Brr! Winter doesn’t officially start until Friday, but it’s already getting very chilly out there–could there be snow in our future? However the weather goes, we hope you’re staying warm and cozy as you catch up on all the latest in Seattle-flavored rental real estate news. That’s right, it’s time for Seattle Centric! Let’s see what’s going on in the wide world of Puget Sound multifamily, shall we?
Construction for a new Denny Triangle apartment tower will begin in March.
Have you spotted the demolition at 8th Avenue and Lenora Street? The two-story Cosmopolitan Motors building, which has occupied the space since 1925, is coming down–and in its place, a 40-story apartment building is set to rise. When complete, the GID Development building will house 355 units, as well as some retail space, and will sit just across Westlake Avenue from Amazon’s proposed complex. Read more in the Seattle Times.
What is the demand for apartment in the U-District? Vulcan is assessing.
While Vulcan has traditionally focused on South Lake Union, lately the company has branched out into other areas. They submitted a bid on the Yesler Terrace redesign, and they’re on their way to redeveloping Bothel’s city hall, among other projects. Once such area is the University District, which has seen various new housing developments crop up in the past few years. The current plan is for 216 units, with accompanying commercial space, at 4041 Roosevelt Way N.E.; the company has held the site since 2001. But they have no yet decided to move forward on the project; first, they are assessing the neighborhood for demand. As Vulcan’s strategy director Lori Mason Curran put it, “we want to be aware of everything that’s happening there before we put a shovel in the ground.” If Vulcan does go ahead with the project, construction will begin this March; meanwhile, one thing is certain: the U-District will always need housing for its students and professionals. Read more in the Daily Journal of Commerce.
South Lake Union is sprouting up–and neighborhood advocates have concerns.
South Lake Union has been in a state of growth for some time now, a fact which was not lost on Mayor Mike McGinn. The Mayor has proposed that towers as high as 400 feet, or about 40 stories, be permitted along Denny Way. Now, members of the South Lake Union Community Coalition have expressed their concerns about the proposal to the City Council’s land-use committee. Coalition members argue that 40-story buildings would dwarf others currently lining Denny Way, while some members of the land-use committee counterpointed, noting that buildings of that height are allowed “just south” in Denny Triangle. The council has not yet set a date to vote on the Mayor’s proposal. Read more in the Seattle Times.
Gigabit internet service is on its way to Seattle, and it could arrive as early as next fall.
Thirsting for some fast–that is, really, really fast–internet? Then you’re in the right place! The City of Seattle, the University of Washington, and broadband developer Gigabit Squared have partnered to bring gigabit internet to the city as early as next fall. The project will start out in just twelve “demonstration” neighborhoods, and then roll out to the city at large as they are able. So just how much faster is gigabit service? According to Gigabit Squared, in a few years, you’ll be downloading and uploading at speeds that are 1,000 times what we have now. Care for an Amazon Instant rental, anyone? Read more in the Puget Sound Business Journal.
That’s it for this edition of Seattle Centric! Stay warm out there…and good luck with your holiday shopping. Christmas is in less than a week, you know!