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 Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...