The Station at Othello Park Linked in to Seattle
- Jul 05, 2011
By Jeffrey Steele, Contributing Writer
Seattle–New apartment communities boasting sustainable building practices and proximity to public transit have a big leg up on their competitors in luring today’s environmentally conscious renters. For that reason, The Station at Othello Park on Seattle’s southwest side is a cinch to be top of mind with green-oriented folks.
Developed by Othello Partners and USAA Real Estate Company and designed by Hinthorne Mott, The Station at Othello Park is a 420,000 square-foot, mixed-use development featuring 351 apartments and 20,000 square feet of street-level retail space. It’s one of 22 LEED NC (New Construction) Silver-certified projects in the Emerald City, and the first mixed-use development along Seattle’s Central Link light-rail system to earn LEED Silver designation.
A key to making the development reality was the participation of USAA Real Estate Company, says Steve Rauf, president and CEO of Othello Partners.
“Unless an institutional investor like USAA is willing to show up, see value in the investment and have a commitment to sustainability, great ideas don’t come to fruition,” Rauf tells MHN. “It’s clear that institutional investors will typically pay a lower cap rate and a higher price for the same amount of income in a transit-oriented investment, suggesting they see a lower level of risk. The investors recognize that the customer would prefer to live at these locations, eliminate a car or all cars from their lives, and save all that money.”
The Station at Othello Park, which opened in April, is situated 100 feet from the Othello Park station on the Central Link system, whisking riders throughout south Seattle, into downtown and to regional transit hubs.
But it’s just one of the selling points to prospective residents who’d like to get around town via non-automotive modes of transport, Rauf adds. “We back up against a seven-acre park, Othello Park,” he says. “You look across that park and you can see Lake Washington, the Cascades and Mt. Ranier.”
In total, 20 acres of parks spread out within a quarter mile of The Station at Othello Park. Within walking distance are a library, community center and 300,000 square feet of existing commercial space. In addition, the Chief Sealth Trail runs right through the area into downtown Seattle. “There’s also this connectivity to lots of other bike trails along Lake Washington,” Rauf says.
Sustainable construction practices helped ensure The Station at Othello Park captured LEED Silver certification. The project made liberal use of recycled and rapidly renewable materials, and utilized low-VOC pains and carpets. Almost 90 percent of non-hazardous construction waste was diverted from landfills, and water-efficient toilets, faucets and showers reduce potable water usage by more than 40 percent.
It all adds up to a project reflective of Othello Partner‘s commitment to sustainability, according to Rauf. “As a state-of-the-art, sustainable, transit-oriented development, The Station at Othello Park provides long-term value not only for its tenants and residents, but also for the greater community,” he says.