Demand is growing and supply is tight—Seattle's top players couldn't ask for much better market fundamentals. But when will the boom slow? If you ask some of the city's biggest developers, the answer is not any time soon. Hear what they have to say at Bisnow's Seattle State of the Market beginning at 7:30am on Sept. 30 at the Seattle Marriott Waterfront.
Among our panelists will be Washington Holdings CEO Craig Wrench, who is confident in Seattle's fundamentals in the long run. He tells us the firm is focused on building a portfolio of 2,000 to 3,000 apartment units in the Puget Sound area and 15 to 20 premium select service hotels on the West Coast for long-term holding and income.
This summer, Washington Holdings, in partnership with Pollard Entities, acquired almost an acre at 3627 Stone Way for more than $7M. The plan for the site is to develop a 124-unit market rate apartment project called the Hayes on Stone Way, which will also include 7,500 SF of retail. Washington Holdings is also in partnership with MainStreet Property Group (Kelly Price and Eric Campbell, formerly of Cam West) to develop The Carter, a 180-unit apartment property under construction in Downtown Redmond.
Another believer in the long-term fundamentals of Seattle is Mack Urban, which recently unveiled its plans for a 43-story residential tower at 1001 John St in South Lake Union. The distinctive feature of the site is a 53-foot drop between John Street and Terry Avenue N, which city planners say would benefit from a public hill climb assist. “What many would see as a challenge, we see as an opportunity,” says Mack Urban CEO Paul Keller, adding that the topography enables a tower with a strong public connection and a viewpoint amenity.
Currently there's no pedestrian connection between upper John Street and lower Terry Avenue. Mack Urban's proposal would provide one. “The building won't turn its back on any street,” Paul says. The hill climb will also include a public elevator to the north of the new residential tower, which will also include 2,800 SF of retail along Terry Avenue N and 300 underground parking spaces. Hear more about the hot real estate climate in Seattle at Bisnow's Seattle State of the Market at 7:30am on Sept. 30 at the Seattle Marriott Waterfront. Sign up here.
