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February 23, 2017

Survey: Bosa Development

Specialty: Building residential and commercial properties

Management: Nat Bosa, founder

Founded: 1986

Headquarters: Vancouver, B.C.

Projects: Insignia in downtown Seattle; One88 in downtown Bellevue

Image from Bosa Development [enlarge]
Bosa is developing One88, a 21-story luxury residential tower in downtown Bellevue.

Company founder Nat Bosa responded to questions about his firm’s activities in the Seattle market.

Q: You’ve had success up and down the West Coast, what makes the Seattle area unique?

A: Greater Seattle is a livable city that has really matured, and there is strong demand for new, luxury urban living. We had great success with Insignia, which featured a level of quality and amenities that really pushed price points — out of the 698 residences we only have two left and don’t expect them to last long. Our newest venture is One88, a 21-story luxury residential tower in downtown Bellevue.

Q: Insignia is in a transitional neighborhood, on the edge of Belltown and South Lake Union, why did you select that area?

A: A large part of our success is having the vision. That is what we do, and do well. When my son and Bosa President Ryan Bosa purchased the site for Insignia, he had the foresight to know that this would be an area of growth. We also knew the opportunity to purchase an entire city block — a super block — for residential was limited. Shortly after we launched sales at Insignia, Amazon proposed its three-tower office campus just a block away, which validated the vision.

Q: Assuming you want to continue your expansion here, what challenges do you foresee?

A: My philosophy is this — plan to buy your summer hat in the winter, then sell it in the summer. We have an uncommon vision, which has made us successful over the last 40-plus years. The movement towards vibrant city centers and the number of people seeking an alternative to suburban living is exciting. Downtown Bellevue and One88 is a great example of this, it is booming. From new corporate offices and headquarters opening to an expanding landscape of dining and shopping, demand to live in the Bellevue downtown core continues to grow. We believe Bellevue is ready.

Q: Seattle and Vancouver have seen an unprecedented building boom. Will the market continue to grow in the next five years?

A: Seattle has really grown over the last several years, and I think it will only continue to grow. There is a lot of buzz, interest and demand in the area and I’m confident it will continue. It will also see a lot more interest from Chinese buyers. The Vancouver residential market is still strong with residential values that compare to other world-class cities like New York, London and Sydney. I believe we will continue to see this for the next five years.

Q: Are you more bullish on the U.S. West Coast market, or on the Canadian market?

A: We are bullish on the entire West Coast; otherwise we wouldn’t be building like we are today.

Q: You’ve accomplished a great deal since your family came to Canada in 1956. What project have you dreamed of accomplishing before you retire?

A: No plans of retiring. Each project has been its own gem. Right now, we are focused on bringing high quality and unique design to One88 as well as our other projects in San Diego and North Vancouver. I am extremely proud of the sites we own and look forward to all of our future projects.

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