a good addition to the neighborhood,” said Joe Ferguson, a principal at Lake Union Partners, which made an offer to buy Midtown Center when the Florida companies ended their development bid. “Once we had it under contract, we said, ‘Hey, we’d like to pick up where (the previous group) left off,’ and off we went.”