Image courtesy of Intracorp Intracorp is developing Blakeley Commons, 106 condos near University Village.

Intracorp fired on all four cylinders last year.

The Seattle-based development firm completed constructing condo towers and high-rise apartments in the Belltown area north of downtown Seattle, along with apartments and condos elsewhere in the region and in San Diego.

It also finished and leased industrial projects in both Fife and South Everett.

As an office developer, it finished leasing up and then sold a third of its CenterPoint Corporate Park conversion of former Boeing space in Kent. Intracorp and its partner Rockwood Capital received $31 million from the AFL-CIO Pension Trust for three of the park’s eight buildings.

To top it off, the firm moved from years of planning, permitting and negotiating with the community to breaking ground on the land development phase of its large master-planned community on the east slope of Cougar Mountain in Issaquah. That project, initially known as East Village, changed its name to Talus. When built out, it will total 1,700 housing units and 800,000 square feet of offices and other commercial space on 150 acres.

Those are all the late-stage fruits of the last development cycle, which wound down last year as the economy went into a recession.

The new economic environment will slow Intracorp just as it will virtually every other commercial real estate firm, said Intracorp President Mike Miller.

“The reality is everything’s tough,” Miller said.

Intracorp’s pace will slow. The firm has more condo buildings ready to construct in Belltown but the work won’t start until it’s clear that a market oversupply has eased and demand for new units arrives.

When the slowdown became clear, Intracorp laid off a dozen employees last summer, bringing its work force to about 150. The firm serves as its own general contractor.

But activity won’t stop.

“We’ll continue seeking opportunities wherever people want to go, and that changes all the time,” Miller said. “We’re always looking for more (developable) property. We have some now, in all three categories (multifamily, office and industrial).”

Many multifamily developers have said they’ll shy away from building condos until the danger of facing automatic construction defect litigation eases sometime in the coming years. Miller said the prospect of litigation concerns Intracorp, too, but the firm won’t stop producing condos wherever it can find enough buyers.

“We develop that product type, so unless we want to go out of business, we’ll develop it,” he said. “We’re not going out of business, but I don’t have the answer (to the threat of litigation), either. It’s certainly a problem. We’ve got some projects going forward. ...Any time you’re dealing with the consumer, you’ve got to make a good product. At the end of the day, that’s it.”

The firm started construction last year, for example, on 106 condos near University Village called Blakeley Commons.