[cactus22minus1]

High-rise apartment building planned near Colman Dock
By Eric Pryne
Seattle Times business reporter

http://community.seattletimes.nwsource.com/mobile/?type=story&id=2012524824&st_app=ip_news_lite&st_ver=1.2


http://seattletimes.nwsource.com/ABPub/2010/08/03/2012524826.gif

Goodman Real Estate has submitted preliminary plans for a 15-story apartment building in downtown Seattle less than two blocks from Washington State Ferries' Colman Dock.

It's one of the first new development proposals to surface in the downtown core since the real-estate market collapsed two years ago. For Goodman, it represents a change from earlier plans to build a 12-story office building on the site, now a parking lot bounded by Western and Post avenues and Columbia and Marion streets.

The newly proposed apartment building, the Colman Tower, would have about 200 units on the sixth through 15th floors aimed at "young urban professionals," according to plans filed with the city's Department of Planning and Development. Parking and street-level retail would occupy the lower levels.

Goodman representatives did not return calls seeking more information. The city's Downtown Design Review Board is to consider the project Aug. 24.

Goodman's switch from office to apartments makes sense, said land-use economist Matthew Gardner.

While downtown office vacancies remain high, the high-end urban apartment market appears to be stabilizing, Gardner said, and it's much easier to get financing for apartment projects than other construction.

What's more, he added, Colman Tower probably won't be ready for tenants until at least late 2012 or early 2013, when the market may be healthier. "Goodman's timing is good," Gardner said.

Several new, large apartment projects have broken ground in Seattle in recent months despite the recession. Among them: Harbor Properties' Link Apartments in West Seattle, and Avalon Bay Communities' Avalon Queen Anne project in Lower Queen Anne.

At least one other downtown development proposal, Urban Visions' 35-story tower at Second Avenue and Pike Street, has been redesigned as an apartment project, in part to increase the likelihood of obtaining financing. Urban Visions' original plan was for a luxury hotel and condos.

The Alaskan Way Viaduct separates Goodman's Colman Tower property from the waterfront. If that aging roadway is demolished, Goodman could be sitting on a gold mine, Gardner said:

"Will (demolition of the Viaduct) increase property values exponentially? Absolutely."

The city's conceptional plans call for a waterfront boulevard and new public spaces once the viaduct is torn down. But, according to the state Department of Transportation's most recent plan, demolition won't occur until at least 2016, after a tunnel is built to replace the elevated highway. And the tunnel, which still faces political obstacles, is no sure thing.

Seattle-based Goodman Real Estate was founded by John Goodman in 1990. Its assets include more than 34,000 apartments and 2.5 million square feet of office and retail space, according to the firm's website.

[cactus22minus1]

You'll see reference of another proposal in that article.. I haven't seen this one mentioned in this thread but do correct me if I'm wrong:

At least one other downtown development proposal, Urban Visions' 35-story tower at Second Avenue and Pike Street, has been redesigned as an apartment project, in part to increase the likelihood of obtaining financing.

So I did a little digging. From Urban Visions blog: (http://www.urbanvisionsblog.com/search/label/2nd%20and%20Pike)
The project, a proposed 440 foot apartment tower housing 340 units plus skybar and restaurant, is being designed by Tom Kundig and Jerry Garcia of Olsen Kundig Architects under the guidance of owner Urban Visions and Greg Smith.
The 2nd & Pike Tower will provide the missing link in the pedestrian intensive Pike/Pine corridor. The project will restore this once significant corner to its place as an iconic landmark and extension of the region's ambition. It will respond to its unique location and history with a multi-faceted building which is both transparent and dynamic.

The southeast corner of 2nd Avenue and Pike Street was the home to the MacDougall Southwick Department Store from the turn of the 20th Century until 1964. Once the center of the Seattle Retail Core and across the street from the Bon Marche, the area began to experience a downturn once the core began to move East. The area eventually became neglected and urban renewal resulted in the destruction of many of the adjacent historic buildings. The 2nd and Pike intersection has since been relegated to serving the retail core by providing surface and garage parking. The goal of this project is to inject the site with a vitality and humanity it has not seen for decades.

Urban Visions has established itself as a leading force in large sustainable designed projects. The 2nd & Pike Tower will be the culmination of this commitment. The building will achieve LEED Gold certification, gathering sun and wind from the site.

A large street level restaurant and upper level Skybar with roof decks will further insure the building's engagement with its neighborhood and contribute to the richness of the Pike/Pine Corridor.

The latest update says the proposal has been altered for apartments only- no hotel.


http://lh4.ggpht.com/_n7sZsM7pFe0/S3MK1CVs9jI/AAAAAAAAAPw/G4LvBBpZbkU/s640/2nd%20%26%20Union%20View.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh6.ggpht.com/_n7sZsM7pFe0/S3MK1Z-VYqI/AAAAAAAAAP0/_ZTIfPIfezI/s800/Aerial%20looking%20NW.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh6.ggpht.com/_n7sZsM7pFe0/S3MK1rb84sI/AAAAAAAAAP4/xOeDE-5xZu0/s720/Aerial%20looking%20SW.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh5.ggpht.com/_n7sZsM7pFe0/S3MK_kcbNsI/AAAAAAAAAQE/o2V_PA2xgaI/s640/Massing%20Sketches.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh4.ggpht.com/_n7sZsM7pFe0/S3MK_9gRKlI/AAAAAAAAAQI/hrKqIv938ro/s1024/Overview2.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh4.ggpht.com/_n7sZsM7pFe0/S3MK_701j7I/AAAAAAAAAQM/anIdJdMODcQ/s800/Site%20Overview.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh3.ggpht.com/_n7sZsM7pFe0/S3MLAARH13I/AAAAAAAAAQQ/CCIYMwqTkZw/View%20Looking%20North%20up%202nd%20from%20Newmark.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh5.ggpht.com/_n7sZsM7pFe0/S3MLDL7xsiI/AAAAAAAAAQU/2I7ulUtpYBM/Water%20Front%20View.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

http://lh3.ggpht.com/_n7sZsM7pFe0/S3MLDSPmP9I/AAAAAAAAAQY/eZFFG9c8Cso/s640/Zoning%20Schematics.JPG
Seattle Urban Visions (http://picasaweb.google.com/SeattleUrbanVisions)

[InlandEmpire]

:previous:

Great find! I think those renderings have surfaced before at some time - either way, seeing that lot developed would be awesome. Too bad they couldn't go a bit taller than 440' there since its such a prominent spot in the skyline...

My boss is in 'the know' in the local construction / development industry, and it sounds like 1200 Stewart is definitely no pipe dream of a plan - may come to be sooner than one might think

http://img130.imageshack.us/img130/196/1200stewartweb.jpg (http://img130.imageshack.us/i/1200stewartweb.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

(Image from the Seattle DJC, courtesy of Lexas Companies)

This project should make an awesome gateway in and out of Cap Hill

[cactus22minus1]

From what I read about the 440ft 2nd and Pike tower, they already got zoning approval to boost the height limit from the previous 100something to the current 440 just for this tower. So we should consider ourselves fortunate.

I love to hear positive news for 1200 Stewart.. that will really help to continue to blend development from downtown through the triangle and on to SLU. And as a fellow Capitol Hill resident, I'm excited to see that block tidied up and offer retail/food options for the walking commute towards downtown/belltown from the hill. :cheers:

[mhays]

The Second & Pike project was probably the trigger for the whole Downtown height limit increase process a few years ago. If I recall, it was a 300' zone before, and is 400' now (plus 10% for mechanical/architectural).

[InlandEmpire]

In today's DJC - sounds like things may be starting up downtown again :)


November 18, 2010
Real Estate Buzz: Matt Griffin eager to start apartment towers
By MARC STILES
Real Estate Editor

Add Pine Street Group to the list of developers talking about starting a big Seattle apartment project.

Matt Griffin, managing partner of Seattle-based Pine Street Group, said yesterday he’s in serious discussions with partners about whether it’s time to start the two-tower, 650-unit project on the west side of Sixth Avenue between Lenora and Blanchard streets. “My take is now is the right time, but we need to get everybody to agree.”



http://img194.imageshack.us/img194/1552/6thlenora2.png (http://img194.imageshack.us/i/6thlenora2.png/)

Uploaded with ImageShack.us (http://imageshack.us)

[InlandEmpire]

New 17 floor apartment building breaks ground today :)

Harbor starts today on Alto apartments
The decision to start shows how quickly the Seattle apartment market has rebounded.

By MARC STILES
Journal Staff Reporter



Rendering courtesy of Harbor Properties [enlarge]
Harbor Properties will build the 17-story apartment tower at 311 Cedar St. in Belltown. Officials at Harbor Properties say they will start construction today on Alto, a 184-unit apartment tower at 311 Cedar St., in Seattle's Belltown neighborhood

http://img152.imageshack.us/img152/8782/c01alto11182010big.jpg (http://img152.imageshack.us/i/c01alto11182010big.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

[seaskyfan]

Nice to see some new activity!

