Dec 16, 2021

Tacoma Creates

Tacoma Creates issued its Annual Report to the Development Committee of the Tacoma City Council. Fifty-seven organizations whose missions are to advance arts, culture, heritage and/or science were funded in the inaugural year in Washington's first and only cultural access program. Designed to support and nurture Tacoma's cultural sector, Tacoma Creates distributed $4.7 million of voter-approved tax revenues to organizations through a competitive funding cycle in early 2020 just as the pandemic forced cultural organizations to reinvent regular programming. Funding during the 2020-2021 program year provided essential support for organizations to develop engaging programming, continue to serve and uplift the community, and keep creatives and cultural workers employed in Tacoma. The funded organizations produced a total of 412 programs, approximately two-thirds of which were produced for the general public and the remaining one-third were youth education programs. With a focus on equity and access as a guiding principle, the vast majority of programming was free for participants. More information is available at http://www.tacomacreates.org.

Itron

Itron, headquartered in Liberty Lake, announced that it is collaborating with EQUANS to bring smart city capabilities to cities in Belgium. Sibelga, distribution network operator in Brussels, will deploy Itron's intelligent street lighting solution as a service to meet their energy savings goals and improve citizen safety. Beyond the energy savings of the LED streetlight, smart street lighting offers improved network resiliency, enhanced safety and increased customer satisfaction. Sibelga is the only distribution network operator for electricity in the 19 municipalities of the Brussels Capital Region. EQUANS is ENGIE Solutions' new name in Belgium. Created in July 2021, EQUANS operates as a new separate entity within ENGIE worldwide. EQUANS is a global leader in multi-technical services with an international presence and a strong position in key European markets. Itron enables utilities and cities to safely and securely deliver critical infrastructure solutions to communities in more than 100 countries.

Columbia Pacific

CI Financial and Columbia Pacific of Seattle announced a strategic relationship in which CI will invest in the continued growth of Columbia Pacific's wealth management and alternative asset management firms. Under the agreements, CI will acquire Columbia Pacific Wealth Management (CPWM), which provides a full range of wealth management solutions to high-net-worth and ultra-high-net-worth clients. Additionally, CI will acquire a minority stake in Columbia Pacific Advisors (CPA), an alternative asset management firm that manages assets across a broad selection of institutional-caliber real estate private equity, direct lending, opportunistic and hedged strategies. CPWM has offices in Seattle and San Francisco and is led by managing partners Alex Washburn and Peder Schmitz, president Derek Crump, and Tyler Gaspard. The company was founded by Washburn, Schmitz, Stan Baty, and Dan Baty. As part of the transaction, CPWM owners will become equity partners in CI Private Wealth, the private partnership that holds CI's broader U.S. wealth management business. CPA was founded in 2006 by Alex Washburn, Stan Baty and Dan Baty. Following the completion of the Columbia Pacific transactions, the leadership teams at CPWM and CPA will remain in place. Berkshire Global Advisors served as exclusive financial advisor to CPWM and CPA, and Stradley Ronon Stevens & Young acted as legal advisor. CI's legal advisor was Hogan Lovells US. The transactions are expected to close later this month. Financial terms were not disclosed.

StoryBuilt gains $1B in backing

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StoryBuilt, of Austin, has a number of residential projects underway in our market. Those will be supported, along with its national multifamily and single-family development portfolio, with $1 billion real estate joint venture, which the company just announced. It's joining forces with Swiss firm Partners Group, which also has past experience as an investor here. Seventeen projects in the pipeline will initially benefit from the fund. StoryBuilt's Anthony Siela said in a statement, “This joint venture propels StoryBuilt forward in its goal of serving the current and future residents of the most dynamic neighborhoods and cities in the United States.” He further cited the goal of “becoming a leading national infill developer, owner, and operator of residential and mixed-use communities.” Partners Group's Scott Egarian added, “Growth cities, such as Austin, Dallas, Denver and Seattle, are often characterized by rising populations and vibrant economies. The lack of housing in these cities, especially in the infill market close to urban cores, should underpin demand in the years ahead.” Down in Columbia City, StoryBuilt is planning 215 units in its two-building Felix development.

