We’ve tried to keep pace with all the commercial properties coming onto the market recently, and it appears things won’t be slowing down any time soon.
It wasn’t long ago that we were discussing a mixed-use building for sale on SE 67th, just north of Foster (currently targeted for revitalization), as well as a vacant lot at SE 58th and Foster that was being marketed to potential developers (that site is already being proposed for a three-story 30-unit apartment building). We’ve also seen the razing of Busy Bee cleaners, presumably to make way for future development next to Speedboat Coffee. And across the street from the former Busy Bee space, a property with multiple tax lots is for sale—it is zoned general commercial and has a 45-foot height limit (see listing information here.)
It appears two more properties will be testing the Foster real estate market. Coincidentally, both properties also sit on the same block, roughly at SE 53rd and Foster.
One of the buildings currently being listed houses The Decorette Shop at 5338 SE Foster. The longtime fixture on Foster has been rumored to be for sale for close to two years, and apparently the owners have finally put the building on the market. (The cake decorating business is not part of this sale.) The two-story corner building is just over 4,200 square-feet and wraps around SE 54th Avenue onto SE Francis.
The other building for sale nearly adjoins The Decorette Shop at 5309 SE Francis. This mixed-use building has apartments on SE Francis, as well as commercial space that fronts Foster. Ivan’s Cut and Style barbershop currently separates the two for-sale buildings.
It is interesting that (despite different owners) both buildings are being listed at roughly the same time. The slow creep of development along SE 50th, from Hawthorne to Division, and now toward Powell, would suggest this part of Foster could be next in line for investment. With Foster frontage, streetscape improvements on the way, and prominent businesses nearby, we’ll be curious to see who purchases the buildings and what they plan to use them for.
Combined with other nearby properties for sale, there appears to be some potential for development along this stretch of the corridor. Other selling points for this area include: food carts, restaurants, north/south 5o’s bikeway, multiple bus lines, and coming streetscape improvements.