search the site
 daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Continental Forums > North American Skyscrapers Forum > United States > West Coast and Interior West > Local Forums > Seattle



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old May 8th, 2014, 08:27 PM   #1
LCIII
Registered User
 
Join Date: Jun 2011
Location: Seattle
Posts: 7,674
Likes (Received): 2676

SEATTLE | Rainier Square Redevelopment | 59 Stories | 846 feet

- dmca
__________________

Matt the Engineer, Ruffhauser, SJM liked this post
LCIII no está en línea   Reply With Quote

Sponsored Links
Old May 8th, 2014, 08:29 PM   #2
LCIII
Registered User
 
Join Date: Jun 2011
Location: Seattle
Posts: 7,674
Likes (Received): 2676

Quote:
Originally Posted by Ruffhauser View Post
From todays DJC.

http://www.djc.com/news/re/12065269.html

May 6, 2014

UW may pick developer soon for Rainier Square makeover
By JOURNAL STAFF

On Thursday the University of Washington is scheduled to consider approving ground leases and an agreement for redeveloping the site of Rainier Square in downtown Seattle. One developer said Wright Runstad & Co. is the only firm left in the running.

The UW regents' finance and asset management committee will discuss the item at 10:10 a.m. in Room 142 of Gerberding Hall. If the committee approves, the item will be considered by the full board at a 12:30 p.m. meeting in the Petersen Room of Allen Library.

Rainier Square is part of 10 acres downtown known as the Metropolitan Tract that is owned by the university.

The UW put out a request for qualifications last summer to develop much of the block bounded by Union and University streets, and Fourth and Fifth avenues.

Rainier Tower will stay. The 40-story building sits on a tapering base on the southeast corner of the block.

Eight groups responded to the RFQ, and the university narrowed the field to four. The Seattle Times previously reported that the finalists were Wright Runstad & Co. of Seattle, Pine Street Group of Seattle, Tishman Speyer of New York (which owns 520 Pike Tower) and Houston-based Hines, which developed the Expedia building in Bellevue and Fourth & Madison in Seattle.

Matt Griffin of Pine Street Group confirmed a report yesterday from the Puget Sound Business Journal that said Tishman and Hines are no longer in the running. He said his company was one of two finalists, but decided the project did not fit its skill set so it will not continue in the pursuit.

Griffin said this means only Wright Runstad is left, unless the university reopened the process.

Greg Johnson, president of Seattle-based Wright Runstad & Co., was not available for comment yesterday.

The university has said the northern three-quarters of the block could be redeveloped.

A study by The Seneca Group showed there is 62,000 square feet on the block that can be developed. Rainier Tower occupies 22,000 square feet.

Seneca's analysis suggests two buildings could be built on the site with 955,000 square feet of office space, 30,000 square feet of retail and 115 apartments; or a 1.2 million-square-foot office building with 35,000 square feet of retail.
Quote:
Originally Posted by CrazyAboutCities View Post
UW has big plans for its prime downtown Seattle real estate

A new office tower is one of the likely changes as downtown’s largest property owner charts a fresh course for its holdings that could bring more money to the university.

The University of Washington owns an asset for which some schools might trade a Nobel Prize winner or two: about four blocks of prime downtown Seattle land that generate tens of millions of dollars in revenue.

For decades, however, the property known as the Metropolitan Tract has been locked up in arrangements that net the university relatively modest sums. But that’s about to change, and so could the landscape of those central downtown blocks.

Next month the university, one of downtown’s largest landowners, will select a proposal to redevelop Rainier Square, a low-slung, sleepy L-shaped retail complex spanning three-quarters of a block between Union and University streets. That site will likely be transformed into a mixed-use office tower, with possibly a hotel or apartments, experts say.

“It’s an unparalleled location,” said Bill Pollard, co-founder of Talon Private Capital in Seattle and a veteran commercial real estate broker. “It’s got every economic driver in its favor.”

That’s just the beginning. After 60 years with most of the Metropolitan Tract under a long-term ground lease to one company, Unico Properties, the university will get the land back — along with the buildings developed by Unico and others. Unico’s lease expires next year at the stroke of midnight on Halloween.

The tract stretches from Union Street to Spring Street and from Third Avenue to Fifth Avenue and, by the university’s estimate, has a market value of $634 million.

