SEATTLE—Global alternative asset manager The Carlyle Group and Harbor Urban say that they will develop a total of $75 million with two new residential buildings in the Fremont section of Seattle at 3606 Woodland Ave. North and 3636 Stone Way. The projects are expected to create more than 150 family wage construction jobs that will last for more than two years. Slated to be completed in Q4 2014 and Q1 2015, these two projects mark the debut of Carlyle as a financial partner with Harbor Urban.
The residential project at 3606 Woodland Ave. North will feature a total of 171 units which include 4 live work, 11 townhomes that open up to the vitality of the Fremont street-life, and a mix of studio, one and two bedroom urban units. In keeping with Fremont's ecological spirit, it will include p-patches, a fitness room and a focus on bicycle transportation. Located just off the Burke Gilman Trail, the building's amenities will appeal to recreational and commute bicyclists alike with a bike wash area, bike maintenance station and bike lockers.
3636 Stone Way will also be a four story midrise with a 138 units approximately 3,000 sq. ft. of retail.
“With the job market growth and residential housing trending in a positive direction we're extremely pleased to partner with Harbor Urban on this project, said Carlyle Managing Director Paul Brady. We admire Harbor Urban's reputation for working with communities to develop 'hyper-local' housing that brings energy to the local neighborhood. To this we add our ability to deliver best in class quality and value.”
In 2012, Harbor Urban completed more than 360 homes in three separate markets, broke ground on two new multi-family projects with 310 homes and sold four assets totaling $360 million. For 2013, the firm has eight new projects in the pipeline. “We expect to have more announcements with Carlyle in 2013,” said Atkins. “This is already a busy year.”
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