(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
SEATTLE-Vulcan Real Estate has started construction on the Martin, a new apartment building located in downtown Seattle and the Denny Triangle, and adjacent to Paul G. Allen’s Cinerama Theater. At 24 stories, the Martin will feature 188 luxury apartment units with studio, one- two- and three-bedroom homes and penthouses.
Although Vulcan tells GlobeSt.com that it cannot disclose any construction costs, outside industry source Justin White, a VP of the Pacific Northwest for Marcus & Millichap, tells GlobeSt.com that Seattle is one of the strongest apartment markets in the West, and that fundamentals should continue to improve through year’s end, “thanks to payroll expansion among the city’s largest tech firms.”
White explains that strong rent growth in urban neighborhoods is anticipated, “which will enable developers like Vulcan to bring new, ground-up product to the market.” In fact, he says, “the market has entered a full-blown expansion mode, which is prompting the beginning of an entirely new construction cycle.”
He adds that “In spite of the nearly 1,900 units expected to come online this year, Seattle’s vacancy rate is projected to drop 60 basis points by year’s end to a low 4%. Our research also shows that owners will be able to raise rents nearly 5% this year.”
The Martin will be located at the northwest corner of 5th Avenue and Lenora Street. The location allows for convenient access to public transportation and is an easy walk to downtown shopping and dining, according to Vulcan. Residents will also enjoy stunning views of the city, Puget Sound and Lake Union, according to a prepared statement.
“We’re very excited about bringing the Martin to downtown Seattle and expect it to appeal to Seattle residents seeking an upscale urban lifestyle,” explains Ada M. Healey, vice president of real estate at Vulcan Inc. “The homes at the Martin will be a perfect complement to this vibrant neighborhood, and will be located conveniently near growing employment centers such as South Lake Union and Amazon’s planned development in the Denny Triangle.”
The project team for the Martin is led by general contractor Exxel Pacific Inc., architect Callison, interior designers Robin Chell Design, landscape architects Brumbaugh & Associates, structural engineers CKC, and civil engineers Coughlin Porter Lundeen.
The 188 apartment homes will include solid surface countertops, stainless steel appliances, tiled backsplashes and expansive windows. The Martin will also have four floors of above-ground parking with an artistic screen surrounding the parking areas. In addition, the building will include an exercise facility, an expansive community room and deck, a P-patch garden for residents, a fitness center, a conference room and a media room.
Vulcan is targeting LEED-NC Silver certification or higher for the new development. The building’s design will also feature high efficiency heating and cooling, more natural daylight compared to traditional buildings, high efficiency water fixtures, and eco-friendly building materials. The project is slated for completion in the fall of 2013.
Seattle has been busy lately with new developments. As GlobeSt.com just recently posted, Amazon just revealed plans to build three commercial towers here, potentially increasing the city’s downtown office by 7%, based on the company’s preliminary development plans and figures from CBRE Group Inc. The internet retailer, based in Seattle, agreed to buy three contiguous blocks from Clise Properties Inc. for the development.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
