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Real Estate Bisnow
October 18, 2012 
The Best Buildings Are Already Built?

Join us Tuesday, Oct. 30 at the W Seattle our 2nd Annual Seattle State of the Market. This is the Bisnow event of the year with the top dogs reviewing the key market trends. (Plenty of schmoozing, too!) Register here.

When it comes to building on Capitol Hill, Alliance Residential thinks the best building facades are already there. The firm's new development director for the Pacific Northwest Suzi Morris tells us Alliance's goal is to "build buildings from the inside out." (We have a similar approach to eating Oreos.)
Alliance Residential Development Director for the Pacific Northwest Suzi Morris at her office.
Alliance likes the look of the Hill so much that it's incorporating three facades from existing buildings into its new Broadstone Capitol Hill project, a 250-unit building on 10th Avenue and East Union. The Broadstone Capitol Hill project will reuse the old, heavy timbers in new and creative ways, while the new innards will have all the things today's tenants want, like fiber optic cable and a bike repair room. Part of Alliance's process, Suzi tells us, has been reaching out to neighbors to reassure them that the ultimate look and character of Capitol Hill won't change too much.
Bisnow (Hiring) JSEA
An architectural rendering of Broadstone Capitol Hill in Seattle.
Although Alliance is focusing on its two Capitol Hill projects (there's also a 105-unit under construction at 11th and Madison) and Broadstone Koi, a 166-unit apartment in Ballard due in February, Suzi, a Schnitzer West alum, feels bullish about condos. "I definitely think there's a place for condos," she tells us. "It's just when all the stars will align." (By "stars," we assume she means "financing.") Suzi may work in Seattle now, but she also believes Bellevue is overlooked: "Its fundamentals are very good."

Big Ideas on Transportation
Seattle city planning director Marshall Foster and Touchstone VP A-P Hurd at the Four Seasons hotel.
Transit was the issue of the day at NAIOP's monthly breakfast yesterday at the Four Seasons. City planning director Marshall Foster and Touchstone VP A-P Hurd put forward a number of big ideas about transportation investments and the future of development in the city. The to-do list: Make investments where the market is truly ready to respond (South Lake Union, yes; Rainier Valley, no), focus on access and not just mobility, optimize across modes, and build mechanisms for funding.
The Columbia City light rail station.
Marshall predicts building around transit is going to be one of the big ideas of the next few years, and pinpoints the Mt. Rainier light rail station as one place with opportunity. (We chose to show the Columbia City station above, mainly because it has a pretty mountain in the background). A-P likens the work of different developers to people all cooking delicious meals for a potluck: As good as they are individually, it's questionable they'll all be as good when put together. The solution: "The people cooking the meal need to get together and do something really amazing," she says. (Whichever developer is only building libraries... you're the Brussels sprouts.)
The Allen Matkins Minute
Eastdil Secured president Michael Van Konyenburg was one of the keynotes at our sponsor Allen Matkins “View From the Top” event, which drew nearly 700 to the Beverly Hilton Hotel last month (including us). In this behind-the-scenes exclusive, Michael shares with us his views on cap rates and interest rates. He tells us that when rates change, they move very quickly, especially when the Fed becomes concerned with inflation. He also believes that Class-A real estate (as opposed to Treasury notes) is the best way to go for a better ROI. You can watch the Michael Van Konyenburg video. And see other Allen Matkins Real Estate "View From the Top" videos.
Allen Matkins

Where Were We?
1501 2nd Avenue in Seattle.
On Tuesday we published a picture of Pine Street taken from the roof deck of 1521 Second Ave and asked you to guess where we were. Congratulations to winners Sandip Soli of Cairncross & Hempelmann, James Bach of CBRE, Jeffrey Rosen of Seattle Pacific Realty, and Jessie Culbert of Red Propeller, all of whom guessed Opus-built 1521 (as Jessie noted, "It casts quite the distinctive shadow!").
We've got binders full of CRE tidbits. Add yours! Write Blythe.lawrence@bisnow.com.
VRM (Oct15) SEA
Arent Fox (Health) SEA
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Addison (Enjoy3) SEA
Microsoft (Share)
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