Marina Square will include a 125-room hotel tower and separate apartment tower.
BREMERTON, WA—An opportunity zone development is now underway that is one of the first project-specific assets of its kind in the country. Marina Square is a three-asset class mixed-use waterfront development that will include multifamily, hospitality and paid parking, according to developer, Sound West Group of companies.
“Seattle's employment and population boom has resulted in a housing shortage as well as one of the country's most significant cost of living increases. The Bremerton area has seen dramatic increases in population and housing demand, creating a great need for all three asset classes associated with our project,” said Wesley “Arthur” Larson, Sound West Group chief executive officer. “For me, it is particularly gratifying to deliver a significant development to the region that will not only benefit our project investors, but will focus on honoring the spirit and intentions of the federal opportunity zone initiative by helping to create jobs and opportunities, increasing local revenues and wealth, and supplying much-needed housing for the area.”
Marina Square will include a 125-room hotel tower by Cambria Hotel, a Choice Hotel Group brand. The Cambria Hotel Tower will feature a waterfront restaurant, bar, fitness center, market and conference center. The design will ensure every room includes a view of the water, marina and mountains.
A separate high-end apartment tower will feature 145 urban-living apartment flats with several community amenities, including a rooftop deck, private clubhouse, business center and lounge. Both towers will sit atop a subterranean paid-parking garage for 382 parking stalls.
“I am a fourth generation Bremertonian so this project is near and dear to my heart,” Larson tells GlobeSt.com. “Bremerton is undergoing a significant revitalization since the suburban flight of the 60s and 70s. It's our biggest project size-wise to date and it's 100 paces from the waterfront.”
In addition to the pent-up demand for housing and hotels, Larson points to the desirability for these types of walkable projects among Millennials as well as seniors. It's also around the corner from the Quincy Jones namesake, Quincy Square, which is being revitalized as well. Sound West Group is developing the private components around this public square.
Aside from the already dramatic increase in the desirability of Bremerton, additional catalysts for the project is the now 28-minute commuter ferry to downtown Seattle, the proximity of the Marina Square project to the Bremerton-to-Seattle ferry terminal (500 feet) and the US Navy's commitment to invest in the Puget Sound Naval Shipyard (located in Bremerton and steps away from the project site) as part of its $21 billion ship repair yard modernization and retrofitting plan of four West Coast shipyards.
This naval base is the second-largest base after the Boeing shipyard, GlobeSt.com learns. Larson says the hotel in Marina Square will accommodate extended stay needs and convention demand. And, a portion of the housing will be affordable, which will serve the workforce associated with the shipyard project.
“This is an exciting project within one of the state's designated opportunity zones,” said Greg Genovese, president of Sound West Realty Capital. “The Sound West Group is taking a parking lot and transforming it into its highest, best use while also improving the community for the long term.”
Sound West Group has some $300 million in projects of varying stages in West Puget Sound.
“Doing good for the community is a driving force in everything we do,” Larson tells GlobeSt.com.
Created as part of the Tax Cuts and Jobs Act of 2017, the federal opportunity zones program is designed to incentivize investment capital into designated US census tracts which are eligible for significant preferred tax treatment.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
