Real Estate: 150-200 units of new multi-family construction
Total Project Costs: $65-$70M
Targeted 10 year IRR: 12-15%
Sponsor: Qualified Local sponsor with Successful development track record.
Brief Summary:
The proposed project will consist of 150-200 residential units and roughly 6,000 SF of commercial/retail for a total
of approximately 115,512 SF of net rentable area. The project is eligible to participate in the Opportunity
Zone Program which can deliver significant tax advantages to investors. In addition, the project will benefit
from Seattle’s Multifamily Tax Exemption program, which will waive property taxes on 100% of the
residential improvements in exchange for a portion of the units being dedicated as workforce housing.
The site is minutes from downtown Seattle and major employment centers. It sits on one of the biggest
transit corridors of the city with car counts of roughly 35,000 a day. Not only is it a great location
for residents to live close to where they work, but with its high visibility and high traffic counts it is a
very sought-after retail location as well.
Located in an enclave neighborhood bordering the International District, Stadium District, First
Hill, and Downtown Seattle, the site provides easy access to public transportation, restaurants,
coffee shops, grocery stores and schools as well as Pioneer Square, Capitol Hill, Seattle
University, and Harborview Medical Center. With a walk score of 74 and transit score of 90
everything a future tenant requires is within walking distance, and everything else can be
accessed by using Seattle’s well-connected and reliable transit system.
Project Timeline
Start of construction: January/February 2020
Completion Date: Oct/Nov 2021
Stabilization: Jan 2023