Bellingham Developer Proposing 15-story building at Bakerview and I-5
The developer of the Bakerview Square shopping center wants to build a 15-story building with a hotel and convention center along Bakerview Road.
Morgan Bartlett Jr. is still exploring the feasibility of building the project on 1 acre across the street from Fred Meyer, near Interstate 5 and along Pacific Highway, said Keith Turley, a consultant working for Bartlett.
“I like the general area of north Bellingham, Bakerview,” Bartlett said. “I think there’s a lot of growth happening, and I think there’s a lot more potential for growth out there.”
The project, called Olympic Tower, could include several stories of parking below a hotel, restaurant, offices and condominiums, all totaling 144,000 square feet of space, Turley said. The hotel and convention center space would benefit from the proximity to Bellingham International Airport.
Bartlett said he’s explored the project for about a year, and he’s been looking at the current site, 4033 Pacific Highway, for three months. In about two weeks, he expects to close on the purchase of the land, now owned by Leo Aguilera of Sherwood, Ore.
The project is still in its early stages, and no applications have been filed with the city.
Bartlett’s company, Madrona Bay Real Estate Investments in Bellingham, is developing the Bakerview Square shopping center, which already holds nearly a dozen businesses, including the IHOP Restaurant at the corner of Eliza Avenue and Bakerview Road. When the second phase of Bakerview Square is complete, the development will total more than 115,000 square feet of retail space.
Other developers have proposed high-rise buildings in downtown Bellingham, Fairhaven and the Guide Meridian neighborhood. They have yet to start building. Experts say it’s because Bellingham is an untested market for these types of structures and banks are wary about providing financing.
“There’s been many mid- to high-rise projects in Bellingham that have not come to fruition,” Bartlett said. “I think the biggest challenge here is creating a building that’s financially viable.”
To overcome that, he plans to be creative in how he packages the project and sells it to lenders, he said. The project, he estimates, will cost $20 million to $25 million.
Currently he’s studying the housing market, potential costs and the feasibility of building on that site. He’ll need another three to six months of study before he decides whether to move forward.
“I’m confident that I can make the concept work financially,” he said. “I do think that if it’s not this site, it’s another site.”
For all your Whatcom County real estate needs call Jerry Campbell today at 360-739-7779.