[mhays]

Yes, this means no break in Seattle highrise construction, counting Amazon.

[mSeattle]

Amazon is more mid-rise to me. Is the tallest building even 10 floors?

[mhays]

It's 12 floors and 160'.

[mSeattle]

OK, well it's a nice size. I'm reluctant to call it a highrise (15+ is my preference).

[Complex01]

Oh Nice to see some new stuff starting...

:tup:

[InlandEmpire]

According to one of the posters at skyscrapercity the 40 story apartment bulding proposed to go right next to the Paramount theater on Pine may start construction soon.....almost 500' tall. Good news if true!

[mSeattle]

According to one of the posters at skyscrapercity the 40 story apartment bulding proposed to go right next to the Paramount theater on Pine may start construction soon.....almost 500' tall. Good news if true!

Is this right next to the freeway above the train tunnel?

Also, somebody please tell me that they're going to improve the design of the 2nd & Pike proposal. It's currently yuk.

[InlandEmpire]

:previous:

Yeah, it would be right between the freeway and the Paramount Theater.

In other news.....

Belltown tower gets land-use approval
By JOURNAL STAFF

http://img703.imageshack.us/img703/9179/21164th.jpg (http://img703.imageshack.us/i/21164th.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)
Image by Weber Thompson [enlarge]

The city of Seattle has given its final land-use approval for a 40-story residential tower at 2116 Fourth Ave. in Belltown.

[mSeattle]

Nice. A step in the right direction. This has a styling similar to the two residential towers proposed around the convention center.

[mhays]

Seattle has started a 12-story office building for Amazon and a 17-story apartment building (shown above) on the edges of Downtown in the past couple months.

Also, at least six lowrise apartment projects have started recently on the fringes of Downtown or nearby (about 750 units including the HR). Apartment developers are getting into frenzy mode on the six-story (1+5 woodframe) apartments in particular, and intend to start numerous others this winter and spring.

Highlights of other projects underway include the dual deep bore light rail tunnel from Downtown to Capitol Hill and the UW (boring now, exciting forever), a small spec office building (go figure), conversion of a southerly section of highway 99 from elevated to surface (enabling the upcoming 9,000 foot bypass tunnel through the CBD, which starts this year and will get rid of the rest of the viaduct), a new building at Virigina Mason Medical Center, a redo of the Mercer/Valley Streets into a more pedestrian/bike friendly corridor in the growing South Lake Union area, conversion of a former Navy building into the relocated Museum of History and Industry, a $20m partial restoration of King Street Station (Amtrak and commuter rail), a new dorm building at Seattle U, and a giant new campus for the Gates Foundation. Tenant improvement volume is heavy as companies and non-profits relocate closer in and as existing tenants expand (looking like we might suck up the huge oversupply more quickly than we thought).

Haven't had an update in a while. Thought I'd fill people in.

[InlandEmpire]

http://img402.imageshack.us/img402/3572/northstadiumbig.jpg (http://img402.imageshack.us/i/northstadiumbig.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

Stadium Place will have three towers of housing, 19,000 square feet of retail and 360 parking stalls on the west side of the site.

Construction will start in late summer on a four-story podium and two apartment towers on Qwest Field's north parking lot in Seattle, the first stage in 1.5 million-square-foot mixed-use development that has been years in the making.

http://www.djc.com/news/re/12026952.html

[InlandEmpire]

Nice to see the tower crane for Alto up!

[InlandEmpire]

This 26 story building is proposed across the street from Alto and is going through design review currently...

http://img269.imageshack.us/img269/1024/acrossalto.jpg (http://img269.imageshack.us/i/acrossalto.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

[seaskyfan]

Thanks for updating the list. Great to hear the North Lot project might be starting soon.

[Aleks]

http://img402.imageshack.us/img402/3572/northstadiumbig.jpg (http://img402.imageshack.us/i/northstadiumbig.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

Stadium Place will have three towers of housing, 19,000 square feet of retail and 360 parking stalls on the west side of the site.

Construction will start in late summer on a four-story podium and two apartment towers on Qwest Field's north parking lot in Seattle, the first stage in 1.5 million-square-foot mixed-use development that has been years in the making.

http://www.djc.com/news/re/12026952.html

nice! what's the floor count on the tallest tower? i counted 20 or so on that middle one. will definitely change the area! i hope this encourages developers to invest in residential conversions of historic buildings in pioneer square!

speaking of lists, anyone wanna update the first post? it's outdated and i'm not up for the challenge.

[mhays]

25 or so. It would definitely change the area. Pioneer Square needs a big infusion of wage earning people, to soften the overreliance on bar crowds, shelter residents, and game crowds. They would join the office workers, artists, and residential pioneers as a strong influence. This would be the sort of critical mass it needs.

An additional office tower around 20 floors would be built immediately to the right, when the market called for it.

There's some room for residential conversions but not a ton. Good idea when the opportunity exists.

[mhays]

Looks like the 1200 Madison 16-story apartment project is starting on First Hill.

[alki]

Testing....want to see what the posting process is like.

[InlandEmpire]

This is a pretty mammoth project; great to see it getting underway! So this makes about 3 high rise projects underway in and around downtown again.


Hot market for rentals inspires twin towers


Seattle developer Pine Street Group plans to break ground within days on a high-rise apartment complex in the Denny Triangle that would be the biggest new downtown construction project in 3 ½ years.

By Eric Pryne

Seattle Times business reporter

PREV 1 of 2 NEXT


VISUALIZATION@STUDIO 216

The Sixth & Lenora Apartments, shown in an artist's rendering, will consist of two 24-story towers, 654 units and 18,000 square feet of retail space.


Related

Seattle developer Pine Street Group plans to break ground within days on a high-rise apartment complex in the Denny Triangle that would be the biggest new downtown construction project in 3 ½ years.

The two-tower, 24-story Sixth & Lenora Apartments is the latest — and largest — entrant in what has become a race among developers to meet growing demand for in-city rental housing that they expect won't abate soon.

At 654 units, the project would be the city's second-largest market-rate apartment complex, said Mike Scott of research firm Dupre + Scott Apartment Advisors.

Matt Griffin, Pine Street's managing partner, said the apartments will target young people who work for such nearby employers as Amazon.com and the Gates Foundation — "people who want to walk to work. We truly believe this is a place people could live without owning a car."

The project, on a mostly vacant, half-block site on Sixth Avenue between Lenora and Blanchard streets, also would have 18,000 square feet of ground-floor retail space.

Pine Street's complex is a strong vote of confidence in the city's booming apartment market, Scott said.

"A year ago, things were improving, but there still was a lot of concern on the part of investors," he said. "That's dissipated. This [project] is proof of that."

Griffin said his firm and its development partners, pension-fund investors represented by real-estate investment adviser Bentall Kennedy, won't borrow money for the $200 million complex: They'll build it entirely with their funds.

Developers have been rushing in recent months to get new apartment buildings permitted and under construction. The apartment-vacancy rate has dropped while rents have begun increasing, according to Dupre + Scott and other researchers. They also say more consumers are reluctant to buy as home prices continue to drop.

Yet, while apartment demand is rising, supply isn't: A lull in construction during the recession's depths means relatively few new units will be finished this year.

Research firm Apartment Insights Washington anticipates 1,866 units will be delivered in 2011 in King and Snohomish counties, less than one-third as many as in 2009.

Hence the recent development boom. But, while many projects are in the pipeline, Sixth & Lenora would be just the second high-rise to break ground since the rush began.

Pine Street obtained permits to start building two years ago but held off while the economy was soft. Now, however, "we're all starting to see recovery," Griffin said.

Job growth is up, he said, and many younger workers are turning to apartments because they recognize owning a home could interfere with their ability to go where the jobs are.

He said Sixth & Lenora should appeal to them in part because it's in a walkable neighborhood blocks from Westlake Center, downtown's prime transit hub.

Relatively low construction costs also make this a good time to build, he said.

Apartments in the towers, mostly studios and one-bedrooms, will average about 700 square feet. The project isn't scheduled for completion until February 2013, Griffin said, but the units probably would rent for an average of about $1,900 a month in today's market.

Before Sixth & Lenora, the last building project of similar magnitude in greater downtown was Aspira, a 37-story apartment tower at Terry Avenue and Stewart Street that broke ground in November 2007, according to Bryan Stevens of the city's Department of Planning and Development.

Pine Street Group probably is best-known as the developer of Pacific Place, the downtown retail-entertainment complex built in the late 1990s. The firm has focused its development efforts exclusively on the downtown area.

"We often say that if we can't walk to it, it's probably something we can't understand," Griffin said.

