Seattle

Construction has begun on a new facility that will serve the Cornish College of the Arts in Seattle recently. The development team headed by Capstone Development Partners held a groundbreaking ceremony at the Residence Hall and Learning Center at 2025 Terry Avenue.

One of Portland’s most ambitious office developments received a major boost with the completion of a major leasing deal being announced by the developer. Developer Kaiser Group Inc. has reportedly agreed a contract for a total of 14,000 square feet of space at one of the buildings in the One North Development with the Kartini Clinic, an entity that deals with the treatment of eating disorders in children and young adults. The new tenant will occupy the top two of the five floors of the Radiator building starting with March 2015.

The Seattle development scene blew up recently with no less than three major moves announced across the city. One of the fastest growing tech markets of the past few years, Seattle is driven by serious activity in the downtown area, and its over-performing South Lake Union neighborhood. Continental Properties, Murray Franklyn and The Onni Group this week either acquired important development sites or announced large projects in the city’s metropolitan area.

A huge master-planned community was recently unveiled at the southern end of the Puget Sound. San Jose-based UCP Inc., a company dealing with homebuilding and land development announced its The Preserve at Turnwater Place in Turnwater, Washington. This will be the developer’s first selling community in the state’s real estate market.

A real estate investment management services company recently ramped up its activity in the Pacific Northwest with a multifamily acquisition, following a number of deals in the area’s commercial sector. Lowe Enterprises Investors recently announced its acquisition of a residential complex in the city of Everett, WA on behalf of an investment client. The property in question is the Covington Farms community located 25 miles away from Seattle. ARA Northwest representative Gail Neuburg handled the transaction on behalf of the seller.

The debate over the development of a major hotel-convention center in downtown Portland has been going on for quite a while. Now, a property that could influence willing investors has been put up for sale by its owner, prompting new discussions about a new major hospitality project in the city. Mount Kellett Capital has reportedly hired Eastdil Secured to handle the marketing process for the DoubleTree by Hilton Hotel in the Lloyd Center. The property is currently valued at around $100 million, according to the Portland Business Journal.