Under the lease arrangements, Unico keeps the majority of the rents from the buildings and gives the university the rest.

The UW grossed about $22.8 million in rent from tenants on the tract last year, according to a report to the Board of Regents. After paying for capital improvements and other expenses, the net cash it received was $13.1 million .

“We share in the cash flow, but we’re required to put in capital,” said Todd Timberlake, the university’s chief real-estate officer.

Over the past decade, the UW has put more than $78 million into capital improvements, such as replacing obsolete building systems, installing seismic reinforcement and converting the historic Cobb Building from medical offices into luxury apartments.

Quentin Kuhrau, CEO of Unico Properties, said the capital investments have kept buildings developed in the 1960s and 1970s competitive in today’s market.

“We take a lot of pride in what has been accomplished over the past 60 years for both the university and our company,” Kuhrau said.

The Unico lease expiring next year covers five office buildings totaling 1.6 million square feet: Rainier Tower, Skinner Building, IBM Building, Financial Center and Puget Sound Plaza. The lease also covers 744 parking stalls and about 140,000 square feet of retail space at Rainier Square.

The university also plans to pay Unico up to $40 million to buy out the ground lease on the Cobb Building, which otherwise extends to 2050 .

That will consolidate the university’s control over almost all of the tract and open the door to higher revenues, with firms competing to manage each building, officials said.

By 2016, the university forecasts its cash flow from the tract will be double what it received last year.

Gift established UW

The UW became one of downtown’s largest landowners because of a gift in 1861, almost 30 years before Washington joined the Union. Three Seattle pioneer families donated 10 acres for a school called the Territorial University — 8 acres from Arthur and Mary Denny, and 2 acres from Charles and Mary Terry and Edward Lander.

The university was built on the site of what is now the Fairmont Olympic Hotel on University Street. In 1895, it moved to its current 342-acre campus.

The Panic of 1893 derailed plans to sell the downtown land, and by 1907 the UW had leased the property to the Metropolitan Building Co. — hence the tract’s name.

Eight buildings were constructed between 1909 and 1926. Only the Cobb, Skinner and Olympic buildings survive today, thanks to tens of millions of dollars in capital improvements.

In 1954, the university signed a long-term ground lease with University Properties (now Unico), which was founded by Roger Stevens, better known for leading a syndicate that bought New York’s Empire State Building in 1951.

The UW acquired a parking garage south of Seneca Street in 1962, bringing the tract to almost 10.7 acres.

The Fairmont Olympic Hotel, built in 1924 and restored in 1980, is under a separate ground lease unaffected by the upcoming changes.

It’s rare for a university, excluding those with downtown campuses, to have such a large real-estate investment in the downtown of a major U.S. city, experts say.

One oft-cited comparison is Columbia University. In 1929, it leased land in midtown Manhattan to the Rockefeller family, which developed a complex of buildings called Rockefeller Center. By the mid-1980s, the university sold the land beneath the buildings to the Rockefellers’ investment company.

UW officials say that won’t be the case here.

“We have no interest in selling the tract,” said Norm Arkans, UW’s associate vice president for media relations and communications. “It’s our legacy.”

Rainier Square

Rainier Square accounts for just 5 percent of the tract’s total net operating income, but it has the most growth potential. The retail complex and the adjacent Rainier Tower, on its tapering pedestal, were built in 1978.

The retail space is now home to a smattering of eateries, clothing shops and luxury retailers, but across all three floors there are glaring empty spaces.

A study commissioned by the university offers two potential scenarios for how dramatically the block could change under existing zoning rules:

• A 40-story tower on the north side of the block with 955,000 square feet of office space and an apartment building with up to 115 units along Fourth Avenue. This design includes 30,000 square feet of ground-floor retail.

• A 50-story tower that wraps around Union Street and Fourth Avenue, with about 1.2 million square feet of office and 35,000 square feet of ground-floor retail.

Creating a great street experience for pedestrians will be key to attracting more people to the retail shops, said Diane Sugimura, director of Seattle’s Department of Planning and Development.

“You’ve got an iconic building on the block with the Rainier Tower,” she added. “How do you design something that complements that tower?”

The redevelopment could give Seattle the chance to land some big new retail tenants, said Kate Joncas, president and CEO of the Downtown Seattle Association.

