Construction has commenced on a new apartment development in South Hill, just south of Puyallup, marking an important phase of multifamily development within the nearly 1,500-acre Sunrise master-planned community. The project, undertaken by Corliss Management Group in collaboration with Schuur Brothers Construction of Puyallup, will consist of five buildings and encompass 120 units, according to a report from the Puget Sound Business Journal.
While Corliss, based in Sumner, has traditionally focused on single-family homes, this venture represents their first foray into multifamily housing. The completion of the apartments is anticipated by June 2024, and it serves as a precursor to the construction of approximately 1,000 additional multifamily units planned for the master-planned community. Mark Walsh, the chief real estate investment officer for Corliss, told the Business Journal that they have already submitted permits for the next 400 units, scheduled to begin construction next year. Over the course of the next three to four years, a total of 900 units will be developed as part of the ongoing pipeline, contributing to the ultimate vision of 4,728 single-family and multifamily residences, including condos, apartments and townhomes.
Corliss has successfully sold around 3,000 lots to builders thus far, with an additional 1,000 lots in the development pipeline. As of March 2022, 675 homes had been sold at an average price of $552,000, with the initial home sales dating back to 2004.
In addition to the residential development, there are plans for a commercial project spanning 10 acres and featuring ten pads. The envisioned commercial development will comprise approximately 18,000 square feet of retail space, 45,000 square feet of office or retail space, a 6,000 square foot sit-down restaurant and two quick-serve restaurants occupying a combined space of 6,000 square feet. The retail component is being handled by leasing agent Jerome O’Leary of Kidder Mathews.
Established in 1892 as a sand, gravel, and mineral company, Corliss has a long-standing involvement in real estate development and is now in its fifth generation of family ownership. In late 2021, the company divested its Corliss Resources division to Lehigh Hanson, the US subsidiary of Heidelberg Materials based in Heidelberg, Germany. However, Corliss retained ownership of the land and is currently leasing it back to Lehigh.
As a self-capitalized entity, Corliss, in addition to providing private lending and real estate services, does not rely on construction loans. Furthermore, their partnership with general contractor Schuur Brothers strengthens their position in the market. Alongside their real estate ventures, Corliss also holds industrial and self-storage properties.