Eric Pryne: 206-464-2231 or epryne@seattletimes.com

[mhays]

Once everyone gets rolling, currently underway in greater Downtown will be highrise buildings of:

24
24 (twin of above)
17 (3rd & Cedar apts, three floors above grade)
16 (1200 Madison apts, in full demo)
12 (Amazon offices, bottom of hole, crane is up)

[Okstate]

Average size: 700 sq ft.
+
Average price: $1900
=
Holy cow

[InlandEmpire]

Spendy....not too far from Cap Hill prices. My 800 SF 1 bed is about that price. 2 beds run what a large-ish house mortgage price would cost in non-coastal cities.

[mSeattle]

Pox on Greg Condo-Conversion Nickels... Priced out of housing... Need more new aPodments...

[danielvulrich]

i'd like to see that Stadium Place

[mSeattle]

More exciting than just Stadium Place, is the height increase that was approved by city council for the broader Pioneer Square, Stadium, International, Little Saigon districts.

Hopefully these areas are built up to the liking of area residents so that more districts might look favorably on density/height increases.

[InlandEmpire]

May 10, 2011
Colman apartments may start in June
By JOURNAL STAFF

SEATTLE — Goodman Real Estate appears to be preparing to start construction of the 16-story Colman Residential apartment project at Western Avenue and Columbia Street.

The long-time surface parking lot on the property is now closed, and crews from Turner Construction, the general contractor, were doing preliminary work on the site yesterday. Workers said construction is tentatively scheduled to begin next month. :tup:

http://img638.imageshack.us/img638/5596/colman2.jpg (http://imageshack.us/photo/my-images/638/colman2.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

That's number 6 for the number of towers gearing up downtown....

[InlandEmpire]

This 40 story apartment project received conditional approval from the DPD...


http://img864.imageshack.us/img864/9179/21164th.jpg (http://imageshack.us/photo/my-images/864/21164th.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

[mSeattle]

It's nice that the Coleman apartments might be starting soon. My only peeve is that it's a solid clump of a building and doesn't even have a pocket plaza to break the building up a bit. They could have increased the height a couple of floors too. The profile would have been slimmer on all sides.

[mhays]

Colman fixes the last "gap" on the east side of Western through the CBD.

Housing near Pioneer Square and the Financial/Government district will be very helpful. There's not much housing south of Madison on Western. More broadly, this helps whittle away at the over-dominance of office uses in the south half of the CBD and Pioneer Square, the latter having a lot of housing but not a ton of market rate.

We need more parks in the CBD, but I'm happy with a street wall here.

[Complex01]

Ooo nice projects. Very Kewl...

:tup:

[mhays]

1200 Madison put up a tower crane today.

Colman fenced off a few weeks ago and cut down the trees onsite (on their property, not on street) this week.

Back in business fellas.

[Aleks]

Has anyone watched the presentation of the waterfront concepts? I was blown away by some of the ideas and other's I thought could improve. Others I don't expect will go through :(

Tides (Thin parts of waterfront)-the idea of collecting and directing water through a natural water treatment system was one of the best things about the project. Other ideas included adding ramps and whatnot, buttt the "tide-walks" where you'd see the tides coming in and out really impressed me.

Folds (Buildings)-after watching the first meeting i thought about what waterfront buildings around the world looked great. i thought of the oslo opera house, the vancouver convention center and the dockland office building in hamburg. i really liked the idea of using roofs as green space and allow bunches and bunches of trees in other areas. and the designs team concept did just that! i loved the terraces and hills leading to the waterfront from pike place!

anyways, the only thing i thought could improve were the outdoor hot tubs. they should instead design a building in pier 62/63 that slopes up towards the water and underneath there could be a community pool complex. it'd offer more space, a lap pool and free-swimming one, maybe even the hot tubs. they're already using the concept on the pike-to-waterfront hills, the ferry-terminal-roof park and in other parts, why not extend it? it'd be awesome to swim on a pier, looking out into the bay. it'd be even more amazing if they used an infinity pool and sliding glass doors to open during those oh-so rare 80+ degree summer days!

[mhays]

Housing in greater Downtown is almost at boom levels again, with about 2,200 units underway in perhaps 2000 acres. Not as much as the 2007 peak (over 5,000 at one point), or possibly even the 2000 era, but still pretty good, particularly since all but 300 started very recently. This includes a couple projects still in site prep mode, which might mean they're waiting for building permits or notice to proceed from their clients. I'm jumping the gun a little.

After I typed the first paragraph I took a walk. Had to check on a 118-unit project that got a building permit on Friday. It hasn't started yet. Not part of my count.

Another project, a 285-unit six-story building on Lower Queen Anne that I'm still calling site prep, appeared on the same walk to be spending real money....not sure if they're officially shoring yet (would need a shoring permit), but they've piled soldier piles and lagging onsite, the piles of dirt are taller than their backhoes, and they've temp paved the "side street" side of the site (will be a wider sidewalk and a small fringe at live/work units).

The other project in site prep has taken their high-revenue-generating parking lot offline and cut down the trees within their property, and also had a backhoe or two parked there a week ago. This is a 208-unit, 16-story project in the narrow strip of mostly historic buildings between the Financial District and the Central Waterfront, a block from the ferry terminal. Seattle's phenomenal business paper, the Daily Journal of Commerce, which focuses on construction projects and without which I'd die, is located across the street and heard that workers thought it was a June start. Of course, workers have varying definitions of "start" just as people do on SSP. Possibly it meant when the first major permit was awarded along with official notice to proceed from the owner.

[alki]

Not a hi rise and not a newbie but a building that will have a big impact on downtown. The Gates Foundation is starting to move in:

http://www.queenanneview.com/wp-content/uploads/2011/05/206327.jpg

http://www.queenanneview.com/2011/05/25/gates-foundation-moves-into-new-headquarters-invites-community-to-opening-celebration/

Original Post by mhays>

Housing in greater Downtown is almost at boom levels again, with about 2,200 units underway in perhaps 2000 acres. Not as much as the 2007 peak (over 5,000 at one point), or possibly even the 2000 era, but still pretty good, particularly since all but 300 started very recently. This includes a couple projects still in site prep mode, which might mean they're waiting for building permits or notice to proceed from their clients. I'm jumping the gun a little.

Not just downtown......at least 1000 units are planned or in the ground in Capitol Hill. Lots of construction in Ballard and West Seattle as well.

[mhays]

By "greater Downtown" I included the near parts of Capitol Hill and the back side of First Hill, including 230 Broadway, 13th & Madison, SU housing, etc.

[alki]

Original post by mhays>

By "greater Downtown" I included the near parts of Capitol Hill and the back side of First Hill, including 230 Broadway, 13th & Madison, SU housing, etc

Oops! Misunderstood. Not as much development as I thought.

[alki]

Great photo gallery of buildings under construction; then shown completed.

Time Passages(they grow up so fast}

http://hugeasscity.com/2010/01/01/time-passages-they-grow-up-so-fast/

[mhays]

That 2,200 units is pretty official now. The LQA site is in mass excavation and shoring now, which is officially major construction. The Western Ave site was drilling for their shoring the other day, or so it appeared in a photo posted on SSC, along with scraping their site.

[mhays]

Took a walk today. Another project has started.

A 56-unit "apodment" project has started on the back side of First Hill, near Seattle University. Phenomenal concept for affordable housing: Tiny units (avg 180 sf), no elevator (a few units will be wheelchair-accessible), shared kitchen plus kitchenettes in the units, no parking. Due to the low building square footage, the project avoided the design review process. Small 4,800 sf site that used to be a house. In other words, they saved huge time and money. Rents at a similar building that the same developer just opened are $495 to $675, with this new building likely to be a bit higher due to closer-in location.

I love projects like this for several reasons, not the least being that they support low-income lifestyles, and lives lived around town rather than at home. Having built a few so far, the developer is reportedly getting calls all the time from others who want their "secret sauce," according to the Daily Journal of Commerce (sorry, passworded).

The Western Ave project I mentioned, a 16-story apartment within a golf shot of the Financial District, is drilling along their site perimeter and I'd call that a real start.

[Vashon118]

6th and Blanchard (06/09):

http://i56.tinypic.com/10giw07.jpg

http://i54.tinypic.com/6i8878.jpg

http://i52.tinypic.com/syoxw7.jpg

http://i53.tinypic.com/ogiavd.jpg

1200 Madison (06/11):

http://i54.tinypic.com/sfhx8z.jpg

http://i54.tinypic.com/jzgn6c.jpg

http://i56.tinypic.com/2zqvebs.jpg

http://i55.tinypic.com/aacadj.jpg

http://i53.tinypic.com/2qnmlio.jpg

http://i55.tinypic.com/30viwb9.jpg

http://i55.tinypic.com/wre7nc.jpg

http://i54.tinypic.com/14jb81h.jpg

http://i55.tinypic.com/35l7lap.jpg

http://i52.tinypic.com/2j1juyw.jpg

Colman Tower (06/23):

http://i55.tinypic.com/20tl9g4.jpg

Alto Apartments (06/13):

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http://i56.tinypic.com/156wjn8.jpg

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[alki]

Great pics! Thanks.

