Top 5 Multifamily Projects Under Construction in Seattle

The Seattle job market expanded by a solid 6.0 percent in the 12 months ending in July 2022, with all sectors adding jobs and the job market outperforming the nation by 150 basis points. Where there are jobs, there’s always a need for housing, especially when now oftentimes homes double as offices. Factor in the fact that the multifamily industry has been experiencing unprecedented growth since the onset of the health crisis, developers are even more focused on bringing new, interesting multifamily projects to life in the metro.

Here is a breakdown of the largest projects currently under construction in Seattle. The ranking is based on the number of units, from highest to lowest.

1. Seattle House

The largest project in the Seattle multifamily market currently under construction is the 1130-unit Seattle House, located at 2300 6th Avenue in the burgeoning Belltown submarket. Developed by a joint venture between Concord Pacific and HB Management, the property is slated for delivery in December 2025. It comprises two 45-story twin buildings, and the floorplan options are to include studios, one- and two-bedroom units. The project will have 50,000 square feet of curated amenity space, including a wellness center, steam room, gym, pet spa and dog park, as well as a game room and experimental kitchen.

The community will be within less than half a mile radius from Amazon Frontier, Coral, and Otter office buildings. The Space Needle will also be less than a mile northwest.

2. WB1200

Totaling almost 1.2 million square feet and also in the Belltown submarket, WB1200 was designed by architect Henriquez Partners Architects. Developed by Westbank Projects Corp., the project includes two 47-story residential towers, as well as over three floors of retail, totaling roughly 150,000 square feet. A total of 736 subterranean parking spaces are also available at the property, located at 100 Stewart St., according to Yardi Matrix.

The uniqueness of the project lays in the full-size Boeing 747 housed within the buildings’ structure, as well as the sculptural balconies. In January 2019, Otera Capital originated a $297 million construction loan, according to the same data provider. Completion for WB1200 is slated for January 2024.

3. Avalon Bothell Commons

Developed and managed by AvalonBay Communities, Avalon Bothell Commons will have a total of 800 units and 8,000 square feet of retail on the ground level. The project, located in the Bothell submarket, is planned to deliver by September of this year. The 23-acre development, which was previously named 19200 120th, will consist of 23 three- and five-story multifamily buildings. Barghausen provided civil engineering, land surveying and construction administration services for the developer.

Located at 19200 120th Avenue NE Bothell, the property will have several retail, dining and entertainment options within a 1-mile radius. Completion of construction is anticipated for September of this year.

4. Redmond Town Center

Redmond Town Center. Image courtesy of Legacy Partners

Previously known as Redmond Square, Redmond Town Center will have 623 units and 25,000 square feet of retail, according to Yardi Matrix data. The two-building, six-story property is a redevelopment of a former shopping center into a community, by a partnership between Legacy Partners and Lionstone Investments.

Legacy Partners bought the former retail center located at 16563 Redmond Way in the Redmond submarket in late 2016, according to Yardi Matrix data. Built in two phases, which will be linked through a pedestrian walkway between the communities’ courtyards, the property will have more than 600 parking spaces. Amenities will include a yoga studio, clubhouse, fitness center, business center and pet salon.

In November 2021, Citizens Financial Group originated a $97 million construction loan on behalf of the developer, Legacy Partners. Tiscareno Associates serves as the architect for both phases of the project.

5. Solera

Developed by a joint venture between Heartland Construction and Boston Financial Investment Management and managed by HNN Associates, the 7-story Solera will have 590 one- to four-bedroom units in the Renton submarket. Previously known as Sunset Lane Mixed Use and Greater Hi-Lands Redevelopment, the project is slated for completion in June 2024, according to Yardi Matrix data.

The property will have 906 grade-level parking spaces and 34,800 square feet of retail. The project is subject to a 99-year non-arms-length unsubordinated net ground lease, which expires in 2120. A total of 275 units will be affordable. In September 2021, Citibank originated two construction loans for the property. The first one is in the amount of $75.3 million and its due date is in 2030, while the second one is in the amount of $70 million and its due date is in 2039.