Capitol Hill Projects - Page 34

meku · May 16th, 2013, 05:50 AM

It looks even better on the Melrose side.

Ruffhauser · May 17th, 2013, 05:32 PM

From todays DJC.

http://www.djc.com/news/re/12053121.html

May 17, 2013

Hamilton Urban Partners focus on apartments: new, rehabs, modular

By NAT LEVY
Journal Staff Reporter

In 2009, Ken Tousley decided it was time to make a change.

The economy was in disarray, and his job as a manager for a company focused on condo conversions and apartment renovations disappeared when the company closed, like many other firms in those days.

Tousley wanted to start a company, so he got together with Charlie Waterman, who ran his own mixed-use development firm called Waterman and Co. The two had competed for jobs in the past, but now they decided to join forces.

They first had teamed up in 2008 to buy a condo conversion property that failed. Then they began to look at older apartment buildings they could renovate.

Together they founded Hamilton Urban Partners, which buys and upgrades apartment buildings. Hamilton Urban has acquired five apartment buildings on Capitol Hill and Queen Anne since 2010. Waterman also brought along a number of projects from his old company.

Hamilton Urban buys property to hold long term, and is developing a new project as well.

It has approximately 10 employees, Tousley said.

The company recently finished remodeling the Wellington apartments at 535 16th Ave. E. on Capitol Hill, and added six units to what was a 16-unit building. Appliances were replaced and new plumbing was installed. They left concrete floors in some basement units for a more industrial feel.

Tousley said he likes to work on older buildings. Much of the company's portfolio consists of brick veneer structures, built in the 1920s or earlier. Tousley said these are plentiful on Queen Anne and Capitol Hill.

“There's so much housing here,” he said. “If you want to own apartments (Capitol Hill) is the place to be.”

Hamilton Urban is going in a new direction with plans to develop its first modular project: Mod-19. The eight units will go on a 4,000-square-foot lot near East Denny Way and 18th Avenue East, with studios, one-bedrooms and a two-story penthouse.

The units have a lot of windows, as well as energy efficiency features like hydronic radiant heating, where units have their own boilers that heat the floor.

Hamilton Urban is teaming up with OneBuild, a Seattle-based supplier of manufactured modules that was founded by local commercial real estate veteran Dale Sperling.

The modules are set to be delivered to the site next week from the factory in Klamath Falls, Ore. They will be stacked and finished on site.

Ian Fishburn, development and acquisitions manager at Hamilton Urban, said modular construction will make the project easier because the small lot doesn't have much room for construction staging. Modular construction also saves time.

“While we're doing this foundation and utility work (OneBuild) is building the units in a factory,” he said.

Fishburn said the modules are about 80 percent complete when they arrive on site. After the modules are stacked, it takes about a month to finish them.

Modular construction is expected to reduce the time it takes to complete the project by about 30 percent.

Hamilton Urban broke ground in late February.

Garrett Hodgins, director of business development at OneBuild, said there are a few projects around Seattle using modular construction but it's still a new concept here.

Hodgins said modular units make construction more consistent and predictible. Units are built in a factory so they are not subject to the elements.

The biggest benefit may be the time saved. Developers can get their projects on the market sooner, and construction impacts on neighbors are reduced.

“It minimizes the disruption to the neighborhood because you are in and out quicker,” Hodgins said. “You might be looking at a five- or six-month build versus a year.”

HyBrid Architecture designed the project and Heartwood Builders will handle on-site construction work. DCI Engineers is the structural engineer and Nick Bossoff Engineering is the civil engineer. Puget Sound Bank provided financing.

RMacherat · May 17th, 2013, 10:39 PM

Reminiscent of a phase in Tokyo.

UrbanGray · May 18th, 2013, 02:37 AM

I hope modular construction takes off. As long as the designs are cool, of course ;-) Seems like a good way of containing the costs, thus yielding more construction and lower rents.

