By Dees Stribling, Contributing Editor
Seattle–Holland Partner Group and Capstone Partners L.L.C. have broken ground on 901 Dexter Ave N. in the South Lake Union neighborhood of Seattle. The project will be a 284-unit mid-rise apartment building.
Building amenities include a theater, fitness room, bike room and dog run with dog-washing station. 901 Dexter will also sport five rooftop decks with views of Lake Union and downtown and a community room with a full cook’s kitchen and entertaining area complemented by a pool table and an outdoor fireplace. The property will also include 2,150 square feet of retail space on the corner of Dexter and Aloha.
Holland plans to deliver the first units in late summer 2012, with the entire development slated for completion early in 2013. Runberg Architecture Group, engineering firm Coughlin Porter Lundeen, and Mercedes Fernandez Interior Design have been hired for the project.
Holland is a strong believer in the market for multifamily properties, both in Seattle and elsewhere. 901 Dexter is the company’s third start this year. Construction is currently underway on 1200 Madison in Seattle’s First Hill neighborhood, as well as 1111 Wilshire in Los Angeles. Counting the three projects underway, Holland has seven construction starts planned for 2011 totaling 1,842 units.
“Seattle is an exceptional market over time for a number reasons,” Holland CEO Clyde Holland tells MHN. “First is geography, since Seattle is at the confluence of a north-south and an east-west Interstate freeway. In addition, from a land availability standpoint, Seattle is relatively constrained. At the same time, downtown Seattle is vibrant–people love to live there. Not only the Gen Y generation, but the Baby Boom generation as they re-nest in urban areas.”
Holland also points out that Seattle has considerably economic diversity. The local economic base includes high-tech companies, Amazon, the Bill and Melinda Gates Foundation, the University of Washington, Fred Hutchens Cancer Research Center and three major medical centers in the Capitol Hill neighborhood alone, among many other drivers of job creation and thus demand for residential properties.