FWIW outside of the dense urban core (and even in there depending on the resident) we have found it difficult to get the rents necessary to justify new construction if residents aren't able to park in the building. I'm not talking about underwriting models, just actuals. As someone who is always looking at ways to "value engineer" a building to make it work financially so we can get equity and banks interested enough to move forward, I would love to be able to shave down the parking ratios, but we really struggle to rent units at the rents we need them to be at in our buildings that are under parked. Even in our TOD buildings where people use transit a lot, they seem to want to be able to own a car and park it in the building, even if they don't use it every day. And that is with the parking being unbundled from the unit (you pay for the stall(s) separately).
I can't recall, did we ever find out who the buyer of the Cadman property is? There's a new proposal that popped up this week for the site with CollinsWoerman as the architect
Construct a multi-phased, mixed-use residential project which will complete the required street grid as outlined in the Bel-Red zoning code.
Spring district is shiny and nice but man do I wish it had more residential.
The only thing I'd read was that the 9-acre site was for sale in June, and the property record doesn't (yet) show a sale.
Previously I missed that they had named it "Station 130", and that led me to CBRE's ad and a related LinkedIn post that suggests 1,000 apartments or 1.2M sqft of office.
But that's all so far.
The 130th Station is going to have a critical mass of residents soon after it opens. This really is impressive. Didn't someone count projects around the station...at least another 1,000 before this one?
Not technically in the Spring District but close enough. Good to add more residential.Pine Forest Properties began planning well over a decade ago, after the future light-rail route was established, to redevelop its old Bellevue business park just west of the Spring District.www.djc.com
288 more homes coming to Bel RedNewly dubbed Copal by owner Legacy Partners, that 288-unit apartment project in the Bel-Red area has broken ground at 1525 132nd Ave. N.E.www.djc.com
Facebook parent Meta shrinks office space in Hudson Yards amid cost cutting
And they've got all this office space in the Spring District. Wonder what's gonna happen next.