A Seattle company entered into an agreement with the owner of the Gastineau Apartments Thursday to buy the burned-out building.
Public Private Partnershipp LLC and James Barrett, the owner of the blighted apartments, have entered into a purchase of sale agreement, but “there aren’t new owners yet,” according to City Attorney Amy Mead.
The goal of the project will be to “restore not destroy” the Gastineau apartments to create 44 affordable-housing units, said Wayne Coogan principal of Coogan-Alaska. Coogan’s company, along with James P. Hurley of Kenmore, Washington, are going in on the sale with PPP.
“We’re not going to tear it down; we’re going to restore it,” Coogan said. “When the Barretts signed over control of the property that changed the game. Now something can be accomplished.”
Before anything can be done, however, the city must stop the demolition of the building, which was slated to begin later this year, and this will require Assembly action, Mead said.
“If we’re going to change course, that direction needs to come from the Assembly,” she said.
Coogan said that representatives from PPP will be coming up from Seattle to meet with city officials next week, and the issue will go to the Assembly for consideration at the next available date, according to Mead.
“It will take tenacity and willingness from all parties to reach the end game,” Coogan said.