Looks like Touchstone is getting ready to do another project:

Touchstone Buys Parcel from Seattle Times

Touchstone, one of the Seattle area's busiest developers, has acquired another South Lake Union block that is ripe for redevelopment.

The company paid The Seattle Times Co. $18.4 million for the 2.5-acre Troy Laundry block, which is just across the street from Amazon.com's burgeoning new headquarters complex.

The block, bounded by Fairview Avenue North, Thomas Street, Boren Avenue North and Harrison Street, is just north of The Times' headquarters. It is dominated by the Troy Laundry building, a former commercial laundry built in 1927 and used mostly for storage since The Times bought it in 1985.

The building's brick and terra-cotta façade is a historic landmark and must be integrated into any new development.

Touchstone has no immediate plans for the property. "We're still exploring the feasible development options," principal Douglas Howe said.

The acquisition is the second for Touchstone in South Lake Union in the past year. Last August it purchased most of the block just southeast of the Troy block from Cascade Natural Gas. Touchstone recently put the eastern half of that block up for sale, marketing it as an apartment-development opportunity.

Once-neglected South Lake Union is Seattle's fastest-changing neighborhood. More than 4 million square feet of office space and 2,300 apartments and condos have been built there since 2000, and another 1,000 apartments are in the pipeline.

Zoning now limits any new development on the Troy block to 65 feet in height. But city officials are considering rezoning the neighborhood to permit higher-density development; under one option, buildings on the Troy property could rise to 300 feet.

In addition, The Times recently asked the City Council to rezone the block to permit residential use. Howe declined to comment on whether Touchstone will continue to pursue the rezone.

The Times has been trying to sell the Troy block for nearly three years. In recent months the company had been asking $20 million for the property. It is assessed for tax purposes at $13.7 million.

Proceeds from the sale will be used to pay down debt and meet pension obligations, said a prepared statement from The Times.

Earlier this year The Times sold another South Lake Union property, the eight-story 1000 Denny office building, to California investors for $36 million, and said it would become the building's prime tenant, vacating its headquarters of 81 years.

The company intends to eventually redevelop the headquarters block and the block to the south, at Fairview and Denny Way, that now is mostly a parking lot.

Touchstone has been developing property in the Seattle area for 20 years. Last year Howe said the private company hoped to break ground in 2012 on a 15-story office, hotel and retail project in downtown Bellevue.

He also said Touchstone was working to assemble several blocks for eventual redevelopment in Seattle's Denny Triangle neighborhood around Boren Avenue and Stewart Street, where the company has acquired two parcels in recent years.

Touchstone projects further down the pipeline include redevelopment and expansion of Kirkland's Parkplace shopping center and a five-story, 228,000-square-foot office or biotech project just north of Gas Works Park in Seattle.

In 2010 the company completed West 8th, a 28-story office tower in the Denny Triangle that is about one-third leased.

http://o.seattletimes.nwsource.com/html/businesstechnology/2015284837_troy11.html

[mhays]

A 285-unit project has scraped their site and installed a triple-wide jobsite office. This is 901 Dexter or thereabouts. Typical Seattle infill with five levels of woodframe over one level of concrete. That puts us in the 2,600-unit range for greater Downtown assuming it's a real start.

[mhays]

The 285-unit project at 901 Dexter announced that today is their official start. They had already cleared the site, started layout, moved a triple-wide onsite, etc.

So we're around the 2,600 figure for greater Downtown.

Per an article in the Seattle Times this weekend, 85% of the apartment construction in King and Snohomish Counties (pop 2.6 mil) is within Seattle, and most of that is in core urban districts. That's quite a departure from the past, with, iirc, less than 30% of the region's apartments currently in Seattle, and 43% of the apartment completions within Seattle from 1996-2011.

Basically, construction costs are higher in Seattle, particularly in core urban districts, but rents are way higher and it's a surer bet. Seattle has also relaxed or eliminated its parking requirements in many of these districts (parking is typically required except in/near the CBD), which saves a large amount of money.

[mhays]

How about a tally of other stuff getting built around greater Downtown:

Non-Residential:

1. Light rail tunnel from Downtown to Capitol Hill and U-District, extending current line. Tunnel boring machines are underway.

2. Redo of highway 99 south of Downtown. This is in preparation for putting the central portion of 99 into a 9,000' deep tunnel through the CBD, so we can eliminate the viaduct along the waterfront, the existing six block tunnel, and a few blocks of divided highway north of Denny.

3. Amazon's 10th new headquarters building. 12 stories. Starting to rise from the hole.

4. Renovation of King Street Station for commuter rail and Amtrak. Upgrades to the historic (small) station nearing completion for this phase, which is the largest of a series of upgrades, basically putting it past the 2/3 point. Future phases aren't imminent.

5. Virginia Mason Medical Center addition. Seven story addition is nearing completion.

6. Home Plate Center. Five(?) story office building in structural stage. Haven't been by in a while. Named because it's near Safeco Field.

7. Puget Sound Blood Center. Research center taking over building recently vacated when the Gates Foundation moved to its new campus on the edge of Downtown. (Also planning to filling other office buildings built in the last boom are Fred Hutchinson Cancer Research Center and the Polyclinic...love the life sciences helping cut the office oversupply.)

8. Mercer Redo Phase I. Turning a wierd switcheroo of streets into a single boulevard with the second street becoming two lanes. Underway in a multi-year switch. Heavy stimulus funding.

9. University of Washington, South Lake Union satellite research center Phase 3.1. New seven(?) story laboratory across the street from existing labs. Just broke ground last week. First of three buildings on new block.

10. Museum of History and Industry. Renovation underway at historic former Navy Reserve Building on Lake Union. Museum will move from a few miles away.

11. Just a TI, but significant. Nordstrom Rack is moving from Second & Pine a couple blocks to the basement and part of the first floor of Westlake Center, our #2 retail atrium center.

12. Target. They bought a 102,000 sf commercial base of a condo building last year, announced a new store, and did interior demo then. After a pause, there's activity again. Not sure what that means.

(Since I mentioned tenant improvement work, I'm being really scattershot. Every city has numerous tenant improvements (TIs) happening at any moment, whether office, retail, healthcare, lab, whatever. Good economies spur some TIs, and bad economies spur many others, as companies time their moves to today's cheap leases, or downsize, or merge, or whatever. Or they renovate in place.

[alki]

Hey, it ain't a skyscraper but you take what you can get!

7-story, 171-unit apartment and hotel coming to Seattle Center

http://media.dtsph.com/sites/default/files/imagecache/story615/dsc_0558.jpg

In about 18 months, Kauri Investments plans to start building a seven-story hotel/apartment complex near the Seattle Center on Fifth Avenue North between Broad Street and John Street.

Kent Angier, president and CEO of the Seattle-based Kauri, said the top two floors will have 55 apartments with 116 hotel rooms on the five floors below.

The Young's Accounting and Cafe Bee building is not part of the project site. It is separated by a small alleyway.

The complex should open 36 to 42 months from now, depending on how long it takes to get permits.

Kauri purchased the 16,966-square-foot Fifth Avenue site in late 2008. It paid Triad Development $5.69 million for the parking lot.


http://queenanne.komonews.com/news/development/7-story-171-unit-apartment-and-hotel-coming-seattle-center/653414

[mhays]

Apartment applications are swarming these days, but this is the first Downtown hotel plan in a while (for hotel purposes, I'm calling the Space Needle area Downtown, though it's not CBD proper).

We had Downtown or greater Downtown hotels under construction at all times from 1995-2010 per my recollection, adding what I've estimated was 5,500 of our current 12,000 rooms. This one might not be the first to start, but hopefully hotel construction will at least only have the two-year hiatus.

PS, an eight-story, 100-unit apartment at Second & Bell in Belltown appears to be starting. They parked a couple backhoes onsite today, and moved the fence out to cover one sidewalk. I wouldn't call that an official start but it's pretty likely. That makes the underway number about 2,700 units for greater Downtown.

[alki]

Originally posted by mhays

We had Downtown or greater Downtown hotels under construction at all times from 1995-2010 per my recollection, adding what I've estimated was 5,500 of our current 12,000 rooms. This one might not be the first to start, but hopefully hotel construction will at least only have the two-year hiatus.

I think part of the problem has been that convention and tourism have been off for most of the past three years. Demand for hotel space has just not been there. Last time I checked, convention business was still off and hotel rates were down from last year. Tourism seems to be picking up though........I noticed when driving to Vancouver recently a number of license plates from the hot states like AZ and TX, trying to cool off. Haven't seen that much until this summer. I am also seeing a lot more out of state plates in the city for the first time in 3 years......which suggests things are returning to normal. All anecdotal stuff but it is what it is.

