Five Big Projects Under Construction in the Seattle Multifamily Market

Five Projects in Seattle

Seattle Multifamily Market

Seattle’s job market is expanding significantly, with a 6.0 percent increase in the 12 months leading up to July 2022. As more people move to Seattle for employment, the demand for housing is also increasing. On top of that, the multifamily industry is experiencing growth due to the pandemic. Thereby, developers are working on bringing interesting projects to life in the metro Seattle area.

Seattle House – Largest in the Market

To begin with, the largest project currently under construction in the Seattle multifamily market is Seattle House, located at 2300 6th Avenue in the burgeoning Belltown submarket. Developed by a joint venture between Concord Pacific and HB Management, the property is slated for delivery in December 2025. Comprising two 45-story twin buildings, Seattle House will offer studio, one-, and two-bedroom units, with 50,000 square feet of curated amenity space, including a wellness center, steam room, gym, pet spa and dog park, as well as a game room and experimental kitchen.

WB1200 – 47-Story Property

Totaling almost 1.2 million square feet, WB1200 was designed by architect Henriquez Partners Architects and is also located in the Belltown submarket. Developed by Westbank Projects Corp., the project includes two 47-story residential towers, as well as over three floors of retail, totaling roughly 150,000 square feet. Additionally, a total of 736 subterranean parking spaces are also available at the property, located at 100 Stewart St.

What makes this project unique is the full-size Boeing 747 housed within the building’s structure, as well as the sculptural balconies. In January 2019, Otera Capital originated a $297 million construction loan for WB1200, and completion is slated for January 2024.

Avalon Bothell Commons – 800 Unit Building

Development and management are under AvalonBay Communities, Avalon Bothell Commons will have a total of 800 units and 8,000 square feet of retail on the ground level. The project will officially open by September of this year. Moreover, the 23-acre development will consist of 23 three- and five-story multifamily buildings, and Barghausen provided civil engineering, land surveying, and construction administration services for the developer.

The address of the property is 19200 120th Avenue NE Bothell, the property will have several retail, dining, and entertainment options within a 1-mile radius. Ultimately, completion of construction is set for September of this year.

Redmond Town Center

Redmond Town Center, previously known as Redmond Square, will have 623 units and 25,000 square feet of retail. The two-building, six-story property is a redevelopment of a former shopping center into a community, by a partnership between Legacy Partners and Lionstone Investments.

For Reference, Legacy Partners bought the former retail center located at 16563 Redmond Way in the Redmond submarket in late 2016, according to Yardi Matrix data. Furthermore, the property will have more than 600 parking spaces and amenities such as a yoga studio, clubhouse, fitness center, business center, and pet salon.

In November 2021, Citizens Financial Group originated a $97 million construction loan on behalf of the developer, Legacy Partners. Meanwhile, Tiscareno Associates serves as the architect for both phases of the project.

Solera – 590 Unit Multifamily Property

Lastly, the joint venture between Heartland Construction and Boston Financial Investment Management is bringing the heat with a 7-story building that’s gonna have 590 one- to four-bedroom units in Renton. The project will open it’s doors in June 2024, but they’re already boasting about the 906 grade-level parking spaces and 34,800 square feet of retail space.

Also, this project is subject to a 99-year non-arms-length unsubordinated net ground lease, which expires in 2120, so it’s gonna be here for a while. Plus, they’re making sure to keep it affordable with 275 affordable units. Citibank is getting in on the action too, with two construction loans totaling over $145 million. Ultimately, the first one’s due in 2030 and the second in 2039.

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