Stadium Place

Last updated
Stadium Place
Stadium Place West from CenturyLink Field parking lot.jpg
The Wave (South Tower), April 2014
Seattle, WA - Downtown - OpenStreetMap.png
Red pog.svg
Location within downtown Seattle
Alternative namesNorth Lot Development
General information
Coordinates 47°35′52″N122°19′57″W / 47.5979°N 122.3324°W / 47.5979; -122.3324 Coordinates: 47°35′52″N122°19′57″W / 47.5979°N 122.3324°W / 47.5979; -122.3324
GroundbreakingSeptember 27, 2011 (2011-09-27) [1]
Estimated completion2017
Cost$517 million
Design and construction
Architecture firm Zimmer Gunsul Frasca Architects
DeveloperDaniels Real Estate
Website
northlotdevelopment.com
References
[2]

Stadium Place, also known as the North Lot Development, is a mixed-use development project in the Pioneer Square neighborhood of Seattle, Washington, replacing a parking lot north of Lumen Field.

Contents

The first phase of the project, located on the west side of 2nd Avenue South, was completed in 2014 and consists of The Wave, a 26-story residential high-rise building, and The Nolo, a 10-story apartment building. The second phase, on the east side, will be completed in 2017 and consist of an office building named Hawk Tower and an Embassy Suites hotel.

Buildings

Stadium Place consists of four buildings on two blocks along South King Street: [2] [3] [4] [5]

Financing

Daniels Real Estate and R.D. Merrill have partnered to develop the almost $200 million project. [7] [8] As of February 2009, $20 million in a $51.5 million securities offering had been raised for the initial phase. The construction lender is Pacific Life Insurance Company. [9] [10]

The project also used $300 million in EB-5 visa financing from foreign nationals. [11]

Construction

Construction on the first phase began with a groundbreaking ceremony held on September 27, 2011. [1]

The first phase, built by JTM Contractors, is the western block's podium topped by two residential towers. The four-story base includes apartments, retail space, and a parking garage. The two towers on the western block are The Wave, a 26-story high-rise with 333 units, [7] and The Nolo, a 10-story apartment building with more than 100 units. The Wave's structure consists of multistory glass-clad boxes indirectly stacked atop one another and was designed by Zimmer Gunsul Frasca Architects. Approval of the design by the Pioneer Square Preservation Board was required to ensure that the architecture was appropriate for the historical neighborhood. [12] Local covenant required that key views from the stadium of the Space Needle and the historic clock tower of King Street Station were to be protected. Residents in the upper floors of the south tower are given a partial view of the play taking place within the neighboring stadium. Of the 500 apartments throughout the first phase's complex, only about 30 units will be set aside for low-income residents. [13] [14] [15] The Nolo was completed and opened in September 2013, [16] while The Wave was opened in 2014.

Construction on the second phase, consisting of a 23-story hotel and 21-story office building, began in September 2014 and is expected to last until 2017. [17]

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References

  1. 1 2 "King County Executive reaches creative solution that moves forward North Lot development" (Press release). King County Executive Office. September 27, 2011. Retrieved August 8, 2015.
  2. 1 2 "Stadium Place". Emporis . Archived from the original on March 7, 2016.
  3. ↑ Levy, Nat (March 6, 2014). "Stadium Place salutes the past and present of Pioneer Square". Seattle Daily Journal of Commerce . Retrieved June 21, 2016.
  4. ↑ "Stadium Place: Key Facts". Daniels Real Estate. Retrieved August 8, 2015.
  5. ↑ "Stadium Place East: Key Facts". Daniels Real Estate. Retrieved August 8, 2015.
  6. ↑ Soper, Taylor (June 10, 2016). "Sales tax company Avalara to lease 100K of space at new HQ near CenturyLink Field". GeekWire . Retrieved June 21, 2016.
  7. 1 2 Pryne, Eric (December 6, 2011). "Planned Stadium Place tower a game changer". The Seattle Times. Retrieved March 26, 2012.
  8. ↑ Jensen, Eric (September 27, 2011). "Ground broken on new Stadium Place project". KOMO News. Archived from the original on March 9, 2012. Retrieved March 26, 2012.
  9. ↑ Lang Jones, Jeanne (February 29, 2012). "Stadium Place project raises $20M in securities offering". Puget Sound Business Journal. Retrieved March 26, 2012.
  10. ↑ Lang Jones, Jeanne (December 9, 2012). "Slide show: North lot project to rise near Pioneer Square". Puget Sound Business Journal. Retrieved March 26, 2012.
  11. ↑ Lang Jones, Jeanne (June 6, 2012). "American Life's immigrant investors to back latest Stadium Place project with $300M". Puget Sound Business Journal. Retrieved June 21, 2016.
  12. ↑ Pryne, Eric (December 7, 2011). "Stadium Place's South Tower gets mostly positive reaction from city board". The Seattle Times. Retrieved March 26, 2012.
  13. ↑ Bear, Charla. "Building project aims to revitalize Pioneer Square and Seattle". KPLU. Retrieved March 26, 2012.
  14. ↑ Porter, Lynn (March 3, 2011). "Stadium Place construction will start late this summer". Seattle Daily Journal of Commerce. Retrieved March 26, 2012.
  15. ↑ Cohen, Aubrey (December 7, 2012). "Blocky new building would set tone in stadium north lot". Seattle Post-Intelligencer. Retrieved March 26, 2012.
  16. ↑ Levy, Nat (September 5, 2013). "Big opening for Stadium Place apartments" . Seattle Daily Journal of Commerce. Retrieved June 21, 2016.
  17. ↑ Stiles, Marc (July 9, 2014). "For local firm, LA Live deal was warm-up to $300M+ Seattle project". Puget Sound Business Journal. Retrieved June 21, 2016.
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