Long vacant commercial spaces on East Madison Street should be ready to house new Madison Park businesses by this summer.
Ewing & Clark purchased 4116 E. Madison St. for $1.38 million in October 2017. The King County Assessor’s Office last assessed the value of the property at $662,500.
“We’re trying to figure out the timeline for when it will get done,” said Casey Losh with Ewing & Clark. “We were thinking the spring, but now it’s looking like the summer.”
Renovations on the 1926 building, previously owned by Constance Gillespie, include updating electrical and plumbing, as well as fortifying the interior with a steel beam that will allow for the removal of interior walls for a more flexible space, Losh said. Plans also call for new foundations, framing, ceilings and roof.
“We’re using the same engineer that she had, but it’s kind of been a slower process than we’ve wanted it to be,” he said.
A restaurant would be the ideal tenant for the 1,800-square-foot space, he said, but the building could be divided.
While renovations are lasting longer than expected, Losh said interest in acquiring the space has him showing the building several times a week.
“A lot of it’s been restaurants,” he said. “I just showed it to somebody who wants to do an antique kind of shop; she works with interior decorators.”
Other prospective tenants have eyed the property for a photo gallery, hair salon and clothing store.
“I think our main ideal is to put a restaurant in there,” Losh said, “and then something, if there’s room leftover, in there.”
Those wishing to view the space can contact Losh at 206-683-4703. More Ewing & Clark listings are at ewingandclark.com.