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June 26, 2015

Jobs Fuel Accelerated SLU Multifamily Project

Commercial Property Executive

Alex Girda

A recently completed land deal indicates that multifamily developer Shea Properties is fast-tracking its first Seattle project. The company just acquired a one-acre site at 1319 Dexter Ave. N. in South Lake Union for a reported $12 million. The transaction was completed with help from Kidder Mathews, the company working on behalf of both Shea Properties and seller Dexter Building LLC.

The look of the residential project was revealed back in March, when Shea submitted the Ankrom Moisan-designed development proposal for the seven-story building.

A major catalyst in the progress of the development initiative was Facebook's announced move to the neighborhood. The Puget Sound Business Journal points out that the social network is taking over enough space to house more than 1,500 employees at the nearby Dexter Station office building. This presents great opportunity for well-paid young professionals to move to the area, which may lead other developers to act quickly and populate the vicinity with other multifamily projects.

To further cement that idea, a nearby office building will become the home of around 350 employees when Pemco Insurance moves its operations there. The insurer is relocating from a property it sold to Unico Properties on the last day of 2014. With around 2,000 jobs flooding the area soon, Shea's 282 rental units sound like a slam dunk.

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