Seattle Commercial Real Estate News of the Day

Thursday, December 8, 2011

Seattle Times Daily Journal of Commerce Headline
Owners of historic downtown Seattle building in default

Daniels shows an ‘iconic design’ for first new tower on North Lot

Apartment developer breaks ground in South Lake Union Yesterday the Pioneer Square Preservation Board got its first look at the design for South Tower at Stadium Place, part of the 1.5 million-square-foot development planned for the parking lot north of CenturyLink Field.

ZGF Architects, led by Principal John Chau, showed drawings of a 25-story structure designed to look like a stack of offset glass boxes, each of which are two to four stories tall. The tower’s 240-foot height includes a four-story, full-block podium that it will eventually share with two other residential towers.

The South Tower would have 333 apartments intended for younger renters, and will be outfitted with cutting-edge green technology, according the developer, Daniels Real Estate. Architects are looking at ways to incorporate a wind generator to provide power for common spaces.

Kevin Daniels of Daniels Real Estate said the original proposals for the South Tower were “pretty standard,” but the financing partner, R.D. Merrill Co., pushed for a more iconic design.

Preservation board members complimented the tower design, but expressed concern about masking its bulk and helping it fit into the rest of the complex.

The board has approval authority over new construction in the Pioneer Square Historic District. Yesterday’s briefing was one of many that have taken place to discuss the design and scale of the development. A more formal architectural presentation on the South Tower is slated for next month.

The developer will also seek the board’s approval in January to begin construction of the podium, which will house 74 apartments, 16,000 square feet of retail and nearly 400 parking spaces. Environmental cleanup began earlier this week.

The $193 million first phase of Stadium Place will include the podium, the South Tower and the West Tower, which will face Occidental Avenue South. The West Tower will have 107 loft-style apartments, and incorporate more of the neighborhood’s historic elements in the design.

Daniels described the West Tower units as longer, deeper and airier than the South Tower units, and said they should appeal to a broader group of renters.

The 20-story North Tower, with 225 condo units, will be built later when market conditions improve.

JTM Construction is the general contractor for the first phase. ZGF Architects is the master planner and architect for the podium. Weber Thompson is the residential planner. Coughlin Porter Lundeen is the structural and civil engineer, and Landau Associates is the environmental consultant.

Daniels said he expects the podium to be completed by January of 2013, and the West Tower to be ready by late summer of 2013. The South Tower is slated for completion in late spring of 2014.

The second phase of the development is called Stadium Towers. It will be built east of Stadium Place. Plans call for two 25-story towers: one a hotel and the other an office building. Ground-floor retail and a 900-stall parking garage are planned.

The whole development is scheduled to finish in late 2015. The estimated total construction cost is $680 million.

The $193 million first phase of Stadium Place will include a podium, South Tower (shown here on the right) and West Tower, which will face Occidental Avenue South.

Stadium Place’s South Tower gets mostly positive reaction from city board
Puget Sound Business Journal
Center for Wooden Boats leases north Lake Union site
Tolling to begin Dec. 29 on 520 bridge
Boeing Machinists approve 4-year deal
Blocky new building would set tone in stadium north lot
Developers revive long-stalled apartment projects
Seattle’s worst winter weather is over, even though it’s still fall
Other News
Mitco Leases 139,000 SF in Valley Centre Corporate Park
Trinity Property Buys Hazel Garden Apts for $7.6M
Terreno Realty Corporation Announces Lease Renewal in Seattle
State puts Tacoma’s Rhodes Center back on market
U.S. Mortgage Debt Falls to Five-Year Low as Consumer Wealth Effect Fades
Hotel Lenders Shun Foreclosures as $17.5 Billion in U.S. Loans Come Due

About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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