“I hear from brokers that there are great retailers that would love to be here but they just can’t find the right space,” she said.

The university’s call for proposals on Rainier Square included this carrot: The chosen developer may get to manage and redevelop other properties in the Metropolitan Tract.

At least four developers have been asked to submit proposals for redeveloping Rainier Square, according to real-estate sources who spoke on condition of anonymity.

They include two Seattle-based developers — Wright Runstad and Pine Street Group — and two national companies — Houston-based Hines and Tishman Speyer of New York, these sources said.

All four developers declined to comment.

Developers’ proposals are due by the end of the month, and the university will select one in November.

Only after a developer is selected will the university’s process become open to public scrutiny. For now it remains under wraps, though watched with great interest.

“This is the heart of the center city,” Sugimura said. “We’ve got an opportunity to do something better than we have there.”

http://seattletimes.com/html/busines...ttractxml.html
For easy reference
LCIII no está en línea   Reply With Quote
Old May 8th, 2014, 08:45 PM   #3
LCIII
Registered User
 
Join Date: Jun 2011
Location: Seattle
Posts: 7,674
Likes (Received): 2676

According to Marc Stiles on twitter, the UW Regents have approved the plan! Here we go!
__________________

Matt the Engineer liked this post
LCIII no está en línea   Reply With Quote
Old May 8th, 2014, 08:51 PM   #4
Dale
Registered User
 
Join Date: Sep 2002
Location: Charlotte, NC
Posts: 9,146
Likes (Received): 5491

Please.Build.Now.
__________________

M'sFan liked this post
Dale no está en línea   Reply With Quote
Old May 8th, 2014, 09:11 PM   #5
M'sFan
Registered User
 
M'sFan's Avatar
 
Join Date: Nov 2006
Location: Aberdeen, WA
Posts: 731
Likes (Received): 195

Vision? Creativity? Pushing the upper heights? Wow. How very un-Seattle in architectural thinking! Do I love it? Nope. It looks like some 70's vision of what a future building should look like. HOWEVER I want them to break ground tomorrow! This would be so cool to just have something tall, iconic, break the mold and I don't care if it's not what I would have designed.
__________________

Matt the Engineer liked this post
M'sFan no está en línea   Reply With Quote
Old May 8th, 2014, 09:12 PM   #6
CityView Jim
Registered User
 
CityView Jim's Avatar
 
Join Date: Feb 2006
Location: Seattle
Posts: 7,887
Likes (Received): 1421

This article today:

http://www.bizjournals.com/seattle/b...uare-foot.html

Suggests no start for some time and completion as late as 2024. Patience!
CityView Jim no está en línea   Reply With Quote
Old May 8th, 2014, 09:14 PM   #7
LCIII
Registered User
 
Join Date: Jun 2011
Location: Seattle
Posts: 7,674
Likes (Received): 2676

Quote:
Originally Posted by CityView Jim View Post
This article today:

http://www.bizjournals.com/seattle/b...uare-foot.html

Suggests no start for some time and completion as late as 2024. Patience!
Literally the first post in this thread...
LCIII no está en línea   Reply With Quote
Old May 8th, 2014, 09:14 PM   #8
M'sFan
Registered User
 
M'sFan's Avatar
 
Join Date: Nov 2006
Location: Aberdeen, WA
Posts: 731
Likes (Received): 195

By the way, in the DJC render, it looks like it towers over the Rainier Tower- which is 514 feet. Is this bad boy pushing 700' or a bit over? I hope!!!!
M'sFan no está en línea   Reply With Quote
Old May 8th, 2014, 09:15 PM   #9
jiggawhat?
Registered User
 
jiggawhat?'s Avatar
 
Join Date: Nov 2004
Location: Bellevue, WA
Posts: 1,116
Likes (Received): 198

I love it!
__________________

Seattlelife, GatsbyGatz, seabr, SJM liked this post
jiggawhat? no está en línea   Reply With Quote
Old May 8th, 2014, 09:19 PM   #10
LCIII
Registered User
 
Join Date: Jun 2011
Location: Seattle
Posts: 7,674
Likes (Received): 2676

Omg! It's so great!
LCIII no está en línea   Reply With Quote
Old May 8th, 2014, 09:20 PM   #11
Dale
Registered User
 
