DEVELOPMENTS
News about construction projects underway
Posted January, 2003
Bellevue extends its hospitality
Bellevue may soon have a new way to attract national events and conventions. Plans submitted by an Eastside developer propose a 22-story, 400-room hotel at the corner of Northeast Eighth Street and 112th Avenue Northeast in downtown Bellevue. If approved, the project may be under construction as early as next year, with completion set for late 2004 or early 2005.
Growth continues in downtown Seattle
A proposed 21-story, mixed-use tower at Second Avenue and Pine Street downtown Seattle will likely bring an upscale, 100,000 square-foot athletic club, as well as a five-star hotel and 52 new condominiums to downtown Seattle. The $100 million project, which has been in progress for two years, may break ground as soon as July or August of 2003.
Lake Union welcomes new housing
Locally based Vulcan NW, Inc., Paul Allen's investment company, announced plans to work with the nonprofit Housing Resources Group to create more affordable housing in the company's 4.5 acre development on South Lake Union. According to the agreement, the Housing Resources Group will help Vulcan NW establish policies in order to meet its affordable housing goals for the area. Vulcan NW now controls approximately 40 acres of land on South Lake Union, including a four-building office complex totaling more than 500,000 square feet near Terry Avenue and Republican Street; a five-story, 112,000 square-foot biomedical research building at Westlake Avenue and Thomas Street; and a large office, residential and retail project on Westlake Avenue.
Madrona enters into new mixed-use building
There is a new mixed-use building being built on the corner of 34th Avenue East and East Spring Street in Seattle's Madrona neighborhood. The project, which will be a combination of apartments, shops and offices, aims to increase the value of living, working and shopping in Madrona.
South End office market shows new vitality
CenterPoint Corporate Park in Kent has a new office tenant and several other deals are under discussion, indicating that south Seattle's office market is rising. Kraft Foods North America, Inc. leased about 23,000 square feet in CenterPoint's Atrium Building, which is 77 percent leased. Additionally, CenterPoint is working on eight potential deals with other tenants, all of which would add up to a total of about 125,000 square feet in its Cascade East and West buildings.