Amazon gives $21M to foster real estate equity

Buell

Amazon's $2 billion Housing Equity Fund was announced in January, and has many components. The fund has already deployed millions this year to help affordable housing specialists acquire and preserve old apartment complexes, with special emphasis on the Eastside. Now the fund has committed $21 million for a professional training, mentorship and capital funding program to help promote real estate developers of color. It's partnering in the effort with the Local Initiative Support Corporation, a 42-year-old community development organization that's been active in Tacoma's Hilltop neighborhood. LISC Puget Sound is its local branch, which was relaunched this summer. LISC says that, in past decades, it's helped to create or preserve 33,000 affordable units in our state. The new Housing Equity Accelerator will be centered in the three regions Amazon calls its home: here, Nashville and Arlington, Virginia. The fund's Catherine Buell said in a statement, “It is so important that we support emerging real estate developers of color who can offer different perspectives to community building and help come up with lasting, impactful solutions. Brian Surratt now leads LISC Puget Sound. “Historical barriers have made it very difficult for Black and other developers of color to get a foothold in the development business,” he said. “With Amazon's support, our hope is to bridge that knowledge gap and build a bench of developers of color who are trusted in their communities, and who are likely to hire contractors and other workers of color, some of whom may live in those same neighborhoods.” For more details and info: lisc.org/puget-sound.

Berkadia arranges $25M loan for affordable units

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Construction is expected to begin soon on the eight-story, 126-unit Heartwood, an affordable housing project by Community Roots Housing at 1323 E. Union St. The mass timber project, designed by Atelier Jones, will be built by Swinerton Construction. And Berkadia just announced that it's secured a $25.6 million loan for the project. In the firm's Portland office, Fred Dockweiler led the effort. He said in a statement, “The development project will ultimately be financed with a $25.6 million Freddie Mac loan, and equity funding stemming from the project's location in an Opportunity Zone. The sponsor, Freddie Mac, and the financing partners persevered for nearly 12 months to bring a one-of-a-kind project together.” Rents will be affordable to those earning 60% to 100% percent of area median income. The construction loan carries a 10-year term and 35-year amortization schedule. Community Roots hopes to open the building in early 2023. Pinnacle Opportunity Zone Fund is a partner.

Alki condos selling nicely

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Walsh Group broke ground on a 37-unit West Seattle condominium project in January of last year. Realogics Sotheby's International Realty is marketing the project at 1250 Alki Ave. S.W. for developer Vibrant Cities. Dean Jones of Realogics recently announced that occupancy is expected next spring, and that the firm has closed $18 million in presales. Nine units have been claimed thus far, and hard-hat tours are now available. Said Jones, “We all recognized this is a first-of-its-kind offering for Alki Beach. Infinity Shore Club is effectively a horizontal high-rise that delivers penthouse quality on every level.” Jones and Vibrant Cities CEO James Wong also both cited the anticipated reopening of the West Seattle Bridge by the middle of next year. Tiscareno Associates designed the six-story project.

Dec 15, 2021

Middle of Six

Clark

Middle of Six, a marketing consultancy specializing in construction, architecture, and engineering, hired Abigail Clark as a graphic designer. Clark is a recent graduate of California Polytechnic State University, San Luis Obispo, with a Bachelor of Science in Graphic Communication and a concentration in Design Reproduction Technology. Clark's experience includes three years as a graphic designer for the Orfalea College of Business Graduate Programs where she contributed to the school's rebranding initiative and created all new marketing materials for the department.

MKA

Corigliano

Magnusson Klemencic Associates' (MKA's) Travis Corigliano, PE, SE, has been named an ICSC+CenterBuild 2021 Leader Under 40. An Associate at MKA, Corigliano, 32, is a leader of MKA's Retail Specialist Group and a resource for clients such as Brookfield, Simon Properties, Macerich, and others looking to successfully retrofit, reposition, and transform legacy big-box anchor stores at malls and shopping centers into modern and lively entertainment and mixed-use destinations.

Corigliano earned a Master of Science degree in Structural Engineering and a Bachelor of Science degree in Civil Engineering from the University of Washington. Beyond his retail projects, he is an active collaborator working internally to advance MKA's in-house Technical Specialist Teams in the fields of Masonry, Steel, and Existing Buildings. He also is a member of the Masonry Society, American Society of Civil Engineers, and Structural Engineers Association of Washington.