So maybe in the next year we'll see a pick up in hotel construction and in two years, a new office bldg may break ground. :banana:

[mhays]

Office buildings have broken ground. Two are underway on the Downtown fringes. As for the CBD proper, it's a good sign that Class A+ view space and cool techy space is doing pretty well already...

As for hotels, occupancy rates are pretty healthy again, but room rates are still way lower. Combine the two, and revenue per available room (RevPAR) is still low. It's hard to say when certain types of projects will pencil, because that depends way more on site-specific variables, way more than offices do, and I'm not aware of an easy guideline. Tourism as a whole seems to be ok. But the tourists are being much cheaper.

On the anecdotal level, greater Downtown seems to be doing well, as the touristy districts seem packed like every summer, or more so. Of course that goes way beyond hotel guests...also people staying with friends, cruise passengers taking a few hours before heading for the ship, day-trippers from Vancouver and Portland, local staycationers, etc.

[alki]

Office buildings have broken ground. Two are underway on the Downtown fringes. As for the CBD proper, it's a good sign that Class A+ view space and cool techy space is doing pretty well already...

Besides the obvious big users like Amazon, Dendreon, a biotech with a new cancer vaccine, is gobbling up office space downtown. Another downtown biotech, Oncothyreon, is also working on a cancer vaccine that looks promising. Assuming FDA approval, Seattle will have two major biotechs taking up some serious space DT.

Unfortunately, last I looked, the vacancy rate for the CBD was 18%. It has to come down some before any developer will start putting up a major building.

[alki]

Apartment developers bypass suburbs, target Seattle

More new apartments will come on the market in King and Snohomish counties in 2013 than in any year since 1991, one researcher projects. This apartment boom, however, is different from those that preceded it. This time it's focused almost entirely on Seattle. Developers, for the most part, are bypassing the suburbs.

By Eric Pryne

Seattle Times business reporter

Three giant cranes — one red, two yellow — have taken up residence along a one-mile stretch of Seattle's Madison Street over the past six months.

Beneath each one a new apartment complex is taking shape. Together, they'll contain more than 470 units.

Apartment development is a cyclical business, and right now it's on a big upswing in the Seattle area. More new apartments will come on the market in King and Snohomish counties in 2013 than in any year since 1991, one researcher projects.

This apartment boom, however, is different from those that preceded it.

This time it's focused almost entirely on Seattle. Developers, for the most part, are bypassing the suburbs.

The city accounts for 85 percent of all the apartments under construction — and 90 percent of all units in the pipeline — in King and Snohomish counties, says Tom Cain, president of research firm Apartment Insights Washington.

Most of those projects are in Seattle's close-in, highest-density neighborhoods. It's unprecedented, Cain says.

Another research firm, Dupre + Scott Apartment Advisors, measures a bit differently but reaches the same conclusion: It projects 85 percent of the unsubsidized units to be finished in the two counties between 2012 and 2015 will be built in Seattle.

In contrast, between 1996 and 2010, the city accounted for just 43 percent of the region's new apartments.

"It's a huge shift," says principal Mike Scott.

Sudden rebound

More than 3,000 apartment units are under construction in Seattle.

Developers began racing to get new apartments out of the ground here and elsewhere after the apartment industry suddenly rebounded a year ago.

Vacancy rates, which had been rising, started to fall. Rents, which had been slipping, began climbing again.

Observers attributed the turnaround to a host of influences: foreclosed homeowners re-entering the rental market; an economic recovery that was sufficiently strong to allow some young adults to finally move into their own places; and growing disillusionment with homeownership.

Thanks to the recession, however, there was little new supply on the horizon to meet this surge in demand: In King and Snohomish counties, 2011 is shaping up as the worst year for new-project completions since at least 2004.

Now apartment developers are rushing to fill that gap, inspired in part by projections that growing demand will continue to push rents up — perhaps another 25 percent by 2015, Scott projects.

In the Greater Seattle market, economic, demographic and political forces are combining to draw those developers to the city rather than outlying areas.

Since April, Vancouver, Wash.-based Holland Partner Group has broken ground on two projects — one on First Hill, the other in South Lake Union — with a total of more than 500 apartments. It hopes to start building another 102-unit South Lake Union complex before the end of the year.

"The big driver is jobs," says Tom Parsons, who heads Holland's Pacific Northwest development team, "and a lot of the new jobs are downtown" — Amazon.com, the Gates Foundation, tech and biotech companies.

With traffic still a headache, living close to work — perhaps without a car — should appeal to many, Parsons says.

Then there's the big "echo boom" generation, people in their 20s and early 30s just entering the housing market.

People that age have always mostly been renters, Scott of Dupre + Scott says — "It's just that there's more of them now... . It's the biggest surge of young people we've seen since the baby boom."

They're even more inclined than their predecessors to rent rather than buy, many observers say — in part because the real-estate bust has made them wary, in part because renting gives them more flexibility to go where the jobs are.

And when they choose an apartment, "they want to be in the city," Parsons says. "They want to be where the action is."

Many developers are building smaller, comparatively affordable units to accommodate them.

The echo boomers will accept less space if it's in the right neighborhood, builders say.

The local portfolio of AvalonBay Communities, one of the nation's biggest apartment developers, consists almost entirely of Eastside and Snohomish County complexes. Now, however, it's building a 204-unit project on Lower Queen Anne.

A 272-unit project by Avalon in Ballard is scheduled to break ground in the fall, followed by a 385-unit University District complex next year.

Policies paved way

Brian Fritz, who heads the company's local development office, says city policies, including recent zoning changes, have paved the way for such large projects and helped lure developers.

"They're not just embracing density," he says of city officials. "They're promoting it."

Proposed apartment projects also tend to pencil out better in Seattle, Fritz says, because rents are higher in the city.

The average apartment in King and Snohomish counties rented for $1,072 this spring, according to Apartment Insights Washington.

In downtown, Belltown and South Lake Union, in contrast, the average rent was $1,464. It topped $1,200 on First Hill, Capitol Hill, Queen Anne and the near North End.

Close-in Seattle neighborhoods also had the region's lowest vacancy rates — 3.5 percent on First Hill, for instance, compared with 4.7 percent regionwide.

All those numbers matter to investors and lenders when they're deciding where to put their development dollars, says Apartment Insights' Cain.

What's more, "there's always a perception of lower [financial] risk when you're close in," says Tracy Edgers, a Wells Fargo Bank senior vice president who heads its Seattle real-estate banking group.

Apartments are more numerous and better established in the city than many suburbs, he says: "I can assess the market a lot better."

Equity funds have raised billions to invest in real-estate development, says Seattle land-use economist Matthew Gardner, and for now apartments — especially in-city apartments with higher projected rents — offer the healthiest potential returns.

Office vacancy rates, while declining, remain relatively high. With many recently built condos still unsold, it will be years before another project is built, Gardner predicts.

"Apartments, in my opinion, are the only feasible development form for now," he says, "and the city of Seattle has a lot going for it."

http://seattletimes.nwsource.com/html/businesstechnology/2015562249_cityapartments10.html

[mhays]

Besides the obvious big users like Amazon, Dendreon, a biotech with a new cancer vaccine, is gobbling up office space downtown. Another downtown biotech, Oncothyreon, is also working on a cancer vaccine that looks promising. Assuming FDA approval, Seattle will have two major biotechs taking up some serious space DT.

Unfortunately, last I looked, the vacancy rate for the CBD was 18%. It has to come down some before any developer will start putting up a major building.

...Definitely, in terms of major buildings. But we have a couple of build-to-suits going on already, with Amazon and the new UW SLU start (a lab, not an office), and that could continue despite the economy. If someone wants a whole building, or to be in a certain district, or has particular needs, that can be the way to go.

The vacancy rate is high. But vacancies for A+ and "cool" space are much lower than A- or B space. Good lab space is also getting pretty tight. There may be niches. Meanwhile, conversions of vacant offices can work, whether it's the Polyclinic taking over an office building at 7th & Madison, or a residential conversion, or a lab conversion, etc. Labs and housing have specific needs that limit the number of buildings appropriate to each (such as bay depth for housing, and floor stiffness and floor-to-floor heights for labs), but projects can be very successful when it's right.

[mSeattle]

Speaking of Madison Street which is slowly coming into its own - just needs a streetcar. As of 7/19/11...

Cascadia Center Construction Underway (http://capitolhillseattle.com/2011/07/19/cascadia-center-construction-underway-on-madison) (Pictures (http://capitolhillseattle.com/2011/07/19/qhxg6uaz0yzsztg7muhhijkw/photo-68.jpg/large))

[alki]

Originally posted by mSeattle

Speaking of Madison Street which is slowly coming into its own - just needs a streetcar. As of 7/19/11...

