DEVELOPMENTS

News about construction projects underway

Posted June 2004

Developer spotlight: Greg Smith stands tall
Developer Greg Smith would like the opportunity to take Seattle to new heights. He bought a 20,000-square-foot space of land on the southeast corner of Second Avenue and Pike Street and immediately announced plans to request a zoning exemption. He would like to build a 370-foot tall, mixed-use condominium tower. He proposes that it be skinny to let more natural light reach the street level and the condos while reducing the building's effect on waterfront views at other properties. At present, downtown building heights are capped at 195 feet, or 20 stories.

Although city planners are considering extending allowable building heights in downtown Seattle, Smith's new property falls outside the area under discussion. Nonetheless, he believes that allowing for more density downtown will reduce urban sprawl and allow the city to take better advantage of its transit systems.

The other aspect of Smith's strategy is to utilize more environmentally sound building techniques. His proposed structure at Second and Pine would serve as an example. Among his ideas are a series of plants on the roof, which would help reduce water runoff, and installation of two transparent skins of glass on the building's exterior, which would conserve energy.

While the city contemplates his vision, Smith continues to build on his portfolio. He purchased a 5.5-acre light industrial tract in Auburn that he will hold for future use.

Bellevue
Since local developer Kemper Freeman assumed control of the Lincoln Square project in downtown Bellevue, it has been on the rise. An announcement about the development's tenants is expected soon. Rumors about who will move into the commercial spaces include Westin, Marriott and Hyatt as possible hotel tenants. As far as retail space goes, the speculation ranges from Restoration Hardware, Expo Design Center and Sur La Table to restaurants like McCormick & Schmick's, Maggiano's, Chandler's Crabhouse and ESPN Zone. ``Retail will be the catalyst for all the activity,'' said Freeman. He estimates that Lincoln Square will eventually host a total of 18 retailers, including a luxury multi-screen movie theater and a spa. The mixed-use complex, at 1.2 million square feet, resides on 4.5 acres across from Bellevue Square. At some point, Freeman plans to construct a tunnel 30 feet beneath Northeast Eighth Street to connect his underground parking garage at Lincoln Square with the one at Bellevue Place, a mixed-use development he owns across the street.

Everett
In Everett, a lawsuit potentially blocking the development of a large riverfront property has been settled, allowing the city to move forward and find a new use for the land. An environmental law firm and the Tulalip Tribes had sued to keep the city from developing a street extension over a railroad line that would allow access to the site. Given the settlement in April, the city can now begin work on the planned $18 million overpass, which is expected to be done by summer 2005 and it can consider proposals for development of the 140-acre property. Although 90 acres of the site are earmarked for preservation, the city's plan calls for a mixed-use project at the location. One potential tenant is already on the radar: Kenmore-based Bastyr University.

Renton
Eastside developer Michael Christ's latest project has him singing a different tune.

He is part of a group that would like to create a waterfront outdoor concert venue for Renton, something along the lines of downtown Seattle's "AT&T Wireless Summer Nights at the Pier." The concept, "Heart of the Harbor," was conceived by local keyboard player Grant Scott, who approached Christ about utilizing some of his land on the south shore of Lake Washington, near a mixed-use apartment complex that he is developing. All of the project's proceeds would be donated to local schools, according to Christ. The idea appears to be going over well with the city of Renton, which has asked for a formal proposal. Several music club and studio owners, as well as event-planning firms, are already at work on the idea as well.