The ICSC+CenterBuild Leader Under 40 Awards honor professionals under the age of 40 for their accomplishments and contributions toward advancing the retail marketplace industry. Corigliano is one of 18 people to receive the award this year.

Oculus Inc.

Hoffman

Oculus Inc. hired Robert A. Hoffman, AIA, as the managing principal for the firm's Portland office. In his role, Hoffman will oversee the operations, project development and staffing in Portland, as well as focus on growing the firm's national footprint in the hospitality, multi-family, senior living, retail and commercial office markets. Hoffman brings more than 30 years of architectural practice and professional association leadership including business planning and operations, resource management, market strategies, public outreach, communications, and staff development. Prior to joining Oculus Inc., Hoffman most recently served as managing principal for a Portland-based architecture firm, responsible for overseeing and supporting the design-build delivery of projects in the hospitality, entertainment, and residential market sectors.

Hoffman also served as the executive vice president and CEO of American Institute of Architects' Portland and Oregon Chapters from 2014 to 2019, where he oversaw program development and operations for 1,500 members and industry partners. Hoffman has a Master of Architecture degree from the University of Oregon and received his Bachelor of Science degree in Environmental Design from the College of Design at North Carolina State University. Oculus Inc. delivers comprehensive architecture, interior design, planning and move management services.

Structurlam

Potter

Structurlam Mass Timber Corporation welcomed Jon Potter as the company's newest mass timber specialist. Based in Seattle, Potter will be responsible for building Structurlam's Pacific Northwest regional presence, continuing to promote and expand the company's mass timber projects. With a master's degree in civil engineering, he has a background in structural analysis and design with a focus on wood design projects.

olive.com

olive.com, a leader in payment services and online vehicle protection plans, announced it will expand its mechanical breakdown coverage services to the state of Washington. Vehicle protection plans cover mechanical failure after the auto manufacturer's warranty has expired. olive.com's digital platform lets consumers buy direct and 100% online, giving them access to an assortment of coverage and deductible options that are operable in minutes with no inspection or waiting period. As part of this expansion, olive.com will offer its “Powered by olive” platform to local and national insurance agents, agencies, dealer groups and retailers in Washington, allowing for a co-branded olive.com product offering. Founded in 2006 and headquartered in Chicago, Illinois, olive.com now offers its services in 49 states.

Ascensus Specialties

Ascensus Specialties, a provider of specialty materials for life sciences and advanced technology markets, has acquired Wychem Limited, a UK-based manufacturer of fine chemicals for pharmaceutical and specialty applications. This transaction complements Ascensus' existing capabilities and reinforces the company's focus on servicing the pharmaceutical sector. Using its own process technology, Wychem manufactures starting materials and multi-step intermediates for the synthesis of pharmaceutical APIs and other advanced technology applications. Wychem manufactures over 1,000 products and specializes in the production of aromatic compounds and halogenation. Ascensus will continue to support Wychem's manufacturing facility and offices in the UK. Financial terms were not disclosed. Ascensus Specialties is headquartered in Bellevue, and has production plants in Elma, Washington, Evans City, Pennsylvania, and Newburyport, Massachusetts.

Lattice Semiconductor

Lattice Semiconductor was selected as the winner of the Global Semiconductor Alliance (GSA) 2021 Most Respected Public Semiconductor Company Award for the second year in a row. The award recognizes companies that have demonstrated excellence through their vision, innovation, execution, and future opportunity, as determined by votes from GSA members. The annual GSA Awards celebrate the accomplishments of the semiconductor industry and honor the best performing companies and top leaders. Members of the GSA represent 70 percent of the $450B+ semiconductor industry. Lattice Semiconductor, based in Hillsboro, OR, is a low power programmable leader that solves customer problems in the communications, computing, industrial, automotive, and consumer markets. GSA is a leading industry organization that represents more than 25 countries and 250 corporate members, including 100 public companies, and provides a platform for collaboration, where global executives interface and innovate with peers, partners and customers to accelerate industry growth and maximize return on invested and intellectual capital.