Cascadia Center Construction Underway (Pictures)

Cool building. I think its going up on First Hill.

[mhays]

No, it's at 15th & Madison, on Capitol Hill.

[alki]

An update on this First Hill building under construction:

http://www.capitolhillseattle.com/media/news/2011/4/27/lpSTEnZ9ZE9hFef4TLBHeKMLX8-large.jpg

The 1200 Madison project is under construction and hasn't quite achieved 16-story status. Consultants working with Holland on the project are inviting locals to participate in a workshop Thursday night to talk about the building's interior design. What's in it for you? In addition to getting to show off your glossy fashion magazine expertise, 1200 Madison project organizers from the are giving participants $50 Visa gift cards and providing drinks and appetizers in the classy Sorrento Hotel. They are asking participants to register and meet a certain demographic profile. Renter? Check. Live in "urban" Seattle? Check Check. Make more than $55,000? Well, what are they gonna do, background check? Go for it.

http://www.capitolhillseattle.com/2011/07/14/first-hills-scrapers-one-apartment-tower-sells-another-wants-your-ideas

[alki]

Originally posted by mhays

The vacancy rate is high. But vacancies for A+ and "cool" space are much lower than A- or B space. Good lab space is also getting pretty tight. There may be niches. Meanwhile, conversions of vacant offices can work, whether it's the Polyclinic taking over an office building at 7th & Madison, or a residential conversion, or a lab conversion, etc. Labs and housing have specific needs that limit the number of buildings appropriate to each (such as bay depth for housing, and floor stiffness and floor-to-floor heights for labs), but projects can be very successful when it's right.

I hear what you are saying........I just don't have a lot of expectations right now for a new building that truly scrapes the sky. WAMU screwed us in that department. If I ever meet Killinger, I intend to kick him in the butt. :(

[mhays]

I thought you were referring to Cascadia Center.

[mhays]

In the last couple weeks, about a couple of 115-unit (+/-) apartments have either announced that they've broken ground or started to move dirt onsite on the far edges of greater Downtown.

Meanwhile, a third project of similar size that I noted as underway is either stalled or doing the common start-up futzing around before signing their final deals or whatever.

Also, a student apartment complex next to Seattle U is probably opening this month.

Put that all together, including some presumptiveness about the starts, and we're probably still around 2,700 units underway in a 2,500-acre version of greater-Downtown.

[InlandEmpire]

It's great to see all of the apartment construction adding vitality to the city. With how tight the rental market is in desirable areas, I don't think these buildings will have any issue filling up quickly.

I do wish (with recent acquisition of 1918 8th by JP Morgan Chase among other things) that a more iconic project will come to life in the next year or two. In the mean time the mass of infill is really cool to watch. It will be great to have more options.

[mhays]

Definitely a return to the fun times, to a point. We'll see if the apartment trend continues. It seems very likely that more projects will happen.

But some developers are starting to worry about overbuilding. I disagree...yes it's a ton of rental apartments all at once in greater Downtown, but we're at half the peak "underway" count for all types of units in the same area, set around 2006 and based mainly on condos. Also, very few units are happening outside downtown and some other core districts.

Further, spring and summer are a great time to start projects. Fall and winter aren't. This is easily overcome but involves a cost/schedule premium.

Offsetting that is the fact that many developers are racing to get projects started. Some will decide to move forward as quickly as they're able, even if that means starting in the rain.

I'm excited about what the 2,800 units will mean to neighborhoods and the city. They're sprinkled in a bunch of areas, which have a population in the 70,000 range (beyond my typical greater-downtown definition), so it'll be moderate effects in any one area, but that's a lot of areas upgraded.

In other news, it looks like the $20 car tab increase will avoid a cut in Metro bus service! That'll be a county council decision on Monday, with no public vote. Big weight off this city's future.

[mhays]

Other updates:

Target appears to be heavily underway with their 102,000 sf store Downtown in the commercial base of a condo building.

The Chihuly Glass Museum next to the Space Needle (at the Seattle Center, the '62 fair site) is fenced with backhoes onsite and appeared to be in demo mode the other day. They're reusing an existing building (formerly a game center) as part of a new museum.

Also at the Seattle Center, the Center House (former Armory, now Seattle's family room with food court, event space, Children's Museum, an arts-focused high school) is well underway with a significant redo of much of the food court and restaurants, opening the ground floor perimeter with more glass, etc.

The Polyclinic is taking over a recently-build, vacant office building on First Hill. I don't know what's happening inside the building, but they've started building their adjacent parking garage.

Today, the voters have (based on the first half of returns), overwhelmingly approved the construction of a $1.9 billion freeway tunnel 9,000 feet through the CBD. This was a late vote via an opponents' signature campaign. Stunning loss for the opponents. It'll get rid of a viaduct that's tainted our main waterfront for 55 years, plus an existing tunnel that's way below code, plus a few blocks of surface divided (non-crossable) highway, while avoiding a new viaduct and the even worse idea of putting more cars on our surface streets through the CBD. Starts in October.

And the other day, King County passed (themselves) a $20 car tab fee that will save bus service for two years! We were facing a 17% reduction in service. Huge news.

Meanwhile, this week the City of Seattle put a $60 car tab fee on the ballot for public transit, bikes/peds, and potholes within Seattle. Streetcars are a major element of this as Seattle gets serious about planning more routes.

It's starting to look like a busy construction market, but only within a mile of Downtown or at the University of Washington. The regional market is still horrible.

[alki]

Battery and Elliott Design Review Meeting

Belltown might finally be rid of the pile of dirt at the corner of Battery and Elliott (2334 Elliott Avenue). The property’s owner, the Pauls Corporation of Colorado, is moving forward with plans to develop the parcel. They’ve filed an application for a design review meeting.

Back in 2007, Pauls had proposed a 9-story glass enclosed townhome-style condominium called Arthouse. But, when the condo market collapsed this project fell by the wayside, but without the dignity of asphalt.

Early Arthouse rendering from 2007:

http://seattlecondosandlofts.com/wp-content/uploads/2007/06/art_house_seattle.jpg

The new proposal is a 7-story building with approximately 140 residential units and 4-5 live work lofts with 90 underground parking spaces. The current design and housing marketplace suggests this will likely be apartments.

A design review meeting has been scheduled for this project.

Date: Tuesday, August 23rd
Time: 5:30 PM
Location: Seattle City Hall, Boards & Commissions Room


http://seattlecondosandlofts.com/2011/08/battery-and-elliott-design-review-meeting

[mhays]

I missed one. A 40-unit low-income project at 12th by Seattle U is well underway.

[alki]

Other updates:


Good list of updates.

Here are a couple of office sales downtown that suggest the DT office market is starting to heat up as vacancies drop:

Westlake Center office tower sold to TIAA

Downtown Seattle's Westlake Center office tower has been sold to Teachers Insurance and Annuity Association of America, part of retirement-investment giant TIAA-CREF.

http://seattletimes.nwsource.com/html/businesstechnology/2015985113_westlake23.html?syndication=rss

Seattle Tower sold for $30M

The 27-story Seattle Tower, a downtown landmark, has changed hands for the third time in five years.

Public records indicate an affiliate of the real-estate arm of Dallas investment-management firm Invesco bought the 1929 brick-and-terra-cotta-clad office tower from Laeroc Funds, of California, for $30.45 million. That's nearly $10 million more than Laeroc paid for it 16 months ago.

The building, at Third Avenue and University Street, was 30 percent vacant then. Now it's about 15 percent vacant, according to commercial real-estate database Officespace.com.

California-based Legacy Partners paid $36 million for the tower, a historic landmark, in August 2006, and sold it last year to Laeroc for little more than half that sum.

http://seattletimes.nwsource.com/ABPub/2011/08/30/2008064102.jpg

http://seattletimes.nwsource.com/html/businesstechnology/2016055950_seattletower31.html?syndication=rss

[alki]

Announcement of a new office tower will be made some time in 2012.

Anyone agree......disagree?

[mSeattle]

Announcement of a new office tower will be made some time in 2012.

Anyone agree......disagree?

Seattle doesn't need more office skyscraper towers so much as it needs significant increase in midrise density (housing/office) and highrise housing combined with land reclamation for central city park space or redesign of streetscapes (move parking away from curb and place bike lanes between parking and curb).

