Seattle
New Convention Hotel Project Eyed for Seattle’s Downtown
With an opening tentatively set for 2017, the project would feature a six-story podium that will also contain around 40,000 square feet of retail space, the hotel’s lobby and an affordable housing component. The project aims to fill a void of new convention and meeting space, as the developer claims that around 100 conventions backed out of Seattle due to a lack of openings. The property would cash in on that existing demand and provide a space that would also boost the area’s hospitality stats to boot.
Bellevue Gains Brand-New Mixed-Use Project as Area Development Picks Up
Originally thought to be the result of a partnership between SRM and Denver-based Frontier Renewal, the latter eventually announced that it is selling its stake in the project. SRM Development is currently involved in a number of developments in Bellevue, as well as in charge of Google’s campus in nearby Kirkland. The company is certain that the growing number of residential units ready to hit the market in the immediate future is motivated, and has ruled out overdevelopment.
Capstone Plans Redmond, Portland Developments
Two developments in the Northwest’s largest metro areas are moving forward after developer Capstone Partners cemented its involvement with them only recently. The company acquired a 28-acre development site in Redmond from Group Health Cooperative for a $32.55 million fee. The company plans to develop a mixed-use project on the newly acquired site, mainly to capitalize on Microsoft’s expansion in the area. The other project the company has lined up is a grocery-anchored community in Portland. That announced development would cost the company around $60 million.
New Hyatt Place to Be Developed Near Angle Lake in SeaTac
Local development company Ariel Development has announced plans to develop a new hospitality facility in the suburban city of SeaTac. The seasoned developer is set to build a new hotel that will operate under the Hyatt Place brand. The investment will have a total value of around $25 million, and will benefit from its placement between the more dense urban areas of Seattle and Tacoma, as well as the nearby Sea–Tac International Airport.
Iconic Seattle Office Building Changes Hands
By Alex Girda, Associate Editor
Seattle’s office market has been praised repeatedly over the past couple of years for constantly producing major transactions and for the way in which areas such as South Lake Union have defined themselves as the next big tech destinations in the country. The investor response is so positive that even companies previously dealing with residential assets are now looking to cash in on the office rise the Northwest has been experiencing. A case in point would be the recent acquisition of the Dexter Horton building by traditional multifamily developer Gerding Edlen.
Project Touted as “Greenest Commercial Building” Lives Up to Its Name
By Alex Girda, Associate Editor
The green building trend was really embraced by Seattle’s major developers with a number of buildings, chief among which is the new Federal Center South Building built by GSA for the U.S. Army Corps of Engineers, making headlines for the innovative ways in which established or groundbreaking environmentally friendly technologies were employed. The Bullitt Foundation has strived to cut out its own niche on an increasingly sustainable market and the effects are clearly visible.
Seattle’s New Skyscraper to Get SLS-Branded Boutique Hotel
The SLS Hotel Seattle will occupy floors 2 through 15, and offer guests 184 rooms to choose from, all designed with its signature boutique-style in mind. Located at 5th and Columbia in the city’s downtown, the new skyscraper will begin construction during this year’s Q4 with a 2016 completion date in its sights. The hotel’s guest amenities will include 20,000 square feet of meeting space, a spa, fitness facilities, and 30,000 square feet of food and beverage outlets.
Downtown Seattle Real Estate Market Set for Two New Deals
The Logan Building offers tenants 108,000 square feet of office space in the city’s downtown area. With a strong occupancy rate of around 93 percent, major names currently residing at the five-decade-old building include the Downtown Seattle Association, as well as retailers Butch Blum and Specialty’s Café & Bakery. The Pike Place public market includes retailers such as Cinnamon Works, Crepe de France, Hands of the World, Johnson Berry Farm, Marakesh Leather and The Great Wind-Up. The anchor tenant is Pike Brewing Co.
Schnitzer West Raises Funds Through Office Sale for Speculative Industrial, Office Development
Seven office buildings, part of Schnitzer West’s portfolio recently traded for $25.8 million, to Eastside investor Stan Rosen. The assets are located in Bothell, in the North Creek office campus. The deal was made for a 126,000-square foot campus, and Tech Center II, an office building totaling 31,000 square feet of office space. Speculations explain the deals as fundraising for Schnitzer’s two major office developments in the greater Seattle area: Madison Centre and a Bellevue project.
IDS, Clarion Buy 70 Acres in Suburban Seattle for Industrial Park
IDS Real Estate Group and Clarion Partners have just acquired a 70-acre site in Kent, Wash., for the development of Stryker Business Center at Pacific Gateway, an industrial complex that will encompass as much as 1.5 million square feet of premier space.