Capitol Hill · May 18th, 2013, 06:57 AM

Quote:

Originally Posted by UrbanGray

I hope modular construction takes off. As long as the designs are cool, of course ;-) Seems like a good way of containing the costs, thus yielding more construction and higher profits.

I did a little editing for you.

mhays · May 18th, 2013, 07:39 AM

That's not how supply and demand works. If profits are high, more supply will be built, which will drag profits down to the norm.

Also, with any development, there's always the potential to lose everything invested, as often happened a few years ago.

RMacherat · May 18th, 2013, 08:24 AM

m has some fascinating ideas in Economics.

mhays · May 18th, 2013, 08:57 AM

I'm not suggesting that innovation can't improve profits. Of course it often does.

But long-term, as long as supply is elastic and responsive to demand, then housing prices in a growing city should roughly parallel development costs, plus a consistent profitability level. If profits grow beyond that, supply will flood the market. If profits get below that, much less will get built. So if an innovation becomes widespread and saves costs, the market should reflect that.

cameronrex · May 18th, 2013, 06:30 PM

Quote:

Originally Posted by mhays

I'm not suggesting that innovation can't improve profits. Of course it often does.

But long-term, as long as supply is elastic and responsive to demand, then housing prices in a growing city should roughly parallel development costs, plus a consistent profitability level. If profits grow beyond that, supply will flood the market. If profits get below that, much less will get built. So if an innovation becomes widespread and saves costs, the market should reflect that.

This is very true. An excellent reverse example is a city with rent control like SF. Profit is artificially limited on older buildings PLUS development of new buildings is made exceptionally difficult. The result is high rents for all units that come on market because supply never comes close to demand.

UrbanGray · May 19th, 2013, 12:39 AM

I'm okay with developers making profits. That's what keeps them building buildings! ;-)

Seasun · May 19th, 2013, 01:34 AM

Quote:

Originally Posted by cameronrex

This is very true. An excellent reverse example is a city with rent control like SF. Profit is artificially limited on older buildings PLUS development of new buildings is made exceptionally difficult. The result is high rents for all units that come on market because supply never comes close to demand.

Besides high prices, don't forget crappy quality of housing stock compared to non rent controlled markets.

cameronrex · May 19th, 2013, 03:10 AM

Quote:

Originally Posted by Seasun

Besides high prices, don't forget crappy quality of housing stock compared to non rent controlled markets.

Good point.

May 18th, 2013, 07:39 AM	#666
mhays Journeyman Join Date: Sep 2002 Location: Seattle Posts: 8,374 Likes (Received): 118	That's not how supply and demand works. If profits are high, more supply will be built, which will drag profits down to the norm. Also, with any development, there's always the potential to lose everything invested, as often happened a few years ago. __________________ Windows 8 is horrible. Everything is difficult, unless it's impossible. After four months it's not getting better.

May 18th, 2013, 08:57 AM	#668
mhays Journeyman Join Date: Sep 2002 Location: Seattle Posts: 8,374 Likes (Received): 118	I'm not suggesting that innovation can't improve profits. Of course it often does. But long-term, as long as supply is elastic and responsive to demand, then housing prices in a growing city should roughly parallel development costs, plus a consistent profitability level. If profits grow beyond that, supply will flood the market. If profits get below that, much less will get built. So if an innovation becomes widespread and saves costs, the market should reflect that. __________________ Windows 8 is horrible. Everything is difficult, unless it's impossible. After four months it's not getting better.

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May 16th, 2013, 05:50 AM	#661
meku Registered User Join Date: Jul 2008 Location: Seattle Posts: 982 Likes (Received): 15	It looks even better on the Melrose side.

