Vulcan Real Estate

Specialty: Working with the public and private sectors and creating vibrant communities
Management: Ada M. Healey, vice president of real estate; Robert S. Arron, senior director of marketing and leasing; Sharon Eschbach Coleman, real estate development director
Founded: 1986
Headquarters: Seattle
Employees: 30
Current projects: Blocks 44 and 45 pre-development, Supply Laundry mixed-use apartment, UW Medical research campus, final phase of Amazon.comís headquarters, the Martin apartments, all in Seattle; Bothell City Hall

Rendering courtesy of Vulcan Real Estate
Vulcan is developing the third phase of UW Medicalís research campus in South Lake Union. Construction is under way on the first building (center).

Vulcan Real Estateís Rob Arron says his company still has a lot to do in South Lake Union.

Over 10 years the company has developed 5 million square feet of projects there, and has 25 or so more acres where it could develop another 5 million square feet.

Itís developing the third phase of the University of Washingtonís medical research campus as well as the last phase of Amazon.comís headquarters. Next year, the company will start constructing a mixed-use apartment development that includes rehabbing the historic Supply Laundry.

The company is doing pre-development work on Block 44 at Westlake Avenue North and Mercer Street, where it can build 400,000 square feet, and Block 45 directly to the south, where a 200,000-square-foot project is planned. The uses are to be determined, but Vulcan is leaning toward office on 44 and a mix of office and life sciences on 45.

(Editorís note: This story has been updated to give the correct location of Block 45.)

Other South Lake projects

Arron said another initiative is continuing to create vibrant ground floor retail and services in South Lake Union. In Belltown, work is to start soon on the Martin, a 24-story apartment tower east of the Cinerama.

The company is helping to shepherd other projects in Seattle. These include the cityís planned Mercer West transportation project, the north downtown electric substation, connecting the existing streetcar to the First Hill line via downtown; and the South Lake Union upzone.

The city of Bothell picked Vulcan to develop its city hall, which could have private retail, office, hospitality and office space in addition to the civic campus.

Investing in Arizona

In 2010, Vulcan made its first investment outside of Seattle when it bought an Arizona office building. Arron said the company continues to look for opportunities there and in Southern California, but added Vulcan is more focused ďup here rather than outside markets. South Lake Union is our focus.Ē

As for the Puget Sound market in general, Arron expects the commercial real estate industry will improve. He said next year should be better than 2010 or 2011.

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