Showing posts with label Rainier Beach Light Rail. Show all posts
Showing posts with label Rainier Beach Light Rail. Show all posts

Wednesday, July 23, 2014

Transit Oriented Development

I closed on our land purchase in the name of Van Gogh Studio Lofts, LLC on Monday, and toured the Rainier Beach community on a "Find It, Fix It" walk with the City of Seattle last night that circled the block around our property. I have included some photos of that event here...


...along with photos from the inside of the house that is currently located on that property.


The City is putting a lot of money and energy into improving the Rainier Beach community, and our commercial mixed-use project should benefit from all the attention.

We are scheduled to break ground in early 2015 and be ready for occupancy in early 2016. By that time, light rail will extend to the University of Washington, with a new stop in Capitol Hill. We will be the first transit-oriented development in Rainier Beach.

Happy Investing!

Friday, June 13, 2014

Leschi Art Walk


Come visit me at my real estate booth at the Leschi Art Walk tomorrow, Saturday, June 14 from 11am until 4pm. I will be hosting a booth with Cheryl Taylor, my mortgage lender at American Pacific Mortgage, for both my residential real estate firm, Home Land Seattle, and for my commercial development company, Van Gogh Development Corporation.

Van Gogh Development Corporation will be developing an artist live/work-style mixed-use commercial building on South Henderson Street at the Rainier Beach Light Rail Station in Seattle. This is scheduled to open in early 2016. We will have a display board and will be handing out flyers on this project at the Leschi Art Walk.

In addition, we will have opportunities for Leschi homeowners to get a free on-line market evaluation of their property, and enter their business cards for a chance to win a $25 Starbucks coffee card.

The day's activities will feature live musical performances, children's activities, arts and crafts, and artist booths. The Seattle SAKE Dragon Boat Club (for which I am vice-president) will also be manning a booth at the Leschi Art Walk. The Art Walk will be located in the Leschi business district on Lakeside Avenue between Lake Washington Blvd and E Yesler Way. The Leschi Art Walk is sponsred by the Leschi Community Council, Leschi Business Association, City of Seattle Parks & Recreation, Leschi Mart, Starbucks, BluWater Bistro and others.

Come out and meet a few of the creative entrepreneurs in the Leschi neighborhood of Seattle tomorrow June 14.

Happy Investing!

Monday, May 26, 2014

98118

According to Wikipedia, the Rainier Valley neighborhood in Seattle, is located east of Beacon Hill; west of Mount Baker, Seward Park, and Leschi; south of the Central District and First Hill; and north of the city line. 98118 is said to be the most culturally and economically diverse zipcode in the Pacific Northwest, if not the United States.

The Rainier Valley zip code is 98118, which also includes Seward Park to the east. Rainier Valley's racial breakdown is as follows: 26.9% Caucasian, 26% African American, 34.1% Asian, 1% Native American, 1.6% Pacific Islander, 6.5% Mixed Race, and 3.4% from other races. Hispanic or Latino of any race were 7.2% of the population. 11.1% of families and 13.9% of the population were below the poverty line.

The Valley is centered on Rainier Avenue S. and Martin Luther King Jr. Way S., its main (northwest- and southeast-bound) thoroughfares. Both Rainier Avenue and the Valley were named after Mount Rainier, towards which they are oriented. Rainier Avenue goes through several distinct phases, with the north-end being mainly commercial, the central (Columbia City) portion a densely populated historic district, and the southern portion a less dense collection of businesses, apartments, and houses. Rainier Beach, at the southern end, is where Van Gogh Development Corporation proposes to locate the Van Gogh Studio Lofts project.

The construction of the Holly Park and Rainier Vista housing projects to house war workers during World War II were seminal events. Following the war and until the Boeing crash of 1971, the Valley boomed with middle-class residential construction. Interracial couples in the 1950s found the Valley more accepting than the northern half of the city because of the relative lack of "deed covenants" found in the South End (these covenants were ruled unconstitutional by the US Supreme Court in the 1960s).

Ironically, the Civil Rights Act precipitated a "white flight" from the Valley despite its historic diversity. The general exodus of whites from the Valley, Beacon Hill, and Seward Park, which began in the mid-60s, was primarily over by the mid-80s, when some historic "children of the Valley" began to return to it, as well as other non-immigrant adventurous sorts attracted to its affordable housing, its excellent access to parks, downtown, and the entire metropolitan area. With the end of the Vietnam War in 1975, a wave of Vietnamese immigrants opened businesses along abandoned areas of Martin Luther King Jr. Way South, extending four miles south of the official Little Saigon neighborhood on South Jackson Street. Perhaps more numerous than this Vietnamese wave was that of Filipinos throughout the Valley, though their businesses are fewer.

Many residents cite ethnic diversity, parks and transportation options as some of the main reasons they remain in or move to the Valley.Gentrification, including rising land prices and the new light rail line, may put a damper on diversity in the future, but this remains to be seen.

Beginning in the 1960s, Rainier Valley began to be viewed as "unsafe," with this view peaking in the 1980s. As noted, the Valley is diverse and did include two subsidized housing projects, Rainier Vista and Holly Park, that have been completely remodeled as mixed income neighborhoods.

