Nov 01, 2018

Intracorp begins Ravenna88 sales

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Ravenna88 prices start at $695,880.

Intracorp will begin sales this Saturday at Ravenna88, which is under construction on the 3.6-acre former site of University Trailer Park. The first of 87 townhouses will be available in January. The sales center is at 2201 N.E. 88th St., just of Lake City Way, and opens at 11 a.m. Preregistration at Ravenna88.com is recommended. Homes will range from 1,410 to 1,784 square feet, with two to four bedrooms and attached garages. Prices start at $695,880. Intracorp's Christine Johnson said the area is close to shopping, dining and major employment centers. NK Architects designed the project. Intracorp acquired the site, once home to about 100 residents, last year for $9.7 million.

Len Psyk joins Panattoni

Psyk

Panattoni Development Co. has hired industry veteran Len Psyk as senior development manager. He makes the move from MUFG Union Bank, and has prior stints at Opus and Microsoft, where he managed the North American real estate portfolio. Panattoni is busy with Des Moines Creek Business Park, where the fully leased Phase IV is for sale, and it's also selling the fully leased Tacoma Gateway. It recently bought land for Phase II of Northwest Logistics Center in DuPont for almost $22 million, and is about to break ground there. Panattoni has developed over 14 million square feet in the region, and has 4.6 million square feet under development.

ISRD board election is Nov. 20

Two spots are open on the International Special Review District Board, and the election is set for 11 a.m. to 6 p.m. on Tuesday, Nov. 20 at the Bush Asia Hotel, 409 Maynard Ave. S. Contending for the business slot No. 3 are Lizzy Baskerville from Danny Woo Community Garden, ID property owner Tim Lee and Jody Olney of the Seattle Indian Services Commission. Running for at-large position No. 5 are: Matthew Chan, Kim Demarest, current board member Tiernan Martin, and Andy Yip.

SHA receives national awards

Seattle Housing Authority received a 2018 Award of Excellence in Administrative Innovation for its Specialized Maintenance & Repair Training program (SMART). The award is from the National Association of Housing and Redevelopment Officials. NAHRO also granted SHA awards of merit for customer service and lean public housing inspections programs. SHA has about 8,000 units at nearly 400 sites around the city, and serves about 34,000 people. Its Yesler Terrace site is being redeveloped in phases with various private partners, with about 600 new/replacement units, and another 2,000 in the pipeline.

Vector plans Tacoma distribution center

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Kirkland-based Vector Development Co. announced it will build the 78,000-square-foot Tacoma I-5 Distribution Center at 2519 S. 96th St. SynThesis Architects designed it, Pennon Construction will build it, and Kidder Mathews' Doug Klein and Laura Fox will market the space. Construction should begin in March 2019 and be finished by September. Vector's Tyler Litzenberger said in a statement, “We are interested in additional development projects and build-to-suit opportunities throughout Western Washington.” Vector is also planning projects in Covington and Tacoma that should break ground next year.

Oct 25, 2018

CREW gets modular

Image from Gensler [enlarge]

citizenM

The Dutch boutique hotel chain citizenM is building a modular 264-room hotel at 201 Westlake Ave. N., with Gensler as the architect and Mortenson Construction as the general contractor. The modules were made in Poland and shipped to the site. You can learn all about the project at CREW's next monthly luncheon, at 11:30 a.m. Thursday, Nov. 8 at Motif Seattle hotel (1415 Fifth Ave.) On hand will be Lauren Boedeker and Cori Palmer from Mortenson and Sukyee Pang from Gensler. Details and registration: crewseattle.org.

Pinnacle promotes Tina Boone

Boone

Dallas-based Pinnacle Property Management Services has promoted Tina Boone to vice president in charge of the Seattle multifamily team. Boone began her property management career in Texas as a leasing agent, and worked in administrative positions before moving to Washington, working with Archstone, Indigo Real Estate Services and Thrive Communities. She joined Pinnacle earlier this year. Pinnacle's Eric Schwabe said Boone “has a keen ability to turn any asset into a top performing property.” Pinnacle now manages a portfolio with over 165,000 residential units and 2.75 million square feet. It has over 4,100 employees in 30 states.

Thrive hires Amy Williams

Williams

Multifamily property manager Thrive Communities hired Amy L. Williams as regional director. She makes the move from Security Properties, and has two decades of experience in the field. Thrive's Rose O'Dell said in a statement, “With a vast knowledge of the Pacific Northwest multifamily and condominium markets, Amy has incredible experience supervising a wide variety of real estate developments.” Thrive is the property management arm of Rise Properties Trust, a Canadian REIT with a Seattle office. Rise has lately been on a buying spree in this area, and now has about 2,000 units in its local portfolio.

(Editor's note: This story has been changed to correct Amy Williams' title.)

Broderick Smith to depart family firm

Broderick Smith

Broderick Smith, son of Urban Visions founder Greg Smith, has announced he will leave the firm in 2019 after about 12 years to pursue new, unspecified ventures. He said in a statement, “Urban Visions has another 2 million square feet of office development teed up in downtown Seattle. I will be excited and proud to watch it all go up over the next few years.” Broderick's grandfather Martin Smith was a longtime partner with the legendary Henry Broderick.

ULI's Emerging Trends is Oct. 31

Urban Land Institute's annual Emerging Trends presentation is next week, to be delivered by PwC's Mitch Roschelle. He'll survey the state of the market, with particular emphasis on tech and innovation — including artificial intelligence and machine learning. One highlight from the bound report is that Seattle has dropped from its No. 1 position last year to No. 16 among PwC's hot real estate markets. The breakfast event begins at 7:30 p.m. Wednesday, Oct. 31 at the Sheraton. Details and registration: northwest.uli.org.