Seattle real estate giant Vulcan has entered into an agreement to evaluate for purchase the property around 23rd and Jackson, home of the Promenade 23 and anchor businesses like Walgreens, Starbucks, AutoZone and Red Apple.

A spokesperson for the Paul Allen-backed company confirmed the agreement with CHS Tuesday afternoon after area businesses were informed of the process.

“We think it’s a really great area with a really rich cultural background,” the spokesperson said.

According the Vulcan representative, the evaluation process for the 6 acres on both sides of S Jackson shouldn’t take more than a couple months.

Long expected as a target for redevelopment, the wheels began turning a little faster for the area this summer when landowner Weingarten Realty applied to subdivide its Red Apple Market property into three parcels to allow for greater flexibility in securing retailers, a Weingarten spokesperson told CHS. Subdividing the plot was welcome news to groups like the Central Area Land Use Committee, which have been advocating for smaller-scale development around 23rd and Jackson. “Smaller building footprints create a more diverse urban environment, which is more pedestrian friendly and creates better streetscapes,” said Central Area LURC’s Jonathan Konkol. “I’d prefer to see more buildings, phased over time. That would create some variety and allow the buildings to age separately, rather than as a monolith.”

For Vulcan, the potential investment would add to the development company’s activity in the area after its massive investments in South Lake Union. At 123 Broadway, Vulcan’s first mixed-use foray into the transformation of Yesler Terrace is underway.

Meanwhile, there is strong community interest in developing 23rd and Jackson at a smaller, more pedestrian friendly scale. Earlier this year, neighborhood activists fought for a pedestrian designation for the section of Jackson.

Thanks to our favorite CD tipster for the tip on the agreement.