7 stories on 12th Ave, 10 on the Starbucks Roastery site, and now the neighborhood Goodwill — This developer has big plans for Capitol Hill apartment projects

A massing rendering for the Goodwill site (Image: PCP)

Another sign of thawing conditions for Seattle’s development freeze could be happening on Belmont Ave E where the building and parking lot home to the neighborhood’s Goodwill has been sold for $13 million to a developer holding a massive chunk of Capitol Hill’s future in its hands.

For now, the store remains open and serving the neighborhood where it opened in spring 2014 and replaced what had been Half Price Books.

This week’s sale puts the property in the hands of PCP, an Ohio-based development firm that typically specializes in build and hold, mixed-use developments focused on up-market amenities and finishes. In recent years, PCP has aggressively pushed outside the Rust Belt into Western mountain and Pacific Northwest markets.

On Capitol Hill, the company is positioning itself as a key driver in the neighborhood’s next wave of redevelopment.

PCP’s Capitol Hill holdings include 1208 E Olive where the 12th Ave property formerly to the Car Tender auto business has been cleared for eventual development of this 7-story project.

The massing concept for the company’s planned Starbucks Roastery redevelopment (Image: PCP)

PCP’s Capitol Hill crown jewel project could come on an even more high profile site. The company touts a plan for a 10-story mixed-use project on the site of the former Starbucks Roastery at Pike and Melrose as part of its Seattle portfolio.

The not-yet-public project has no filings with the city but PCP describes it as a “10 story multifamily development in the heart of Seattle’s Capitol Hill neighborhood” planned for 174 units across a 115,000-square-foot building “with over 10,000 SF of amenity space.”

Any sale agreement or contract related to the site is also not yet public. The county still records the 1920-era building and property as remaining in the hands of its longtime ownership, Weiss-Jenkins Properties.

In commercial real estate and private development pipelines, it is common practice for firms to list properties on their website under “Pipeline” or “Land” long before any deed transfer or city permit appears in public records.

Coffee giant Starbucks abruptly shuttered the showcase roastery in September 2025. The building has remained empty since.

Goodwill’s Belmont store will be open and bustling this Thursday but change is coming. Six years ago, CHS reported on early planning for a mixed-use project for the site and preparation for a sale of the property. Those plans have grown.

PCP says it plans to develop the project as a 22,551-square-foot site that will demolish the old Goodwill store and a 4-unit small residential building on the property to make way for an 8-story, 172-unit apartment community.

Rendering of the 12th Ave project (Image: PCP)

The Belmont Ave Goodwill project is positioned as a premier, luxury market-rate development targeting high-income urban renters rather than a dedicated income-restricted affordable housing community. PCP emphasizes a high-end, “best-in-class” product intended to capture rental demand from professionals tied to the nearby First Hill medical hub, downtown Seattle, and regional tech employers via light rail.

During pre-development, the site’s commercial and residential tenants will generate approximately $44,000 per month in interim operating revenue, subsidizing land-loan interest ahead of demolition, PCP says.

PCP says the permitting process has been underway and that the Master Use Permit review covering zoning, civil engineering, SEPA, and design review is projected to require roughly 18 months.

The company’s announcement describes urgency to strike while the iron is hot. “PCP’s development strategy is intended to take advantage of the improving Seattle economy at a time where construction starts have dropped over 80% below the historical high mark,” the firm says.

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