Wood Partners to Begin Construction on New Apartment Building

By Alex Girda, Associate Editor

Nationwide multifamily developer Wood Partners announced construction on its latest Seattle-area apartment building is set to begin. The company will develop a 27-story residential complex at 225 Cedar St. in Belltown. The dining- and entertainment-heavy district is a suitable venue for the multifamily project, which aims to attract workers in the city’s booming South Lake Union neighborhood. Wood Partners is a national real estate company dealing with the acquisition, development and management of mixed-use communities across the United States.

Dubbed The Third and Cedar, the apartment community would offer potential buyers a home in an area bearing “a palpable vibe that should attract young, technologically oriented professionals to the many outstanding employees in the area,” according to Wood Partners vice president of development for the Pacific Northwest Steve Orser. Located in very close proximity to the world-famous Space Needle, the project is also within walking distance of the SLU and Queen Anne neighborhoods. The Third and Cedar is also close to Amazon’s upcoming three-tower headquarters.

The 27-story apartment community will total 298 residential units that will offer an average of 660 square feet. Floor plans will range from classic studio to urban and traditional one- and two-bedroom apartments, according to information from the company’s Web site. Built-in storage will offer space efficiency to the apartments, whose rent rates are set to be very attractive. Six levels of underground parking will ensure enough space for 200 cars, while additional amenities include a fitness facility and a roof deck with fire pit and gas barbecue grills, as well as a residents lounge offering views of the city’s skyline and Puget Sound.

Multifamily construction is set to see a positive 2012, with data from  Marcus & Millichap indicating that multifamily permitting is on the rise, even matching the levels it saw in 2008, while completions will most likely more than double 2011’s tally.

Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com