In February of 2010, I wrote this story about an office building in Georgetown that was constructed of reclaimed cargo containers. The owner, Jay Stark, said it was the first project of its kind in the country. I also produced this video-tour of the space at the time. Here is our story from Dec. 16 about the sale.
Now, nearly two years later, the space is for sale for $1.5 million. Sadly, it was a foreclosure. I
The slight upside is that it will be really interesting to see who buys the site when it sells. I recently spoke to Evan Lugar of Kidder Mathews, who is representing First Savings Bank Northwest on the sale. He said the bank has owned the property since August. He also said it’s a tricky space to sell because it isn’t typical retail or commercial and is unique. He’s targeting creative businesses.
The building is made of 80 percent recycled materials by weight. The complex has two buildings, which are each made of six cargo containers that came from the Port of Seattle. They have halogen and fluorescent lighting, an efficient reverse-cycle chiller HVAC system, and windows with argon gas sandwiched between the panes for increased insulation. There is a rooftop deck with views of downtown Seattle and Mount Rainier.
Typically – the super green, innovative projects that have been built have been created with the intent of the owner using it for many years. (Houses don’t count). The greenest commercial projects I’ve profiled over the years have been built or are being built by the Bullitt Foundation, the U.S. General Services Administration, a consortium involving the city of Portland, universities or by firms that intend to stay in a space for a long time.
My point is: they don’t turn hands. Because of that, there isn’t much information about the resale value and market for super green projects in the U.S. created for a specific client. People hypothesize uber-green buildings hold their value better and that there’s more demand, but it’s hard to prove – without proof. No matter what, this is just one building. But the more sales we see, the more accurately we’ll be able to guage the true value of innovative sustainable buildings and whether it’s the LEED credential or a building’s inherent sustainability that translates as value.
As a sidenote, this is the second time spaces made of cargo containers or using “cargotecture” has been in the news in a week. Earlier this week, the DJC covered a new pilot project Starbucks drive though in Tukwila made of cargo containers. Here’s our story and here’s the story the AP ran based on our story.