By Jack Stubbs
Seattle-based Urban Visions recently sold one of it’s local properties. On October 16th, the company sold the Colonial Grand Pacific building—six-story, historic mixed-use property in the Central Business District—for $10 million, King County records show. The buyer of the property was San Francisco-based Rubicon Point Partners (RPP), a real estate firm that that investments in office and mixed-use properties in the San Francisco Bay Area and the Pacific Northwest.
The Colonial Grand Pacific building, located at 1113 – 1123 First Ave., comprises four floors of residential condominium units, two floors of office suites and ground-level retail space, according to Urban Visions’ web site, along with six parking stalls.
Recognized by the Office of Urban Conservation as one of Seattle’s most notable examples of Richardsonian Romanesque commercial architecture, the circa-1898 landmark structure is well known within Seattle’s downtown community for its historic façade and unique interior complete with brick walls, lofty ceilings and exposed heavy timbers.
The property, which sits just blocks from local attractions like the Seattle Art Museum, Benaroya Hall and the Harbor Steps Apartments, has a Walk Score of 99 and a Transit Score of 100. The site also provides tenants with prime visibility from the State Route 99 Seneca Street off-ramp, and a vibrant pedestrian environment aided by local retailers and galleries.
Locally-based Urban Visions, stemming from multiple generations of the Smith family, has been involved in Seattle commercial real estate and politics for over 150 years, according to the company’s web site. Through its core principles of sustainable development, smart-growth, and transformational place-making, the firm engages with key stakeholders to shape land-use and development patterns throughout key neighborhoods across the city.
Urban Visions has in recent months seen several in-the-works mixed-use development progress through Seattle’s Design Review process. In mid-April, the company received unanimous approval from the Downtown Review Board for a 36-story office tower it calls “The Net,” which, once completed, will comprise 850,000 square feet of office space at 801 3rd Ave. Along with NBBJ Architects, Urban Visions hopes to create a development that offers integrated “smart” technology infrastructure and provides one of the healthiest tenant experiences in the Emerald city.
Earlier this year, Urban Visions received permit approval from the city for a new development called S campus, which will include five buildings totaling more than 1.2 million square feet of office and ground-level retail space. The seven-acre site, situated between the historic Pioneer Square neighborhood and Chinatown, is directly east of CenturyLink Field and adjacent to the city’s growing Link Light Rail network.
Since RPP’s founding, the company has acquired 21 properties totaling $580 million in value, according to its web site. The company focuses on innovation-driven markets that benefit from diversity, fast-growing populations, concentration of young, educated talent, and Venture Capital investment.