[Vashon118]

Alto Apartments (09/07):

http://i54.tinypic.com/29bfjk.jpg

http://i54.tinypic.com/2d00v2v.jpg

http://i51.tinypic.com/2cp9ceq.jpg

euVmxqMP-1Y

Colman Tower (08/22):

http://i55.tinypic.com/2u8wmcz.jpg

http://i56.tinypic.com/1jp76d.jpg

http://i54.tinypic.com/ejdhmr.jpg

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http://i56.tinypic.com/2642e6g.jpg

http://i53.tinypic.com/2wlv68k.jpg

http://i56.tinypic.com/1zbh02c.jpg

http://i55.tinypic.com/jkc2f4.jpg

http://i51.tinypic.com/1zlbwab.jpg

http://i54.tinypic.com/wusd9d.jpg

http://i52.tinypic.com/25jb2jc.jpg

http://i52.tinypic.com/2jg116d.jpg

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http://i52.tinypic.com/11ak950.jpg

http://i51.tinypic.com/262o1o5.jpg

http://i56.tinypic.com/j59xxs.jpg

3vYLs67tBFs

6th & Blanchard (08/30):

http://i55.tinypic.com/oqf5th.jpg

http://i51.tinypic.com/2h2fivo.jpg

http://i55.tinypic.com/b7ct8o.jpg

http://i54.tinypic.com/6nqb01.jpg

http://i52.tinypic.com/sfb04w.jpg

http://i53.tinypic.com/e8r7s6.jpg

1200 Madison (08/11):

http://i51.tinypic.com/117qo84.jpg

http://i52.tinypic.com/ta30w1.jpg

http://i54.tinypic.com/yl28l.jpg

http://i52.tinypic.com/15wcei8.jpg

http://i53.tinypic.com/usht3.jpg

http://i54.tinypic.com/2cgln6g.jpg

[InlandEmpire]

Great update photos! Thanks!

Glad to hear the North Lot development will break ground Monday...I think that will be an awesome project.

[James Bond Agent 007]

Yay, stuff.

[Vashon118]

Colman Tower (09/17):

http://i52.tinypic.com/avlrv9.jpg

http://i52.tinypic.com/ip11rk.jpg

http://i51.tinypic.com/npnol1.jpg

http://i56.tinypic.com/2100dhg.jpg

http://i54.tinypic.com/2llkrv6.jpg

http://i54.tinypic.com/2iiio85.jpg

http://i55.tinypic.com/1z3wjgg.jpg

http://i51.tinypic.com/35iavrs.jpg

http://i55.tinypic.com/2pqp27l.jpg

http://i51.tinypic.com/24lkm8k.jpg

http://i53.tinypic.com/25fud5f.jpg

http://i52.tinypic.com/311rqdw.jpg

http://i55.tinypic.com/2hmq7vn.jpg

http://i51.tinypic.com/ix4dwx.jpg

http://i54.tinypic.com/24bq3vt.jpg

http://i51.tinypic.com/ruvayh.jpg

http://i51.tinypic.com/rcu3qs.jpg

http://i52.tinypic.com/2ujm6mb.jpg

http://i55.tinypic.com/r9362d.jpg

http://i54.tinypic.com/30jl9is.jpg

1200 Madison (09/10):

http://i56.tinypic.com/2eltiiq.jpg

http://i56.tinypic.com/b8k36u.jpg

http://i52.tinypic.com/t7batg.jpg

http://i54.tinypic.com/e0058i.jpg

http://i56.tinypic.com/4kvti.jpg

http://i52.tinypic.com/1ytuz5.jpg

http://i56.tinypic.com/16bzkma.jpg

http://i53.tinypic.com/33ner9i.jpg

http://i52.tinypic.com/1zf52t1.jpg

http://i52.tinypic.com/ei5xs0.jpg

6th & Blanchard (09/16):

http://i53.tinypic.com/26261ee.jpg

http://i53.tinypic.com/16hrczp.jpg

http://i52.tinypic.com/1zmmrlf.jpg

http://i52.tinypic.com/15fkpix.jpg

http://i53.tinypic.com/2mrwn4h.jpg

http://i53.tinypic.com/24g7r4z.jpg

http://i54.tinypic.com/2mzh2td.jpg

[mSeattle]

Thanks for the update Vashon. Nice to see two of those above ground.

[Complex01]

Looking good...

:yes:

[mhays]

Greater Downtown is pretty much in a boom again. Under a 2,000 (or 2,200?) acre definition, we have under construction 3,200 housing units, three office buildings (one a midrise), a laboratory building, a hospital building, two new museums in renovated buildings, the south part of the SR99 redo, a light rail subway extension, and the Mercer/Valley street redos. And preliminary work is getting underway for a $1.9b SR99 highway tunnel through the CBD.

That assumes we can count phase 1 of the North Lot as underway now that they've had their ceremonial groundbreaking.

It's not the biggest boom ever, and much of it is on the Downtown fringes rather than in the core CBD. It's not very visible on the skyline. You could argue that 1981/1989/2000/2007 were bigger. But I think we can use the B word.

[mSeattle]

Ok Mhays... you and these "acres"... is this a farm? :D

So you're counting roughly from West Seattle to Greenlake/Northgate?

[mhays]

No, just going as far as Lower Queen Anne, 901 Dexter N, 230 Broadway, 13th & Madison, and the stadiums. That's a wide view of "greater Downtown" admittedly, but similar to what a lot of people seem to use for their cities.

Maybe farms are a frame of reference for some people (ok, my mom is from one!) but they apply well to cities too. Gotta provide a frame of reference.

PS, my Downtown project list omitted the new 102,000 sf Target store being carved out of the existing Newmark base. And the project to relocate Nordstrom Rack to the base of Westlake Center. Not a bad amount of retail.

[alki]

PS, my Downtown project list omitted the new 102,000 sf Target store being carved out of the existing Newmark base. And the project to relocate Nordstrom Rack to the base of Westlake Center. Not a bad amount of retail.

J.C. Penney Opening Store in Kress Building

http://www.downtownseattlenews.com/2011/j-c-penney-opening-store-in-kress-building/

http://farm3.static.flickr.com/2407/5716801111_487cca9c11.jpg

[alki]

Seattle’s rental market tightens as developers build

Seattle apartments are increasingly expensive and hard to find, according to a new report. But a building boom could change that.

The average rent for an apartment in the city hit $1,165 this month, up 4.2 percent from March and 5 percent from September 2010, according to Dupre + Scott Apartment Advisors, which tracks buildings with at least 20 units. The market vacancy rate, which excludes new buildings in the process of leasing up and those undergoing major renovation, is now 3.47 percent, down from 3.5 percent in March and 3.61 percent last September, and the lowest since the fall of 2008.

Across the Puget Sound region, market vacancies actually increased, from 4.6 percent in March to 5.3 percent in September. The region’s average rent is $1,000, up 3.2 percent from March.

Meanwhile, the share of landlords offering incentives to tenants dropped to 7 percent in Seattle and 27 percent across the region from 26 percent and 38 percent, respectively, a year ago. The value of those concessions offered was $667 in the city and $528 in the region, down 8 percent and 16 percent, respectively.

What’s causing this? Several factors.

First, while the area’s job market remains sluggish, people are continuing to move in. Seattle and the region grew by an estimated 0.6 percent from the 2010 Census count to April 1, 2011, according to the state Office of Financial Management. That’s approximately 3,400 new people in the city and 22,000 in King, Pierce and Snohomish counties in one year.

Next, fewer people are willing or able to buy a home, thanks to fears of continuing price declines and lending standards tightened in reaction to the fallout from the housing boom and bust.

Finally, many apartments were converted to condominiums during the housing boom, taking supply out of the market, and few new apartments have opened in recent years.

“Developers will open fewer than 2,000 new units this year,” Dupre + Scott wrote in their latest report. “We’ll have to wait to see the final year-end total, but it’s likely to be close to a record low over the past 40 years.”

But developers have already reacted to the situation, Dupre + Scott added. “We are tracking more that 20,000 units developers plan to open in the next four years. It is likely some projects will get dropped, or at least delayed. But it is also clear developers are tying up new sites quickly right now.”

Looking just in King County, Dupre + Scott expect developers to open just 1,188 apartments this year. But they forecast this to jump to 3,537 new apartments in 2012 and 8,955 in 2013.

http://blog.seattlepi.com/realestatenews/2011/09/28/seattles-rental-market-tightens-as-developers-build/

[alki]

Seattle doesn't need more office skyscraper towers so much as it needs significant increase in midrise density (housing/office) and highrise housing combined with land reclamation for central city park space or redesign of streetscapes (move parking away from curb and place bike lanes between parking and curb).

WTH, mSeattle, I was trying to have a little fun.....trying to set up a little contest........and you have to go all ghetto on me. Seriously?

Vashon great photos!

[mhays]

J.C. Penney Opening Store in Kress Building

http://www.downtownseattlenews.com/2011/j-c-penney-opening-store-in-kress-building/

http://farm3.static.flickr.com/2407/5716801111_487cca9c11.jpg

Yeah, I omitted "planned" stuff.

PS, the 20,000 sf supermarket in the basement of this building, which opened a couple years ago and will remain, is apparently doing "terrific." Which matches what I've seen there.

