Cosmos Development

Specialty: Mixed-use projects
Management: Oscar Del Moro, executive vice president for development
Year founded: 1986
Largest current project: 74-acre residential development in Redmond

As interest rates rise, the apartment market should regain its footing, according to Oscar Del Moro, executive vice president for development at Cosmos Development. “We’re looking forward to the beginning of a climb out of the bottom of the market,” he said.

The historically low interest rates of the last couple years have been a boon to the housing market, but Del Moro sees that trend reversing and favoring rental owners and developers.

His firm’s biggest project is a to-be-named 74-acre development in Redmond. It will have 109 single-family lots and 130 multifamily units. The first phase is expected to open early next year.

Another large project is the redevelopment of a shopping mall in Lake Hills. The mixed-use project, still in the planning phase, will be on 6 acres and include office and retail.

While Cosmos doesn’t participate in the industrial market, Del Moro said he thinks that segment will continue to be strong in the Puget Sound. “It’s always been a good, steady market to be in,” he said.

Office, on the other hand, has suffered. “Office space has been lagging behind, but there are some opportunities now,” he said. He sees activity among builders preparing for the office sector to improve.

“Some of the rebound is starting to happen. It may take a year to 18 months to pick up the inventory.” Retail? “That’s always been a good market,” said Del Moro. Cosmos pursues mixed-use projects because the firm can use housing to support retail.

Geographically, Cosmos is “more predisposed for the urban core. We don’t go deep into the suburbs,” he said. “We work within the city limits, because it’s more stable.”

Mixed-use development will continue to be a theme for Cosmos. “Mixed-use helps you ride the market trends up and down,” he said.