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Simpson Moving Forward with The Neptune

SEATTLE, WA-Despite claims that the urban market here is oversupplied, Simpson Housing says the Queen Ann area lacks sufficient luxury apartments, and that it will break ground next spring on 222 high-end units over 19,000 sf of retail.

By Janet Parker | Updated on December 03, 2001

SEATTLE, WA-The downtown neighborhood of Belltown is struggling with an oversupply of luxury apartments. Nonetheless, in the nearby area of Lower Queen Ann, Simpson Housing LP will be moving forward next spring with construction of its 222-unit luxury project, The Neptune. Located in the nearby area of Lower Queen Anne, a Simpson Housing exec says an area it says has an underserved higher-end market.

Greg Arms, head of the Seattle office of Denver-based Simpson Housing, tells GlobeSt he believes Queen Anne has an “underserved higher-end market” and that there are enough differences and distance to set The Neptune apart from Belltown. “The Queen Anne area has potential for growth and serves more of a biotech community, as opposed to the dot-com community of Belltown,” explain Arms, adding that rents here are slightly less expensive.

Another difference, Arms declares is that The Neptune will be parked “better than most if not all” Belltown apartment properties with one parking space per bedroom in the complex.

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