SEATTLE — Columbia Pacific Advisors is entering into a long-term ground lease with the Archdiocese of Seattle and St. James Cathedral to build a 237-unit, 24-story senior housing community in Seattle’s First Hill neighborhood.
The community, on a half block of Archdiocese-owned land at 620 Terry Ave., will offer independent living apartments, assisted living units and memory care suites to provide critical services for Seattle’s senior population in one of the city’s most historic, diverse and newly resurgent neighborhoods.
The Archdiocese of Seattle and St. James Cathedral chose to work with Columbia Pacific because of the company’s long history of leadership in the senior housing industry and experience in caring for seniors.
“We’re delighted to enter into this lease with Columbia Pacific Advisors,” said Greg Magnoni, Director of the Office of Communication of the Archdiocese. “The ground lease will provide important long-term funding for Archdiocesan programs and for the Cathedral’s many social outreach ministries, while preserving church ownership of the property. The character of the project is something that we are proud to be a part of and we are thrilled that it will increase housing for seniors in the First Hill neighborhood.”
The property is bordered by Cherry Street to the north, Terry Avenue to the west and James Street to the south. Columbia Pacific Advisors is expected to start construction on the senior living project next year, and the project is scheduled to open in 2019.
“We are excited to build a senior living community in the heart of Seattle that addresses a significant need for senior care in the Seattle area,” said Todd Seneker, Portfolio Manager for Columbia Pacific Advisors’ real estate investment strategy.
While senior care remains part of Columbia Pacific Advisors’ real estate strategy, the firm has a broad real estate portfolio that spans multiple property types and geographic regions. In just under five years, the firm has built an acquisition and development platform that consists of over 2,500 senior housing units, 1,200 multi-family units and more than 800,000 square feet of commercial space around the U.S.
These projects include the recent sale of the 995 Market Street office building in San Francisco and the sale last fall of The Verve, a multi-family property in Seattle’s Belltown neighborhood. Columbia Pacific is also the developer of the 1001 Broadway project, a 16-story, mixed-use development that will include 265 residential units and the first Whole Foods Market in Seattle’s First Hill neighborhood.
“Columbia Pacific Advisors is pleased that the Archdiocese of Seattle has provided us the opportunity to develop this important project,” said Alex Washburn, Managing Partner and co-founder of Columbia Pacific Advisors. “Developing a high-rise senior housing community in First Hill is the kind of complex and dynamic project we are known for, and we are confident in our team’s ability to execute.”
About Columbia Pacific Advisors, LLC
Columbia Pacific Advisors, LLC manages more than $1.1 billion* across a variety of alternative investment strategies including private real estate, real estate lending, growth capital, private equity and distressed debt. The firm utilizes deep fundamental research and seeks to generate compelling, consistent risk-adjusted returns. Columbia Pacific Advisors, LLC was founded in 2006 by Alex Washburn, Stan Baty and Dan Baty. The headquarters is located in Seattle, Wash. For more information, please visit www.columbiapacific.com.
*Regulatory assets under management as of 9/30/15.