Press Release: Alliance Commences Construction on High-Profile Mixed-Use Project in Seattle’s Pike Pine Corridor
SEATTLE (Aug. 1, 2013) — Alliance Residential is pleased to announce the commencement of construction on a 248-unit multifamily development situated in the Pike Pine Corridor of the Capitol Hill submarket. Alliance acquired the one-acre infill site and secured construction financing, and has hired Exxel Pacific to serve as general contractor. The project, currently being referred to as Broadstone Capitol Hill pending release of its branded name, is located at 1414 10th Ave. Completion is slated for early 2015.
The project’s unique design concept includes retaining the façades of two unreinforced masonry structures and rebuilding the façades of one brick veneer structure. The Alliance team worked diligently with neighborhood groups and the Design Review Board on the concept. The final product will provide a tangible connection to the historic neighborhood while appealing to residents seeking a contemporary, urban lifestyle. This also marks the first large-scale project to complete the Pike Pine Overlay entitlement process, which encourages developers to conserve the facades of “character structure” buildings. “The zoning gives developers an incentive to incorporate these structures into a new development, which is a great way to maintain the character of this eclectic neighborhood and ensure a unique building is delivered to the market,” says Suzi Morris, Development Director for Alliance.
The 248 residences will include studio, one- and two-bedroom floor plans, as well as two-story lofts inside the to-be-rebuilt Davis Hoffman building. The design and layout of each apartment home has been carefully considered, offering high-end finishes such as stainless-steel appliances, quartz-slab countertops, undermount sinks and wood-plank flooring. A sleek, hotel-style lobby area and lushly landscaped central courtyard are two of the property’s main aesthetics, accentuated by a variety of desirable amenities. In addition, residents can enjoy the community’s 12,500-square-foot retail space, featuring two suites specially designed to accommodate full-service restaurants.
Broadstone Capitol Hill is the latest luxury apartment project by Alliance in the Seattle market. The recently completed Broadstone Koi, a 166-unit apartment community in Ballard, is nearly 90-percent leased. Alliance is also under construction on a mixed-use development at 12th Avenue and East Madison Street in Capitol Hill named Viva, which is scheduled for completion during the first quarter of 2014 and will house 105 residences. In addition to the projects under construction, Alliance has three additional Seattle projects in the works, totaling more 450 units. According to Brad Reisinger, Managing Director of Alliance’s Pacific Northwest region: “Alliance is focused on delivering premium rental units in the most sought-after locations — we continue to seek out the best sites in the most walkable neighborhoods with great access to jobs and transportation. We are especially excited about our Broadstone Capitol Hill development as it epitomizes the quality of product and desirability of location we seek in each of our developments. ”