Project Category: Substantial Improvement Property
Rehabilitate and reposition The Landing (a 49,000 sf mixed use, waterfront building), in Port Angeles, WA.
Project Qualification: Substantial Improvement PropertyReal Estate:
Total Capital Required: $2,100,000Equity Required: $900,000Debt Required: $1,200,000Project Control: We own all the key propertyTimeline: Less than 30 daysAddress: 149 E Railroad Ave Port Angeles Washington 98362 United StatesFile: Appraisal-2014.pdf
The Landing was built in 1986, and it has underperformed since. The building and location have great potential. The Landing is the only retail/office waterfront building in Port Angeles, or for that matter on the American side of the Straits of Juan de Fuca. Our proposal is to reposition the property through grounds-work, and only minor changes to the building envelope, so as to achieve: a consistent architectural theme (wharf, such as San Francisco, New Jersey, Monterey); dramatic sightlines to the water and mountains; continuity of pedestrian experience, from the adjoining heavily trafficked street through the property; retail continuity from interior to exterior spaces.
The original developers of The Landing constructed a hotel, but later found out it was not a permitted use, and lost the building back to the Port of Port Angeles in a bankruptcy proceeding. The Port ran the building for about 10 years, and then sold it to a local businessman who suffered an early death in 2013 before achieving his vision for the property. We acquired the property in early 2018 through a Deed in Lieu transaction.
The building sits on land leased from the State of Washington and we are engaged in renewal and extension negotiations on that Lease.
We seek approximately $900,000 in funding from an Opportunity Fund to take out existing investors today. Additional funding will come from bank borrowing after the new Ground Lease with the State is executed.