New Legislation Incentivizes Sustainable Building for Seattle Developers

New Legislation Incentivizes Sustainable Building for Seattle Developers

The building sector is currently Seattle’s second largest source of emissions — but Mayor Jennifer Durkan recently signed a piece of legislation working to change that.

The Seattle City Council unanimously voted in favor of this legislation, allowing developers who adhere to the 2030 Challenge Pilot Program to build larger spaces.

Developers in the city’s urban centers will be now able to build two additional floors and add 25 percent more square footage in exchange for significantly reducing energy usage, improving water management, and minimizing transportation-related emissions.

“Seattle can be a global climate leader by taking bold action to reduce our carbon footprint of our buildings, which is a leading contributor to greenhouse gas pollution,” Mayor Durkan said. “Our actions to reduce emissions buildings will help create a healthier, more just, and more vibrant city with more family wage jobs.”

Jordan Selig, MSRE’s managing director and a board member of the 2030 District, explained that this legislation will not only shrink the city’s carbon footprint, but will also make sustainable development a profitable investment.

“Solar panels, recycled materials, low-flow appliances, energy-efficient lighting, and triple-glazed windows all come at a premium,” Jordan explained. “By allowing developers to build 25 percent more commercial square footage and add 30 feet in height to a project, it’s possible to justify that extra expenditure.”

The MSRE team is already implementing sustainable innovations across our portfolio, such as obtaining Energy Star and LEED certifications for a number of the properties in our existing portfolio. Additionally, we have two new projects that will take advantage of the new 2030 Pilot. The first is our 400 Westlake project in the heart of South Lake Union and the second will be announced soon!

To keep up with the latest from Martin Selig Real Estate, follow us on LinkedIn.

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