[mthq]

hey btw are there any plans for the massive parking lot behind the Kress on 2nd Avenue? I'd imagine there were plans in the past that fell through?

[mhays]

Yes, there's a 35-story residential planned. Not imminent but it's been in design review in the last year. http://www.seattle.gov/dpd/AppDocs/GroupMeetings/DRProposal3009156AgendaID3087.pdf

I wouldn't say it's a "massive" lot...19,000 sf. Though it's a big hole in Second Ave which sticks in my craw every single work day. There are a couple food stands typically and the developer was thinking about a temporary Leaf showroom....

[alki]

Yeah, I omitted "planned" stuff.

PS, the 20,000 sf supermarket in the basement of this building, which opened a couple years ago and will remain, is apparently doing "terrific." Which matches what I've seen there.

I really like that JC Penney is coming back to DT after a lapse of 30 years. I also like that we are getting retail for all incomes.......it helps make DT Seattle a true retail center.

I didn't know about the supermarket in the basement. The original article I read.......not the one I posted.........suggested that the entire bldg had been vacated. Are you sure the market is staying? And is it a mom and pop market?

[mhays]

Pretty much. Everything I've read says it's a three story store and the supermarket is staying.

[InlandEmpire]

So it sounds like Vulcan has announced it will build the 23 (24?) story Martin in Belltown as apartments instead of condos as originally planned. Awesome! Right next to the twin tower apartment complex currently U/C. Good news...the number of apartment units under construction or scheduled to start in greater downtown is pretty sizeable! :tup:

[mSeattle]

Oh interesting. I thought that one was gone and we'd get a better design and maybe more height. Oh well. At least it's filling in that area.

[alki]

New burst of office construction may start near Amazon HQ

Two of the region's busiest developers, Touchstone and Vulcan, have filed preliminary paperwork for new office buildings in Seattle's South Lake Union, and a third developer says it plans to break ground soon.

Originally published October 5, 2011 at 11:40 AM

By Eric Pryne

Seattle Times business reporter

Is South Lake Union on the verge of another round of office construction?

Two of the region's busiest developers have filed preliminary paperwork with Seattle planners for new office buildings in the fast-changing neighborhood.

And a third developer says it plans to break ground soon on a six-story office building on a site it acquired in late August.

South Lake Union, of course, is home to Amazon.com's new, 11-building headquarters complex, and there are reports the fast-growing online retailer is in the market for still more space.

But none of the three developers would discuss whether Amazon plays any role in their proposals.

The projects:

• Touchstone has proposed two 12-story towers on the Troy Laundry block, bounded by Thomas and Harrison streets, Fairview Avenue North and Boren Avenue North.

• Vulcan Real Estate has proposed a 6-story building three blocks to the west, at Ninth Avenue North and Harrison Street.

• Spear Street Capital will start construction soon on a building with 114,000 square feet of office space and 20,000 square feet of retail at Westlake Avenue North and John Street, according to John Grassi, president of the San Francisco-based firm.

All three sites are within blocks of Amazon's 1.7-million-square-foot complex, built by Vulcan, which is mostly complete.

The tallest buildings are 16 stories. Amazon also has leased an additional 600,000 square feet in two office towers to the south.

Oscar Oliveira of the Broderick Group brokerage said Amazon is said to be seeking proposals from developers for another building. But even if Amazon isn't involved, he said, it makes sense for Touchstone, Vulcan and Spear Street to start thinking about additional office development in South Lake Union.

"That's one of the hottest submarkets in the entire Puget Sound," he said.

More than 1,000 apartments are under construction in the neighborhood, with more in the pipelMine. Vulcan is building another laboratory and office building for UW Medicine, which already has two in the area. Restaurants and shops are starting to move into retail space in Amazon's buildings.

Both the Touchstone and Vulcan projects showed up this week on agendas for the city's Queen Anne/Magnolia Design Review Board, an advisory body. It will consider Vulcan's project Nov. 2 and Touchstone's Nov. 16.

City records indicate Vulcan first approached planners about its project in June, Touchstone last month.

Touchstone bought the Troy Laundry block in June from The Seattle Times Co. The brick facade of the historic Troy Laundry building would be preserved as part of the development, which would include retail space and parking for 1,100 vehicles, according to city records.

Touchstone principal Douglas Howe downplayed the project.

"We generally don't like to be in the business of speculating or pre-announcing projects that are in the early stages," he said. "There are a lot of moving pieces ... Six or eight months from now we'll probably have something to talk about."

Vulcan spokeswoman Lori Mason Curran said in an email that the developer is beginning to seek permits for its Ninth Avenue North site "so we are ready to build something when the market returns.

"We do not have a tenant for the building, nor would we build speculatively."

The 200,000-square-foot building would have retail space and parking for 275 vehicles, according to city records.

The previous owner of Spear Street's project site, at 202 Westlake Ave. N., had obtained permits in 2008 for the six-story building. The project would have four levels of underground parking for 171 vehicles.

"Various people have expressed interest, but technically it's a 'spec' building," Grassi said. He declined to comment on whether Amazon is among those expressing interest.

Spear Street also recently acquired the 83 King Street/505 First South office complex in Pioneer Square from Starbucks.

http://seattletimes.nwsource.com/html/businesstechnology/2016411761_sluoffice06.html

[mthq]

Yes, there's a 35-story residential planned. Not imminent but it's been in design review in the last year. http://www.seattle.gov/dpd/AppDocs/GroupMeetings/DRProposal3009156AgendaID3087.pdf

I wouldn't say it's a "massive" lot...19,000 sf. Though it's a big hole in Second Ave which sticks in my craw every single work day. There are a couple food stands typically and the developer was thinking about a temporary Leaf showroom....

interesting! It may not be imminent, but they sure have their stuff together.

[J_M_Tungsten]

Hi skyscraper friends! I'm going to be in Seattle for the next few days and was wondering if someone could help me out with some local stuff. I have been to Seattle before so I've done all the tourist stuff already, and am looking for some cool nightlife spots or neighborhoods to check out during the day. Can someone please PM me some stuff I can do! Thanks!

[mSeattle]

Hi skyscraper friends! I'm going to be in Seattle for the next few days and was wondering if someone could help me out with some local stuff. I have been to Seattle before so I've done all the tourist stuff already, and am looking for some cool nightlife spots or neighborhoods to check out during the day. Can someone please PM me some stuff I can do! Thanks!

The Earshot Jazz Festival is going on now. http://earshot.org/

[Vashon118]

Alto Apartments (10/05):

http://i51.tinypic.com/iyn4o8.jpg

http://i53.tinypic.com/2czysmq.jpg

Stadium Place (aka North Lot) (10/16):

http://i55.tinypic.com/9k6xbr.jpg

http://i53.tinypic.com/25z1k02.jpg

http://i51.tinypic.com/ej6kd3.jpg

http://i52.tinypic.com/2ev4395.jpg

http://i51.tinypic.com/vmy9l1.jpg

http://i51.tinypic.com/2upbs01.jpg

http://i54.tinypic.com/28ingwx.jpg

Colman Tower (10/09):

http://i56.tinypic.com/jp7fvk.jpg

http://i51.tinypic.com/2ivcpsg.jpg

http://i54.tinypic.com/2rcvhno.jpg

http://i56.tinypic.com/2ufwt52.jpg

http://i56.tinypic.com/33pfwbn.jpg

http://i51.tinypic.com/25ggiyx.jpg

http://i52.tinypic.com/vfhabn.jpg

http://i54.tinypic.com/e71643.jpg

http://i53.tinypic.com/2e6euu1.jpg

http://i56.tinypic.com/214cy8x.jpg

http://i52.tinypic.com/212il4y.jpg

http://i52.tinypic.com/2vctb49.jpg

http://i55.tinypic.com/qsvy2h.jpg

http://i56.tinypic.com/nnptft.jpg

6th & Blanchard (10/09):

http://i55.tinypic.com/v47wpt.jpg

http://i53.tinypic.com/2pt7290.jpg

http://i52.tinypic.com/dcy2r9.jpg

http://i53.tinypic.com/i6mcls.jpg

http://i55.tinypic.com/2rrp3k7.jpg

http://i55.tinypic.com/fvcrcj.jpg

http://i56.tinypic.com/35b9l44.jpg

http://i55.tinypic.com/e0ny8h.jpg

http://i55.tinypic.com/111mjc8.jpg

http://i56.tinypic.com/2dgl6hg.jpg

http://i51.tinypic.com/28irhci.jpg

http://i54.tinypic.com/23ru6qd.jpg

1200 Madison (10/09):

http://i53.tinypic.com/2a5a9v.jpg

http://i55.tinypic.com/34e2ln6.jpg

http://i56.tinypic.com/fvco52.jpg

[Complex01]

Nice updates. Thanks...

[mthq]

any renderings on Stadium Place?