Join Date: Sep 2002
Location: Charlotte, NC
Posts: 9,146
Likes (Received): 5491

Looks to be AT LEAST 650.
__________________

M'sFan liked this post
Dale no está en línea   Reply With Quote
Old May 8th, 2014, 09:24 PM   #12
LCIII
Registered User
 
Join Date: Jun 2011
Location: Seattle
Posts: 7,674
Likes (Received): 2676

Looks over 700' to me. Cant wait to find out more about the design. Theyve pretty clearly stated this is conceptual but hopefully they stay along these lines!
LCIII no está en línea   Reply With Quote
Old May 8th, 2014, 09:34 PM   #13
Bond James Bond
Licence to kill.
 
Bond James Bond's Avatar
 
Join Date: Aug 2002
Location: Kansas City, MISSOURI
Posts: 9,384

*crosses fingers*
Bond James Bond no está en línea   Reply With Quote
Old May 8th, 2014, 09:41 PM   #14
Grayproduct
Registered Abuser
 
Grayproduct's Avatar
 
Join Date: Aug 2008
Location: Queen Anne
Posts: 538
Likes (Received): 67

From the other thread:

Quote:
Quote:
Originally Posted by Waffleater1 View Post
I'm really glad Wright Runstad went with a unique design here. Hopefully something like this gets built!
At 50 stories, it's probably going to be around 700 ft tall if we compare it to other buildings:
- (ex) Wamu tower - 55 stories - 772 ft
- Two Union Square - 56 stories - 740 ft
- Safeco Plaza - 50 stories - 630 ft

The recent architectural trend is taller ceilings/floor right?
Something to note, 1201 3rd Ave (ex Wamu tower) has 1,114,840 sq ft of space and this tower is supposed to have slightly more. The building profiles are probably similar (if not smaller for this project), so we could be looking at something in the high 700s. This is assuming that the apartment levels do not have a substantially smaller floor heights.
__________________
What we've got here is failure to communicate.
Grayproduct no está en línea   Reply With Quote
Old May 8th, 2014, 09:45 PM   #15
mSeattle
Registered User
 
mSeattle's Avatar
 
Join Date: Dec 2002
Location: Seattle
Posts: 1,863
Likes (Received): 555

Oops, see that DJC has added this since I checked after 12am this morning.
mSeattle no está en línea   Reply With Quote
Old May 8th, 2014, 09:49 PM   #16
LCIII
Registered User
 
Join Date: Jun 2011
Location: Seattle
Posts: 7,674
Likes (Received): 2676

__________________

jessejb, prageethSL liked this post
LCIII no está en línea   Reply With Quote
Old May 8th, 2014, 09:57 PM   #17
jessejb
Registered User
 
jessejb's Avatar
 
Join Date: Oct 2007
Location: Seattle
Posts: 3,615
Likes (Received): 503

*salivating*
__________________

blaserbrad liked this post
jessejb no está en línea   Reply With Quote
Old May 8th, 2014, 10:02 PM   #18
Seasun
Registered User
 
Join Date: Jun 2006
Location: Seattle
Posts: 4,463
Likes (Received): 912

Anyone have a below grade drawing of the existing block that shows the current garage foot print? It'll be interesting to see how they fit the new parking spaces on the block. It seems like the east half of the block is mostly occupied by current below grade structure but maybe it's just the SE corner of the block where the tower is that has major below grade space.
Seasun no está en línea   Reply With Quote
Old May 8th, 2014, 10:15 PM   #19
Matt the Engineer
Registered User
 
Matt the Engineer's Avatar
 
Join Date: Dec 2011
Location: Seattle
Posts: 4,730
Likes (Received): 2082

I'll call this the J building. I'll miss the stubby pencil, but I love it'll be replaces by something just as creative.
Matt the Engineer no está en línea   Reply With Quote
Old May 8th, 2014, 10:25 PM   #20
Tespia
Registered User
 
Join Date: Oct 2012
Location: Seattle
Posts: 630
Likes (Received): 424

I like it! I do hope they stick with this conceptual design. I'm really glad they're looking at non-box shapes.

At 700+ this would be the tallest built since the 80's? (not holding much hope for the UV supertall)
__________________

seabr liked this post
Tespia no está en línea   Reply With Quote


Reply

Tags
seattle, usa

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 07:23 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu