Two Retail Spaces Up For Lease In The Emerald
Two retail spaces are up for lease in The Emerald, a 40-story, under-construction 265-unit condominium project that is set to deliver in summer of 2020. The building, located at 121 Stewart St., is being developed by Daniels Create World Seattle.
One space in the two-level unit is 3,907 SF and sits on the corner of Stewart and Second Avenue. It is being marketed as a site for a restaurant, bar, art or furniture gallery, or bank. The smaller space is 730 SF and faces Stewart Street. It can accommodate a hair salon, a juice bar, a yoga studio, a fast-food or casual dining restaurant, or other similar businesses.
Colliers International’s Xinxin Li and Ryan Marn are representing Daniels Create World Seattle.
The Emerald is one of only a handful of new condominium projects in Seattle. Many attribute the dearth of condominiums in Seattle, and the rest of the state, to Washington’s condo defect laws. Recent passage of SB 5334 better defines warranties, while also protecting homeowner association officers.
Many developers avoid condo development, but the demand is too strong for some to ignore.
Kevin Daniels, president of Daniels Real Estate, told Bisnow in April that legislation is a step in the right direction, but it is not a panacea. A healthy condo market could ease the housing crunch.
Another 1,758 units will be coming on the market in the next five-year period that started in 2018 and ends in 2022.
