By Alex Girda, Associate Editor
Just as it seemed like South Lake Union had run out of land, Amstar flew in and acquired a small parcel that will be transformed into a new apartment building. The Denver-based real estate investment manager will reportedly work on the new project with Snohomish-based Kōz Development.
Scheduled to break ground in early 2016, the new apartment building will embrace a growing trend in markets where residents are already feeling the pressure of rising prices and rents: smaller units. The move is meant to provide a level of increased affordability to potential renters in a climate that has seen rents soar over the past few years. Completion of the new infill development is scheduled for 2017.
Set to take shape at 1206 and 1210 Republican St. in SLU, the community will have good proximity to major employers such as Amazon, Facebook, and the Bill and Melinda Gates Foundation. The building will offer tenants a rooftop deck with views of the neighborhood and the city’s skyline. Partner that with Kōz and Amstar’s ambition to get smaller, Class A apartments to the area, as well as the high demand for residential units in Seattle, and the little infill development project might prove a big success in an apartment market in need of new business models.