MainStreet Property Group has opened its Eastrail Flats mixed-use development in Woodinville’s Schoolhouse District.
The 207-unit project at 13400 NE 175th St., which was developed in partnership with HAL Real Estate, was announced in 2022 after the partners acquired the property for $12.5 million. The five-story structure is 308,000 square feet, of which nearly 100,000 square feet is underground parking, reported the Puget Sound Business Journal.
The project was developed in collaboration with the city of Woodinville. It used a multifamily tax exemption, which allows for a 20-year property tax exemption in exchange for 26 units being reserved for lower-income households. The project also includes 24,000 square feet of mixed-use retail space, which is almost fully leased.
“We’re especially grateful for our strong partnership with the City of Woodinville — this project would not have been possible without their commitment to thoughtful growth, said Kim Faust, co-president of MainStreet Property Group.
The post MainStreet Property Group Opens MXU Project in Woodinville appeared first on Connect CRE.
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