MainStreet Lands $66M Loan to Develop Seattle Community
Construction is underway at the luxury property, with completion expected in 2024 or 2025.
MainStreet Property Group is developing a 211-unit community, The Spark Apartments, in Redmond, Wash. First Citizens Bank was the joint lead arranger on a $65.7 million loan for the 211-unit project, alongside a lender syndicate.
Kirkland, Wash.-based MainStreet selected Tiscareno as the project’s architect and GenCap Construction as the general contractor, while Site Workshop has been tapped to take care of landscape architecture at the property and Graphie will be tasked with interior design. The developer has already started construction on The Spark, with completion expected sometime in 2024 or 2025.
The Class A community will be split into two buildings, connected by a sky bridge, totaling 260,198 square feet. The Spark will be built with quartz countertops, stainless steel appliances and washers and dryers. Half of the units will also have patios and balconies, while 21 will be designated as affordable. Amenities will include an automated package room, communal kitchen, meditation room and artist studio. MainStreet also has plans for a public “urban forest” between the two buildings that will host interactive artwork displays and murals created by local artists.
The Spark was designed with a focus on sustainability, with the developers aiming for LEED Platinum and Fitwel certifications for the building. The property will have a rooftop solar system and a car-sharing partnership to help offset the building’s carbon footprint. Located at 17515 NE 67th Court, the community will also be near the 640-acre Marymoor Park and the upcoming SE Redmond/Marymoor Village light rail station that connects residents to Seattle and Bellevue.
Rapid Growth in Redmond
Redmond’s proximity to Seattle, as well as to many of the metropolitan area’s major employers, has fueled its growth in recent years. Other developers that have invested in the municipality include Legacy Partners, which recently started construction on a 312-unit mixed-use community in a redevelopment of the former Redmond Square Shopping Center.
MainStreet’s other Washington state projects include Moment Townhomes and Porch + Park, both in Redmond, and several properties under construction in Seattle, as well as the cities of Woodinville, Port Orchard and Kirkland.