May 17th, 2013, 05:32 PM	#662
Ruffhauser Registered User Join Date: Dec 2007 Location: North Belltown Posts: 1,341 Likes (Received): 211	From todays DJC. http://www.djc.com/news/re/12053121.html May 17, 2013 Hamilton Urban Partners focus on apartments: new, rehabs, modular By NAT LEVY Journal Staff Reporter In 2009, Ken Tousley decided it was time to make a change. The economy was in disarray, and his job as a manager for a company focused on condo conversions and apartment renovations disappeared when the company closed, like many other firms in those days. Tousley wanted to start a company, so he got together with Charlie Waterman, who ran his own mixed-use development firm called Waterman and Co. The two had competed for jobs in the past, but now they decided to join forces. They first had teamed up in 2008 to buy a condo conversion property that failed. Then they began to look at older apartment buildings they could renovate. Together they founded Hamilton Urban Partners, which buys and upgrades apartment buildings. Hamilton Urban has acquired five apartment buildings on Capitol Hill and Queen Anne since 2010. Waterman also brought along a number of projects from his old company. Hamilton Urban buys property to hold long term, and is developing a new project as well. It has approximately 10 employees, Tousley said. The company recently finished remodeling the Wellington apartments at 535 16th Ave. E. on Capitol Hill, and added six units to what was a 16-unit building. Appliances were replaced and new plumbing was installed. They left concrete floors in some basement units for a more industrial feel. Tousley said he likes to work on older buildings. Much of the company's portfolio consists of brick veneer structures, built in the 1920s or earlier. Tousley said these are plentiful on Queen Anne and Capitol Hill. “There's so much housing here,” he said. “If you want to own apartments (Capitol Hill) is the place to be.” Hamilton Urban is going in a new direction with plans to develop its first modular project: Mod-19. The eight units will go on a 4,000-square-foot lot near East Denny Way and 18th Avenue East, with studios, one-bedrooms and a two-story penthouse. The units have a lot of windows, as well as energy efficiency features like hydronic radiant heating, where units have their own boilers that heat the floor. Hamilton Urban is teaming up with OneBuild, a Seattle-based supplier of manufactured modules that was founded by local commercial real estate veteran Dale Sperling. The modules are set to be delivered to the site next week from the factory in Klamath Falls, Ore. They will be stacked and finished on site. Ian Fishburn, development and acquisitions manager at Hamilton Urban, said modular construction will make the project easier because the small lot doesn't have much room for construction staging. Modular construction also saves time. “While we're doing this foundation and utility work (OneBuild) is building the units in a factory,” he said. Fishburn said the modules are about 80 percent complete when they arrive on site. After the modules are stacked, it takes about a month to finish them. Modular construction is expected to reduce the time it takes to complete the project by about 30 percent. Hamilton Urban broke ground in late February. Garrett Hodgins, director of business development at OneBuild, said there are a few projects around Seattle using modular construction but it's still a new concept here. Hodgins said modular units make construction more consistent and predictible. Units are built in a factory so they are not subject to the elements. The biggest benefit may be the time saved. Developers can get their projects on the market sooner, and construction impacts on neighbors are reduced. “It minimizes the disruption to the neighborhood because you are in and out quicker,” Hodgins said. “You might be looking at a five- or six-month build versus a year.” HyBrid Architecture designed the project and Heartwood Builders will handle on-site construction work. DCI Engineers is the structural engineer and Nick Bossoff Engineering is the civil engineer. Puget Sound Bank provided financing.

May 17th, 2013, 10:39 PM	#663
RMacherat Buy used books Join Date: Feb 2008 Posts: 1,721 Likes (Received): 84	Reminiscent of a phase in Tokyo.

May 18th, 2013, 02:37 AM	#664
UrbanGray Passionate Peruser Join Date: Apr 2013 Location: Seattle Posts: 69 Likes (Received): 21	I hope modular construction takes off. As long as the designs are cool, of course ;-) Seems like a good way of containing the costs, thus yielding more construction and lower rents.

May 18th, 2013, 08:24 AM	#667
RMacherat Buy used books Join Date: Feb 2008 Posts: 1,721 Likes (Received): 84	m has some fascinating ideas in Economics.

May 19th, 2013, 12:39 AM	#670
UrbanGray Passionate Peruser Join Date: Apr 2013 Location: Seattle Posts: 69 Likes (Received): 21	I'm okay with developers making profits. That's what keeps them building buildings! ;-)