Ground broke on the Fauntleroy Place project last summer, but it's been stalled due to lawsuits. Alamo Manhattan, LLC recently announced it would purchase the mixed use project with the intention to build it.
After Seattle Financial Group sought to sell the Fauntleroy Place project earlier this year, Alamo Manhattan, LLC has verified that they are currently under contract to purchase the project.
The firm will lead an investment team to purchase the property. Alamo Manhattan will also serve as the developer for the project.
Despite the change in ownership, no significant design changes are expected. Fauntleroy Place is a mixed use project with a 45,000 square-foot Whole Foods Market, a 15,000 square-foot Hancock Fabrics, 184 apartment homes and parking for 484 vehicles.
“We are conducting due diligence regarding the purchase of the property and continue to be excited about the opportunity,” said Matt Segrest, principal of Alamo Manhattan in a written statement. “Negotiations are currently underway with multiple investors on the project. We expect to select an equity partner soon and be positioned to restart construction in the third quarter of this year.”
Segrest, a West Seattle resident himself, appears to be optimistic about the project.
"The opportunity to invest in my own community and to make a meaningful contribution to its urban landscape is particularly compelling to me,” he said.
Segrest has been responsible for more than half a billion dollars in new development throughout the West Coast, including over 1,750 luxury apartment and condominium units and approximately 76,500 square feet of mixed-use commercial space.
Excavation of the Fauntleroy Place site began last summer, though construction has been halted since December when the developer, BlueStar was terminated from the project.
