{"id":1004122104,"date":"2015-06-26T12:27:23","date_gmt":"2015-06-26T20:27:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=353915"},"modified":"2022-03-03T07:50:27","modified_gmt":"2022-03-03T15:50:27","slug":"jobs-fuel-accelerated-slu-multifamily-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jobs-fuel-accelerated-slu-multifamily-project\/","title":{"rendered":"Jobs Fuel Accelerated SLU Multifamily Project"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

A recently completed land deal indicates that multifamily developer Shea Properties<\/a> is fast-tracking its first Seattle project. The company just acquired a one-acre site at 1319 Dexter Ave. N.\u00a0in South Lake Union for a reported $12 million. The transaction was completed with help from Kidder Matthews, the company working on behalf of both Shea Properties and seller Dexter Building LLC.<\/p>\n

\"1319<\/a><\/p>\n

1319 Dexter Ave. N. rendering by Ankrom Moisan Architects<\/p>\n<\/div>\n

The look of the residential project was revealed back in March, when Shea submitted the Ankrom Moisan-designed development proposal for the seven-story building.<\/p>\n

A major catalyst in the progress of the development initiative was Facebook\u2019s announced move to the neighborhood. The Puget Sound Business Journal<\/em> points out that the social network is taking over enough space to house more than 1,500 employees at the nearby Dexter Station office building. This presents great opportunity for well-paid young professionals to move to the area, which may lead other developers to act quickly and populate the vicinity with other multifamily projects.<\/p>\n

To further cement that idea, a nearby office building will become the home of around 350 employees when Pemco Insurance moves its operations there. The insurer is relocating from a property it sold to Unico Properties\u00a0on the last day of 2014. With around 2,000 jobs flooding the area soon, Shea\u2019s 282 rental units sound like a slam dunk.<\/p>\n","protected":false},"excerpt":{"rendered":"

A recently completed land deal indicates that multifamily developer Shea Properties is fast-tracking its first Seattle project. The company just acquired a one-acre site in South Lake Union for a reported $12 million. The transaction was completed with help from Kidder Matthews representatives, the company working on behalf of both Shea Properties, as well as seller Dexter Building LLC.<\/p>\n","protected":false},"author":41,"featured_media":1004506172,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[],"class_list":["post-1004122104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-seattle"],"acf":[],"yoast_head":"\nJobs Fuel Accelerated SLU Multifamily Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jobs-fuel-accelerated-slu-multifamily-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jobs Fuel Accelerated SLU Multifamily Project\" \/>\n<meta property=\"og:description\" content=\"A recently completed land deal indicates that multifamily developer Shea Properties is fast-tracking its first Seattle project. 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