The Valley neighborhoods bordering Rainier Avenue rival any other part of Seattle for age, since they are near the historic streetcar (removed in 1937) that connected downtown Seattle first to Columbia City and then to Renton. In 1892 rails were laid to Columbia City and later to Renton. The railroad, the reorientation of the Duwamish River and the lowering of Lake Washington, which caused the lake to drain west through Lake Union and the Ship Canal rather than south, made the valley dry enough to allow building, where it boomed along with the rest of Seattle on and after the Alaskan Gold rush right up to the Depression of the 1930s.

Today, opportunities abound for investors lured by financial incentives for development in this quadrant of the City. The Rainier Valley Cultural Development Fund is a major player in revitalization efforts, and the City of Seattle offers other financial incentives such as the Multifamily Tax Exemption program, New Market Tax Credits, and transit-oriented development zoning along the Light Rail corridor to encourage development.

Happy investing!

Monday, March 24, 2014

Andersen Construction Selected as Van Gogh Builders

We have selected Andersen Construction Company as our builders! Here is the schedule for construction on our mixed use commercial development project, Van Gogh Lofts, located at 4354 S. Henderson Street:

1. Project Kickoff (April 2014) - To start, we would typically have a meeting between Van Gogh, SMR, and Andersen. We'd establish what the extent is of the services that the architect is providing to you so that we can coordinate our personnel and time accordingly. We'd basically establish a road map for Van Gogh, SMR, and Andersen to successfully get the project moving in the right direction. I would be your Pre-Construction Manager for Andersen, and one of our Estimators and Senior Project Managers would be involved in this phase.

2. Schematic Design and Budget Phase (May 2014) - This is where you are currently in design. Our services would include a few coordination meetings with our staff, a preliminary high level schedule, a project budget estimate based off of your current design with any changes discussed at coordination meetings, and some financing strategy coordination. I do not think that Andersen can help with direct financing on this one. We can help with fundraising efforts and attending meetings in the community, however, if that is a part of your strategy. We can also do a few pricing exorcizes based on initial project estimates to try and get an appropriate budget for the job.

3. Design-Development Phase (March 2014 - January 2015) - This phase would occur after we had a better idea of whether financing is getting secured, simply because this is probably when you'll be paying most of the architect fees which would mean a larger financial investment. We would work alongside you guys and the architect to go from a conceptual design to a more complete design that is ready for bidding and construction. This can be condensed into about a month if necessary, but would be good to get started on as early as you are comfortable paying for this level of architectural services.

4. Construction Document Phase (January 2015 - February 2015) - This phase entails working together with all parties to issue a "bid set" of documents. It is after nearly all design is complete, and basically creates the legal document set that will tie Andersen or another contractor to a price to actually sign a contract on.

5. Bidding/GMP Phase (February 2015 - March 2015) - We'll provide a final bid, and assuming everything is in line we will sign contracts and start the construction phases of the project.

Anyone interested in learning more about commercial real estate, please follow me here at this blog, or email me privately at wendy@vangoghdev.com

Happy Investing!

Monday, February 10, 2014

Seattle Artist Live/Work Development

Van Gogh Development Corporation is purchasing a 10,000 sf parcel near the Rainier Beach Light Rail Station to develop as Artist Housing in a mixed-use, transit-oriented commercial development on South Henderson Street in South Seattle. This transit station is the first stop located in the City of Seattle, on the light rail line coming from SeaTac International Airport. It is also strategically located close to the airports at Boeing Access Field and the Renton Municipal Airport.

The subject site is proposed for development with a four-story 33-unit midrise, mixed use transit oriented apartment complex. The project is planned to have a mix of studio and one-bedroom units on the upper three floors with about 1800 sq ft of ground floor commercial. The subject units are intended to house artists in market rate live/work rental units, with 20% of the 33 units (7 units) targeted as "affordable" units.

Building amenities planned include a community room, common laundry with bike storage and a rooftop deck with seating and landscaped areas.

Rental increases in South Seattle were the second highest (after Everett) in 2013 in the metro Seattle area, and the rental housing market is strong.

The subject parcel is located one-half block from the Rainier Beach Light Rail station, on South Henderson Street. It is near the Chief Sealth power line trail, and close to Rainier Beach High School, Rainier Beach library, and Rainier Beach Community Center. It is located on bus lines for the #8, #106 and is also close to the bus stop with bike lockers at S. Henderson and Martin Luther King Way S.

The near-by business district on Rainier Avenue includes Safeway grocery store, Payless shoe store, Bank of America, and other nearby businesses. Kubota Gardens and Lake Washington are  each located less than one mile from this development site.

Van Gogh Development Corporation has hired SMR Architects to design this project. They were the lead architects for all of the ArtSpace Projects in Washington, including the Tashiro-Kaplan Building, Hiawatha Lofts, Mt. Baker Lofts, as well as the artist live/work renovations at Youngstown Cultural Center in Seattle. Douglas Ito is the lead architect for this project.

Geotech Consultants have been hired to do the geotechnical work on the surface and subsurface soils.

Principals in Van Gogh Development Corporation include O. Thomas Harper and myself. The Corporation was founded in 1994 by O. Thomas Harper. Mr. Harper has spent the past thirty years as a developer, primarily in South Seattle.

I spent over thirty years as a government arts funder, coming to Seattle in 1992 as the Executive Director of the Seattle Arts Commission under Mayor Norm Rice. During my tenure, I organized an artists housing forum which led to the development of ArtSpace projects in Seattle including Hiawatha Lofts and the Tashiro-Kaplan building.

For more information on our development, please contact me at wendy@vangoghdev.com.

Happy Investing!