Teutsch starts 93 Interbay apartments
October 11, 2018
Seattle, Wash., October 11, 2018 - Construction began this week on the 93-unit Ivy Apartments at 3008 16th Ave. W. in Interbay.
Teutsch Partners and Pastakia & Associates are the developers.
Units in the eight-story building will range from studios to two bedrooms. There will be underground parking for 47 vehicles and no commercial space.
Urbal Architecture is the architect and Graham Construction is the general contractor.
Norris, Beggs & Simpson Financial Services said it secured $20.96 million in financing for the project from State Farm Life Insurance Co. Mike Wood and Colin Ceithaml of NBS sourced the fixed-rate loan.
The apartments will be on a dead-end street just north of Interbay Golf Center. They'll keep company with two other recently completed apartment projects: Goodman Real Estate's 117-unit Flats at Interbay and Legacy Partners' 236-unit Slate Apartments & Lofts. (Unico Properties developed Slate in 2013).
Residents will have use of a rooftop deck and 23 storage units.
The location is on something of an island sandwiched between busy 15th Avenue West and a rail yard, but it's within walking distance of a QFC store and accessible to King County Metro's RapidRide D Line. Sound Transit plans to begin light rail service along the Interbay corridor in 2035.
Other project team members for Ivy Apartments include CT Engineering, structural engineer; KPFF Consulting Engineers, civil engineer; and Weisman Design Group, landscape architect.
Teutsch and Pastakia bought the Benla Water Heater Service property for $3.3 million in January from long time owners the Benvenuti family.
