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  #381  
Old Posted Oct 14, 2014, 7:49 PM
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October 14, 2014

Vulcan agrees to pay $22M for three blocks in Yesler Terrace
By NAT LEVY
Journal Staff Reporter
http://www.djc.com/news/re/12070819.html

Vulcan Real Estate has agreed to buy three blocks within Yesler Terrace from Seattle Housing Authority for $22 million.

The property totals 3.7 acres and is along East Yesler Way between Broadway and Boren Avenue.

Vulcan wants to build 650 market-rate and “workforce” apartments. Workforce units will be reserved for people making up to 80 percent of area median income.

Vulcan expects to spend about $200 million developing the three-block site.

Construction on the first block — at Yesler Way and Broadway — could begin in early 2016, with the units opening by the end of 2017.

The agreement is structured so the sale of each block will have a separate closing date, one a year between 2015 and 2017.

Lori Mason Curran, Vulcan's real estate investment strategy director, said the blocks will be developed one at a time. The second block is likely to start in early 2017, about a year after the first one. Development of the third block would start in 2018.

The buildings will likely be mid-rise, up to 70 feet tall. Zoning allows towers up to 240 feet, but Mason Curran said Vulcan opted for shorter buildings because they better fit the neighborhood scale and Vulcan's vision.


[enlarge]
  1. Are they reluctant or something?
  2. This is a potentially colossally missed opportunity.
  3. Why be a city. Let's just be Vulcan Vision Inc.!

Aren't there enough developers wanting to build in Seattle who would love to have one of those blocks? Why sell all three to Vulcan who's planning to build like we don't have an affordable housing crisis? Sell the other blocks to two other different developers who will start building right away and not deep into 2015/2016?

Last edited by mSeattle; Oct 14, 2014 at 8:03 PM.
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  #382  
Old Posted Oct 14, 2014, 8:41 PM
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October 14, 2014
Acacia eyes 2 towers at First Hill complex
By JOURNAL STAFF
http://www.djc.com/news/re/12070821.html?cgi=yes

Acacia Capital Corp. is considering a major expansion of One Thousand 8th Avenue, an apartment complex on First Hill that now has 351 units.
Acacia Capital wants to add 256 units to One Thousand 8th Avenue. The pool would be demolished.


Photo courtesy of Hendricks & Partners [enlarge]
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  #383  
Old Posted Oct 14, 2014, 8:42 PM
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"Build right away"? How would they avoid (a) designing the buildings first, and (b) Seattle's permit process? The first building is about as quick as possible.

As for affordability, SHA is trying to make money off these sites, which will fund the actual low-income housing. Plus a segment are in an "affordable" zone.
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  #385  
Old Posted Oct 19, 2014, 8:11 PM
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  #386  
Old Posted Oct 19, 2014, 10:00 PM
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  #387  
Old Posted Oct 25, 2014, 5:45 PM
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InHaus Hoping 'Salt' Licks the Ballard Condo Market

Wednesday, October 22, 2014, by Sean Keeley



http://seattle.curbed.com/archives/2...dos-market.php
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  #388  
Old Posted Nov 5, 2014, 8:54 PM
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November 5, 2014
More housing units for Greystar in SLU
By JOURNAL STAFF
http://www.djc.com/news/re/12071606.html

Greystar Real Estate Partners is planning another 420 housing units in a two-building complex in South Lake Union.

The site is on the west side of Fairview Avenue North between Republican and Harrison streets.

Plans just filed with the city show a 24-story tower with 239 units on the northern third of the block, and a seven-story, 181-unit building on the southern portion.

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  #389  
Old Posted Nov 5, 2014, 9:26 PM
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Was looking north along I-5 a few minutes ago and there appears to be a third crane being installed in the Roosevelt area. Not sure what that's for.
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  #390  
Old Posted Nov 7, 2014, 12:51 AM
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16-story apartment tower on Broadway
http://www.djc.com/news/re/12071661.html
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  #391  
Old Posted Nov 12, 2014, 6:49 AM
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Quote:
Originally Posted by mSeattle View Post
October 14, 2014

Vulcan agrees to pay $22M for three blocks in Yesler Terrace

Aren't there enough developers wanting to build in Seattle who would love to have one of those blocks? Why sell all three to Vulcan who's planning to build like we don't have an affordable housing crisis? Sell the other blocks to two other different developers who will start building right away and not deep into 2015/2016?
I tend to agree. Vulcan is a good developer but lets mix it up.
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  #392  
Old Posted Nov 12, 2014, 6:52 AM
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Originally Posted by mSeattle View Post
16-story apartment tower on Broadway
http://www.djc.com/news/re/12071661.html
The amount of development is not to be believed. In W. Seattle, there are 4 bldgs under construction within a 3 block area that will have nearly a thousand units. And that's only one small part of W. Seattle.
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  #393  
Old Posted Nov 12, 2014, 5:08 PM
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I suspect we're maintaining the 10,000-UC rate that's been reported in the past within city limits. Greater Downtown (including First Hill and Pike/Pine) is sticking to the 5,000-6,500 range, West Seattle Junction / Downtown Ballard / U District are all madhouses at a similar scale, and a good scattering is happening at other locations. It's a great time to be alive.
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  #394  
Old Posted Nov 12, 2014, 5:48 PM
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^^^^

It really is! In terms of construction and the amount of units u/c, and within the pipeline, this city is one of the fastest growing in the nation. Definitely in the top 5 both within the core, and the metro as a whole.

