Construction for a 796-unit multifamily development started Monday on the old Burgermaster drive-in site at 3040 NE 45th Street in Seattle.
The $400 million project includes a 944,700-square-foot mixed-use apartment building near the University Village shopping center, reported the Puget Sound Business Journal. Quarterra, a subsidiary of Lennar Corp. and real estate investment and development firm MacNaughton recently broke ground on the complex.
The project will have 26,000 square feet of retail and commercial space next to the University Village shopping center. Safeway parent company Albertsons Cos. in 2021 paid just over $25 million for the 1.8-acre site where a Safeway had operated for decades before closing two years ago. In early March, Lennar acquired the rest of the property from Albertsons for $70 million.
Through the city’s multifamily tax exemption and Mandatory Housing Affordability programs, the project will include over 200 below-market apartment homes. The first phase of the development is expected to open in early 2028.
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