In a separation he called "generally amicable," developer Don Milliken has sold his share in the 2200 Westlake condo-hotel project to partner...
In a separation he called “generally amicable,” developer Don Milliken has sold his share in the 2200 Westlake condo-hotel project to partner Vulcan Real Estate for an undisclosed sum.
The departure of Milliken, who played a major role designing the project and recruiting tenants, won’t affect 2200 Westlake, which is scheduled to open next year at the corner of Denny and Westlake avenues.
The project, which includes a Whole Foods Market and a Pan-Pacific Hotel, has sales agreements for 95 percent of its condos, Vulcan says. Milliken said 80 percent of the retail space is leased or committed.
“We’ve just about built the house, and the furniture’s all moved in,” Milliken said. “We’re going to leave it to Vulcan to sort out where the couch is going to go.”
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Vulcan, owned by Microsoft co-founder Paul Allen, linked up with several experienced developers when it began transforming the South Lake Union neighborhood, where Vulcan owns about 60 acres.
But as it has grown, Vulcan has done more of its own development and reduced its reliance on partnerships.
“When I joined Vulcan in 2001, we had two real-estate professionals,” said Ada Healey, Vulcan’s vice president of real estate. “What many people don’t know is [that] we have a 40-person investment and development group here today.”
The 2200 Westlake partnership was drawn up to run until 2009, but Vulcan offered to buy him out several months ago, Milliken said.
“I kind of negotiated to the point where they made me an offer I couldn’t refuse, and then I sold it,” he said.
Milliken, a Vancouver, B.C., native who used to build suburban shopping centers, has become known in Seattle for mixed-use projects that combine an urban grocery with apartments or condos. He said he is trying to find sites to start two more projects in Seattle.
Meanwhile, Vulcan is planning its next wave of development in South Lake Union, beginning with 2201 Westlake, an office-condo project across the street from 2200.
Tom Boyer: 206-464-2923 or firstname.lastname@example.org