Welcome!

News Feed Item

Wood Partners Under Construction on High-Rise Apartment Community in Downtown Seattle

New Development Will Feature 300 Units Located Within Walking Distance of Downtown, South Lake Union and Queen Anne in the Middle of Vibrant Belltown Neighborhood

SEATTLE, WA -- (Marketwire) -- 08/23/12 -- Wood Partners, the most active multifamily developer in the nation, is set to begin construction on a 27-story, 298-unit high-rise apartment complex at 225 Cedar Street, located on the southwest corner of Cedar and Third Avenue in Seattle's Belltown.

"The Third and Cedar project is strategically positioned in the north end of the Belltown restaurant and nightlife district close to Seattle Center and South Lake Union, one of the most vibrant urban areas not just in Seattle but in the nation," said Steve Orser, Wood Partners' vice president of development for the Pacific Northwest. "It has a palpable vibe to it that should attract young, technologically oriented professionals to the many outstanding employers in the area."

The site is located in the shadow of the iconic Space Needle, just a short walk from the South Lake Union and Queen Anne neighborhoods, and sits just a block from Seattle Center, home to a variety of cultural and educational organizations and facilities, festivals, entertainment venues and community programs.

South Lake Union is an extension of the downtown/Belltown employment axis and is quickly becoming Seattle's main medical/biotech hub including employers such as the Gates Foundation, Fred Hutchinson Cancer Research, the University of Washington and Path. In less than a decade, 2.5 million square-feet of new commercial space have been added, bringing nearly 7,000 new jobs to the area since 2000. Amazon recently relocated its headquarters -- and more than 4,000 jobs -- to South Lake Union just a quarter mile to the northeast. In fact, Third & Cedar is only blocks away from Amazon's recently announced three-tower, three million square feet of additional office development which will begin in 2013.

While the apartment building itself will rise 27 stories, an additional six levels of subterranean parking will accommodate nearly 200 cars. Approximately 3,800 square feet will be reserved for commercial/retail use on the ground floor.

According to National Association of Home Builders (NAHB), the economic impact of new home construction is substantial. Based on data from the U.S. Bureau of Economic Analysis, NAHB estimates that new multifamily construction projects generate more than $86,000 in income and more than $33,000 in federal, state and local taxes per unit.

"Despite the fact that some new residential units have been added to the neighborhood, there is still not enough housing to meet the demand created by the employment growth," said Orser. "The Third & Cedar project is an ideal location to capitalize on this imbalance. Its location at the very center of Seattle's urban core neighborhoods, in close proximity to numerous amenities and employment centers, make it an extremely desirable location."

The average apartment size at this new community will be 660 square feet and the unit mix will feature a variety of floor plans and configurations including studios, urban and traditional one- and two-bedroom units. Space-efficient designs with flexible layouts and built-in storage will make compact units feel more spacious while keeping overall unit rents at an attractive level.

Among the communal amenities the development will include are an expansive roof deck with a fire pit and gas barbecue grills, a rooftop residents' lounge and spectacular 360 degree views of the Seattle skyline to the north, east and south with Puget Sound and Bainbridge Island to the west. The complex also will include an exercise facility with a bicycle workshop.

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. The general contractor is Andersen Construction.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In 2011, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 15 major markets nationwide including Atlanta, Baltimore, Boston, Charlotte, Dallas, Delray Beach, Denver, Houston, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle and Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Media Contacts:
Anton Communications
Vanessa Showalter
Email Contact
Genevieve Anton
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search and...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that Carbonite will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Carbonite protects your entire IT footprint with the right level of protection for each workload, ensuring lower costs and dependable solutions with DoubleTake and Evault.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...