Not to mention that the amount of 400+ footers going up is pretty impressive.
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  #395  
Old Posted Nov 12, 2014, 8:15 PM
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Great to know. Still, it's catching up to where it should already be... fixing the affordable housing crisis.
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  #396  
Old Posted Nov 12, 2014, 8:37 PM
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Demand is growing at a phenomenal pace, so far outrunning projections by the development community. Everyone keeps thinking supply will catch up but it hasn't. Who predicted that Amazon would be filling space at this rate, even though we knew about many of the building plans? Further, a lot of developers thought today's renters would be buying houses by now, or didn't predict the extent of "move closer in" trend.

I go to forecast breakfasts every year. In 2011 we heard that you wouldn't want to start an apartment building in 2012. In 2012 and 2013 there were predictions of overbuilding. This year the predictions are more like things might soften slightly in the short term. And a lot of worry about Seattle's impending fees, which Wallace called the biggest threat of his career.

However in core districts like Belltown, Ballard, and Capitol Hill, we're reaching a peak in project completions, which might finally catch things up for the moment.
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  #397  
Old Posted Nov 12, 2014, 11:17 PM
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That is some kind of relief, but there are other pressures, like people being priced out of formerly affordable units. I for one am hesitant to move from a core neighborhood with great transit and urbanity to an in-city neighborhood that is essentially a suburb in terms of urbanity and transit.

I don't have friends or family that I can move in with, so my move has to be from my-own-place to my-own-place. I'm hoping that apodment developers will continue to build even with the new regulations.
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  #398  
Old Posted Nov 13, 2014, 6:29 AM
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Quote:
Originally Posted by mSeattle View Post
That is some kind of relief, but there are other pressures, like people being priced out of formerly affordable units. I for one am hesitant to move from a core neighborhood with great transit and urbanity to an in-city neighborhood that is essentially a suburb in terms of urbanity and transit.

I don't have friends or family that I can move in with, so my move has to be from my-own-place to my-own-place. I'm hoping that apodment developers will continue to build even with the new regulations.
You are not the only one feeling this way. Its too bad all this development and growth generates fear as well as positive responses.
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  #399  
Old Posted Nov 13, 2014, 10:33 AM
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Mhays,

How long do you forecast that the current cycle will continue? 2020?
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  #400  
Old Posted Nov 13, 2014, 4:16 PM
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That's really hard to guess. But it's a daily question. Focusing 2/3 on greater Downtown...

Seattle is booming but the country as a whole is still recovering. If the national economy gets healthy, that could extend the boom. Plenty of international headwinds though.

Seattle is currently living off construction people moving from other parts of the country. When construction unemployment was 40% in 2010 or whatever, a ton of people left the industry, or didn't join it. If the rest of the country recovers we'll have a serious shortage of people qualified and willing to make $38/hour as a union carpenter, $55,000 as a project engineer fresh out of college, or $100,000 as a project manager ten years later. (Yes, I mean that as an advertisement!)

Public works might mean Downtown keeps booming. The second convention center, the ferry terminal, and the waterfront redo are all likely 2017 starts. Regionally, light rail will keep things busy.

Much depends on what Boeing, Microsoft, Amazon, and the military do. They can turn the spigot on or off for any reason. When they're hot, any one of them can easily do many hundreds of millions of construction per year. Much of that isn't related to the general economic cycle. Amazon kept building offices in the last downturn for example. Public agencies did billions in stimulus work at the same time.

Developers are lining up to build offices, but few will go without tenants. If everyone dived in at once we'd be overbuilt in both Seattle and Bellevue. But not everyone will.

Hotels are just starting. There's risk of overbuilding there too. Downtown could add more than 25% to its inventory all at once. But the regional percentage increase would be much lower, and Seattle is growing as a destination. I suspect we'll be building hotels in 2018. The market has been less cyclical at least for Downtown. We had greater Downtown hotels underway at all times from 1995 to 2010 despite a sizeable downturn.

Some say apartments might overbuild, but part of their argument is that people will start buying condos. The two tend to be counter-cyclical. Now that people really, really want to live in the center of town, the combination of the two might be fairly continuous.

Retail construction has only started to come back. With the internets, it might never return at the same scale. But niches should do well. Restaurants and bars can't be delivered to your home. A big tourist/worker/resident heavy downtown will always be a draw.

Hospitals have completed most of their big projects, and paused in part to see what happens with the national healthcare stuff. But rumors are back about big jobs gearing up again.

Laboratories have been a big sector particularly in South Lake Union. We don't have any booming giants right now, but we do have nonprofits and the UW with growth plans, and small/midsize firms growing. This might be a moderate flow of projects over the next few years.

Seattle has always been boom and bust, but cities like New York, Toronto, Vancouver, and San Francisco have been much less so. They've had more international investors with different investment horizons. They've drawn their key demographics due to reasons outside the normal economy cycle. Seattle appears to be moving in that direction. The last two booms ended due to crises. Unless we have another crisis, maybe this one will keep going, for several more years, though today's frenzy seems unlikely to last at quite the same level.
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