Othello Partners Awaits Design Review on New Rainier Valley Residential Project
By Alex Girda, Associate Editor
Local developer Othello Partners is once again looking to develop a residential complex, in the vicinity of another high-profile project that the company debuted two years ago. The Station at Othello Park was in itself an ambitious project, announced and developed in a time of uncertainty for the national residential market. Now the company is waiting for design review on Othello Station North, according to the Puget Sound Business Journal.
The project, which will take shape on a 1.9-acre site at 4200 S. Othello St., has undergone some changes from the original pitch, with fewer parking stalls and less commercial space. Othello North will reportedly include just 8,000 square feet of retail space and 234 surface and structured parking stalls, down from the original 17,700 square feet and 372 parking stalls. The chop has also been given to the residential component, which has dropped from 370 to 355 units. That will include four live-work units.
The project calls for L-shaped buildings to be constructed at S. 42nd and S. 43rd streets, with developer Othello Partners lining up the two buildings to be constructed in phases, starting with the structure at S. 42nd Street.
The company is betting big on the area near the Othello light-rail stop in Rainier Valley, as its previous project, the Station at Othello Park, had to see rent rates drop in order to fill up. However, the project’s growing pains were justified, as the apartment community was the first major property of its kind to be developed in Rainier Valley in 40 years.
Rendering courtesy of othellopartners.comTags: Architecture/Design, Conventional - Market Rate, Developers, Development, economy, Finance/Investment, Financiers, Investors, Local, multi-family, National, Othello light-rail station, Othello North, Othello Partners, Owners, Policy, Professional, Rainier Valley residential project, Regional, Residential, Seattle Lead Story, Seattle residential market