(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SEATTLE-Wood Partners is slated to begin construction on a 27-story, 298-unit high-rise apartment complex at 225 Cedar St. here in the Belltown neighborhood. The project will be located in the shadow of the Space Needle, on the corner of Cedar and Third Ave. and one block from Seattle Center. Wood Partners tells GlobeSt.com that the hard construction costs for the project will be $60 million.
“The Third and Cedar project is strategically positioned in the north end of the Belltown restaurant and nightlife district, one of the most vibrant urban areas not just in Seattle but in the nation,” said Steve Orser, Wood Partners’ VP of development for the Pacific Northwest, in a prepared statement. “It has a palpable vibe to it that should attract young, technologically oriented professionals to the many outstanding employers in the area.”
In addition to the apartment units, the project will include an additional six levels of subterranean parking that will accommodate nearly 200 cars. Also, approximately 3,800 square feet will be reserved for commercial/retail use on the ground floor.
The average apartment size at 225 Cedar St. will be 660 square feet, and the unit mix will feature a variety of floor plans and configurations including studios and urban and traditional one- and two-bedroom units. Amenities will include an exercise facility with a bicycle workshop, a roof deck with a fire pit and gas barbecue grills, a rooftop residents’ lounge and 360-degree views of the Seattle skyline, Puget Sound and Bainbridge Island.
Project partners include Prudential, the equity partner; JPM Chase, the lender; Hewitt, the architect and landscape architect; DCI Engineers, the structural engineer; and KPFF, the civil engineer. Andersen Construction is the general contractor.
As GlobeSt.com previously reported and tweeted about on @GlobeStcom on Twitter and @GlobeStLIVE, Wood Partners’ construction of Domain by Alta-San Diego, a $90-million luxury apartment community in San Diego’s 244-acre Spectrum Center business park, was complete earlier this month. The property was already 30% leased at the time of completion.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
