By Jon Peterson
Charleston, S.C.-based Greystar is planning both a mid-rise and high-rise apartment products for its new apartment development that it refers to as 425 Fairview in the South Lake Union neighborhood of Seattle.
The mid-rise project will include the Elan brand. This project will be located at 1122 Harrison Street and will include the construction of 181 units. It will be developed in a seven-story structure, with the average size apartment unit in this project at 736 square feet.
The South Lake Union neighborhood of downtown Seattle has the fastest job growth on the West Coast north of San Francisco
The high-rise project will have the name of the Ascent brand. This project is located at 1127 Republican Street; it is a 24-story tower totaling 252 units. The unit sizes in this complex will have an average size of 933 square feet.
Greystar is a big believer in the South Lake Union sub-market. “The South Lake Union neighborhood of downtown Seattle has the fastest job growth on the West Coast north of San Francisco. The new jobs create a need for convenient and appropriately designed housing. To the west of our project is Amazon Headquarters, to the north, east and south new office buildings are under construction, which will provide space for 8,000 jobs. With this project along with Greystar’s soon to be completed Radius across the way, Greystar will have over 700 apartments on the block surrounded by new office buildings,” says Randy Ackerman, senior development director for Greystar.
Greystar figures that construction on 425 Fairview will begin during the first quarter of 2016, and the developer is anticipating completion of the project by 2018. The site area for the project is 58,802 square feet. The developer believes that the project will appeal to a variety of residents and lifestyles.
Greystar sees that the project will offer some major amenities. “It will have approximately 10,000 square feet of retail fronting on Fairview Avenue. Each building will have its own fitness and business center, conference room and concierge service. The mid-rise will have a significant landscaped rooftop and terrace including barbecue areas and a dog run. The high-rise will have over 5,000 square feet of a landscaped roof terrace, including barbecue areas and a dog run and over 3,000 square feet interior amenities that include a variety of social areas,” said Ackerman.
Greystar feels good about the location of the project from a public transportation standpoint, as well. “The site is well located near thousands of jobs and served by the South Lake Union Streetcar, which connects South Lake Union to Seattle’s retail core and regional light rail hub,” said Ackerman.