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Old Posted Sep 16, 2014, 7:37 PM
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Seattle Stiletto Tower Shows Bet on Mixed-Use Real Estate

A proposed 57-story office tower that would be Seattle’s second-highest building will have apartments at the skyline, marquee retail on the street and a hotel on the same block.

The $550 million Rainier Square project, shaped like a J with a spiked heel in the initial design, is among the first in the city to combine four different types of real estate in one property, said Greg Johnson, president of developer Wright Runstad & Co. The Seattle-based company plans to apply for final review and permits with the local planning department in November, he said.

Developers in the U.S. are building projects with multiple uses -- particularly in cities such as Seattle with strong employment -- as they seek to balance rising demand for urban offices with strong apartment and travel markets. By providing a one-stop place to work, live and shop, they are focusing on sites that may attract companies targeting younger employees who want a short commute and the flexibility of renting.

“The Millennials are driving how people work, play and live and how developments are created,” said David Simon, executive vice president at Los Angeles-based landlord Kilroy Realty Corp., referring to the almost 85 million people born from the early 1980s through 2000.

“This generation is a lot different from past generations,” he said. “This generation wants to be in communities that are self-contained.”
By Hui-yong Yu and Nadja Brandt
Sep 16, 2014
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