320,000 sq. ft. Transit-Oriented Development Project to Include 350 Rental Units, Ground-Level Retail and Below-Grade Parking
Seattle, Wash., August 11, 2021 – Nicola Wealth Real Estate (NWRE), the Canada-based in-house real estate team of full-service wealth management firm, Nicola Wealth, announces its first ground-up development project in Seattle: a new 28-story multi-family residential building in Seattle’s University District. Nicola Wealth Real Estate has been active in the Seattle market since its 2010 acquisition of the Reedo Building in Pioneer Square. The firm’s portfolio in the Puget Sound area is now comprised of 13 properties, totaling more than 1,250,000 sq. ft., which includes industrial, office, and retail assets.
Located at 1107 NE 45th Avenue, the proposed mixed-use building will be built to replace the existing University District Building, a 5-story office building, and is slated to feature 350 units including studios, one-, two-, and three-bedroom apartments.
“As rapid transit arrives in the University District, we are eager to redevelop this location and confident that providing significant housing options will be of interest to those drawn to this amenity-rich university neighborhood—especially with its proximity to Seattle’s Central Business District,” said NWRE Director of Development, Josh Anderson.
“Our goal for this project is to support not only the growing university ecosystem; those who will work or study at or around the University of Washington, but to provide an attractive, transit-oriented alternative to the downtown Seattle market.”
Taking advantage of the City of Seattle’s U-District Urban Design upzone in 2017 and U-District rapid-transit station (slated to open in fall 2021), the development will offer a mix of transit-oriented rental housing, while meeting the City of Seattle’s Open Space requirements of adequate light, air, access, and open space.
The building is also slated to achieve U.S. Green Building Council certification and is being designed to achieve Leadership in Energy and Environmental Design (LEED) v4 certification, providing a healthy, highly-efficient, and cost-saving green building—effectively upping the ante with a more flexible, performance-based approach throughout the building’s life cycle.
Construction on the new building is projected to commence in early 2024 with completion in 2027. Primary project team members include HEWITT Architecture (architect) and Nicola Wealth Real Estate (developer). The project’s general contractor and interior designer teams are still to be announced.
With a portfolio including 218 properties across Canada and the U.S., Nicola Wealth holds real estate in primary U.S. markets including Seattle, San Francisco, Los Angeles, Las Vegas, Phoenix, Denver, Dallas, Houston, San Antonio, and Atlanta.
Currently, NWRE is continuing to expand its portfolio in Seattle and the surrounding areas, having most recently acquired SODO Urbanworks, a flex/industrial property in the south of downtown (SoDo) District; Studio 7500, an office building fronting rapid transit in Redmond; and Par Mac 200, an industrial property in Kirkland.
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with over $10 billion CAD ($8 billion USD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. The Nicola Wealth Real Estate portfolio now exceeds $5.08 billion CAD ($4 billion USD) gross asset value.