Seattle Construction and Development Pipeline: Project Updates
In March of 2021, Seattle Business projected that Seattle’s commercial real estate market was destined for a slow and steady rebound following the impact of COVID-19. At Martin Selig Real Estate (MSRE), we similarly saw a bright future on the horizon for Seattle construction and development sectors.
As reported by the National Association of Realtors in February 2022, office occupancy has risen on a national scale over the last 12 months, with Seattle seeing a 287,087 square foot positive net absorption (indicating that rent demand is steadily increasing while the square footage of unrented space with commercial availability is decreasing.)
This means that we are finally touching that horizon. Here are 6 of the MSRE Seattle construction and development projects contributing to the city’s bright future.
800 Alaskan: (Project Status: Pre-leasing) 800 Alaskan is a big player in Seattle’s waterfront district transformation. The modern design of this 17-story mixed-use development takes advantage of the waterfront’s breathtaking views while standing out for its innovative architecture that incorporates ample natural light and dramatic views of Elliott Bay.
3031 Western Apartments: This luxury residential property sits at the north end of Seattle Art Museum’s Olympic Sculpture Park, ideally located within walking distance of shops and restaurants in Queen Anne and Belltown neighborhoods.
At 3031 Western Apartments, a glass exterior reflects views of Puget Sound, with natural touches like a green roof and solar shading that match the beauty of adjacent Myrtle Edwards Park. The property is designed to offer residents sweeping views of the Olympic Sculpture Park from the interior of their apartment and the comfort of their outside deck, putting them close to Seattle’s most majestic public art pieces.
400 Westlake: (Project status: available in winter 2022) 400 Westlake is a modern revival of a preserved landmark. Once the Firestone Tire Building, this real estate development with commercial availability in South Lake Union will set new standards for sustainability as one of the greenest buildings of its size in the world. Iconic artwork is incorporated into the lobby, with a landscaped rooftop terrace that offers expansive views of the Seattle skyline.
401 Queen Anne: (Project status: pre-leasing) The entrance of 401 Queen Anne includes a dramatic 3-story notch entrance that mimics the building’s dramatic entrance into one of Seattle’s most vibrant and walkable neighborhoods. Just around the corner from the Seattle Center and the Climate Pledge Arena, this 6-story commercial property puts businesses at the center of Seattle excitement, with a rooftop solarium space and light-filled terrace perfect for soaking it all in.
3rd and Lenora: (Project status: commercial space completed, residences available in July 2022) The 36-story mixed-use building at 3rd and Lenora perfects the balance of live, work, and play. The building is home to The Modern, a community of 216 luxury apartments with access to multi-floor amenity spaces that include a social bar with panoramic views, a video wall to screen entertainment, and a world-class fitness center.
3rd and Lenora also includes 200,000 square feet of luxury office space, with multi-floor offices connected by intercommunicating staircases and a separate street-level entrance .All tenants–residential and commercial–can enjoy 3rd and Lenora’s beautifully landscaped outdoor decks with sweeping views of the city and the Puget Sound, as well as five floors of secure underground parking and grand 13-foot floor-to-ceiling glass walls.
Explore Martin Selig Real Estate’s other real estate development projects and contact us to inquire about availability.