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From todays DJC.

https://www.djc.com/news/re/12119431.html

February 26, 2019

54-story tower planned in Denny Triangle

Early plans are for 477 residential units over offices, parking and ground-floor retail.

By BRIAN MILLER
Journal Staff Reporter

Back in 2012, an LLC associated with local real estate investor Perday bought the vacant former Watermark Credit Union building, at 800 Stewart St., for about $13.4 million.

Now the owner and architect Weber Thompson have filed a preliminary plan to redevelop the 13,555-square-foot corner with a 54-story mixed-use tower. The Denny Triangle site is now zoned for construction up to 550 feet.

Weber Thompson describes a mostly residential tower with about 477 units on the top 43 floors. Below that would be four levels of offices (totaling about 53,352 square feet), four levels of structured parking and probably some amount of ground-floor retail.

Perday says it owns mid-rise office buildings in Seattle and apartment buildings with over 2,200 units in Seattle, Cheney, Spokane and the Idaho panhandle. It does not appear to have any track record as a developer.






Prior owner Schnitzer West opted not to develop 800 Stewart St. under the old zoning.






Information about 800 Stewart I found on the permits site:

Site Plan:
http://web6.seattle.gov/dpd/edms/GetDocument.aspx?id=4410487

From PASV Authorization:
"The project is a mixed-use tower. The street level will
include both residential and office lobbies and
associated back of house. The project will include
approximately 6 levels of below grade parking (221
parking stalls +/-) and 4 levels of above grade parking
(109 parking stalls +/-). The project will also include
approximately 4 levels of office (53,352SF +/-) and 43
floors of residential (477 units +/-). There will also be
an R-1 amenity level (interior & exterior) with R-2&3
mechanical spaces above. The project will be Type I
Construction."

Todays PSBJ has an article about the tower:

http://c.bizjournals.com/ct/e/270887151/ODY5MzczMjE6OjQwNTIwNjgw

Little-known developer plans skyscraper as its first Seattle project

By Marc Stiles – Staff Writer, Puget Sound Business Journal
Feb 27, 2019, 2:42pm PST

An obscure Seattle real estate company called Perday plans knock down its five-story headquarters building in the Denny Triangle neighborhood to build a 550-foot mixed-use residential tower.

Located in the midst of Amazon.com Inc.'s expanding campus, Perday's project at 800 Stewart St., was listed on the city's Early Outreach for Design Review Projects Blog Monday. The next day, the team submitted to the city a development pre-application, which outlines the plan for 53,325 square feet of office and 477 residential units.

The homes will be apartments, project developer J.P. Harlow said Wednesday. Harlow is a senior vice president for Lincoln Property Co. (LPC), which is working as the fee-developer of the tower.

The 800 Stewart project is Perday's first high-rise development, according to Harlow, who said Perday has built garden-style apartments in secondary and tertiary markets like Henderson, Nevada and Spokane and nearby Cheney.

Perday is led by founder and President Shawn Boday, who could not be reached. Perday's website states he has more than a dozen years' experience in real estate investing. He graduated from the University of Washington with a computer science degree and worked in web development, opening his own company and later buying his first investment property with a partner.

Boday's LinkedIn profile states he is CEO of Accretive Technology Group as well as a Perday partner. Accretive is a web company that operates in 800 Stewart. It had 250-plus employees in early 2016, according to the company website.

Public records show that Boday bought the roughly third-of-an-acre 800 Stewart corner lot just over six years ago for $13.4 million, or $989 a foot. Development company Schnitzer West, which built two office towers on the block, was the seller.

Dallas-based LPC, the project's fee-developer, opened an office in Seattle last year when it also bought the 501 Eastlake Office Building, paying $58.75 million. Development and construction are the company's core business. It worked with Starwood Capital Group on Starwood's redevelopment of much of the Macy's Seattle flagship store, which was turned into office space for Amazon.

Perday and LPC have hired Seattle architecture firm Weber Thompson to design the 800 Stewart skyscraper. "We are moving full-steam ahead," said Harlow, who thinks the team will apply to the city for early-design guidance in the next few months. He said the team has not named a general contractor and added Perday does not yet have an equity partner for the development.

Harlow said that LPC "heard through the grapevine" that Perday wanted to develop 800 Stewart and submitted a proposal to manage development of the project for a fee.
LPC manages and leases 400 million square feet of commercial property and 212,000 multi-family residential units for clients worldwide. In the Northwest the company owns and/or manages nearly 50 buildings in the Seattle and Portland metros.

..
 

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Impressive proposal! A 550' to 600' building on this parcel would be quite an accomplishment even with newer zoning laws.
 

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Holy cow. Slender and 600', yeah make it happen. Big, fat, ugly, grey glass box, bust out the pitch forks and torches folks.

If built this will change the north and east skyline views radically. Imagine this being taller
than your view from the Space Needle observation deck!?
 

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The 550' zoning refers to habitable space. Our 440' and 550' zones allow 10% more height for architecture, tenant amenities, mechanical, etc.

Or that's my understanding at least.
 

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The 550' zoning refers to habitable space. Our 440' and 550' zones allow 10% more height for architecture, tenant amenities, mechanical, etc.

Or that's my understanding at least.
I thought this was a 500' zone, allowed 550 with 10% bonus? Just like all our 440 footers are because they are in a 400' limit, allowed to go to 440 with the 10% bonus.
 

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The map doesn't take the recent 10% upzones into account.

Nor does it count the extra 10% for non-habitable use.

Again, I'm not that knowledgable about this. But a 484' was proposed in a former 400' zone and I think the above elements are why.
 

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That Downtown map is just too complicated! Do you really have to have 20 zoning areas in DT? I would think 5-6 in that small of an area would be enough IMO!
 

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At some point you have to place the blame where it belongs - on developers like Holland. WT is just doing what it's told to do. They have the capacity to do better (none of their architects would have received a degree if their creativity was limited to the schlock they put out) but the investors are calling the shots. Holland are colonialist carpetbaggers, not indigenous, and they are exploiting every weakness they can find in our building codes and design review and then sucking out the revenue. It's sad, but there it is.
 

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You're giving the developers way too much credit. No one is nearly devious as that. Generally speaking, the wholle process for a residential high rise is as follows:
Holland: let's use window wall because it's less expensive than curtainwall
WT and subconsultants: Seattle code means this limits our options pretty severely to the systems that work. We know x, y, and/or z implementation works, gets us through the permitting process as quickly as possible, and we can tweak a few things to make it pass the DRB process.

Basically, Seattle Energy Code means a lot of systems don't work, Seattle Zoning Code means you generally get the same shape for residential high rises, and the Seattle permitting process is so long and drawn out that you do anything you can to reduce potential issues, i.e. find something that works and keep doing it. WT has a formula and implements it; Perkins+Will has a formula and implements it; Hewitt has a formula and implements it.

Change the codes and city processes and we'll get different buildings. Until then, we're going to get the same variations on a theme.

ETA: none of this is to say that there are no cheap developers. There are plenty. See: Intracorp, Columbia Pacific, Trammell Crow, etc. Unfortunately, not everyone can be a Wolff or a Vulcan.
 

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I do love the trope of developers being these devious, ultra-methodical grifters who know all the tricks to maximize profit and minimize investment. The truth couldn't be further from this. Thinking that Holland has teams of people sitting around reading the building and zoning codes looking for weaknesses to exploit so they can maximize their profit makes me laugh hysterically.
 
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