Developer Buys Seattle Goodwill Site for Apartments
A new 8-story residential building is planned for the Belmont Ave E property after a $13 million sale.
Updated on Oct. 15, 2026 in Commercial
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Developer PCP has purchased the Goodwill property on Belmont Ave E for $13 million. The firm plans to replace the existing store and a small residential building with an 8-story, 172-unit apartment complex.
Why it matters
The project aims to serve professional renters working in the nearby First Hill medical hub and downtown Seattle. It represents a significant investment in a market where construction starts have recently fallen 80% below historical highs.
The 22,551-square-foot site currently generates $44,000 in monthly interim operating revenue. The proposed project consists of 172 units spread across 8 stories.
The players
PCP
The development firm is behind the new apartment projects at the Belmont Ave E and former Starbucks Roastery sites.
Goodwill
The organization operated a store at the Belmont Ave E site from 2014 until the property was sold for redevelopment.
Starbucks
The coffee corporation ceased operations at its Pike and Melrose Roastery site in September 2025.
The details
PCP intends to demolish both the Goodwill store, which opened in 2014, and an adjacent 4-unit residential building. The development is subject to a 18-month Master Use Permit review that covers zoning, civil engineering, SEPA, and design review requirements.
Timeline
Spring 2014: The Goodwill store opened on Belmont Ave E.
September 2025: Starbucks closed its Roastery site in Seattle.
October 2026: The $13 million property sale was reported.
Upcoming 18 months: The project is slated for the permitting process.
Culture Shift
This project challenges the broader stagnation in the local real estate market, standing in contrast to the 80% drop in Seattle construction starts. It highlights a shift where developers are targeting professional-heavy corridors to maintain occupancy amidst wider economic shifts.
Residents should anticipate long-term construction activity at the Belmont Ave E site following the 18-month permitting phase. The project aims to increase the local housing supply for professionals seeking proximity to the First Hill medical hub.
The takeaway
Large-scale redevelopment plans like this demonstrate that professional housing demand remains a key focus for developers in core medical and urban hubs. Residents and business owners in the area should prepare for an extended period of neighborhood transition during the multi-year development cycle.
Further reading
For more on local development trends, visit the Seattle Commercial section.
Source note: This article includes information reported by CHS Capitol Hill Seattle.
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