Nitze-Stagen Buys Warehouse In SoDo Opportunity Zone
Built in 1964, it has 11-foot dock-high loading doors that access the warehouse and industrial space. The building also has office space.
The purchase, which is in an opportunity zone, reflects Nitze-Stagen’s commitment to preserving flexible warehouse space in the SoDo industrial district.
“With the changing landscape of our city, we need to preserve our industrial lands for our innovators, builders and makers who need flexible spaces,” Nitze-Stagen President Peter Nitze told Bisnow.
“Dropping vacancy rates in SoDo have fueled significant rent increases. In the past five years we have seen industrial rates increase by 34%, shrinking the industrial development pipeline," he said. "We are focused on adaptive reuse, value-add and redevelopment projects in Seattle’s underserved markets and preserving industrial spaces is part of our civic strategy.”
Nitze-Stagen recently acquired its first opportunity zone property, Canton Lofts in Pioneer Square. The 80-unit multifamily building is workforce housing for those who make 80% of the area medium income. No public funds are being used to subsidize the rents.
In addition, Nitze-Stagen recently relocated out of its Starbucks headquarters building to 159 South Jackson St. in the Washington Shoe Building in Pioneer Square.