Development Guide June 2014 Update

Transcription

1 Development Guide June 2014 Update Overview: The Downtown Seattle Association (DSA) publishes two development guides each year to quantify development activity taking place within Downtown Seattle. The first, published in February, is an annual summary of all development activity for the previous calendar year. This is followed by a mid-year update each June. An explanation of criteria used in this analysis and a glossary of terms is included at end of this document. Key Findings: With 100 projects currently under construction, about to break ground or completed since January 2013, there are more active projects since tracking began in 2005*. Nearly two-thirds of projects under construction are residential. This includes 30 apartment projects a hotel/apartment project and a condominium complex. Over the past year, the amount of office space under construction has nearly doubled from 1.7 to 3.2 million square feet. There are more than three times the number of apartment units and nearly twice as many total residential units under construction compared to the height of the previous development cycle (in 2007) * An Active project refers to those under construction, permitted and ready to begin, or those completed in the most recent calendar year. Mid-year updates include completions year-to-date as well as from the previous calendar year.

2 Billions Summary of Development Activity Downtown Seattle is once again experiencing a significant level of development activity, among the highest seen since tracking began in The previous construction cycle in Downtown Seattle peaked in There were $2.9 billion in projects under construction that year, up from $1.4 billion in By the end of 2010, activity declined to approximately the same level seen in 2005 with only $1 billion in construction under way. In 2007, 51 projects were under construction, but by December 2010, there were only 12. However, in 2011, activity began to increase. There was $1.9 billion in construction activity across 29 projects under construction by the end of that year. Since then, activity has picked up significantly. As of June 2014, there are 50 projects under construction. The construction cost for these projects totals $2.8 billion, a level not seen since 2008 (see figure 1). Office speculation drove the 2007 Downtown construction boom. In contrast, residential projects created the foundation for the current wave of development. At present, about two-thirds are residential projects. When completed, these will add an additional 5,179 units to the Downtown inventory, enough to accommodate a 12 percent growth in the number of households. Figure 1. Construction costs for projects under construction, (year-end figures). $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $ With a significant majority in apartment developments, lack of diversity in building categories characterized the start of the current development cycle (see figure 2 on page 3). As of the end of 2012, only one condominium and one hotel project (a renovation) were currently under construction. There was also relatively little office space under construction compared to previous years. By 2014, office and hotel space once again started to appear in the pipeline. Four hotel projects are currently under construction. These include one hotel/apartment project and two hotel/office projects. In addition, six office projects are under construction (four related to the continued expansion of the Amazon.com campus in Downtown Seattle). Dozens of projects are currently in the permitting process (including several hotels, biotech spaces and office buildings). For a full list, see the table beginning on page 10. Page 2 of 22

3 Figure 2. Number of active construction projects by category and year (mid-year update) Biotech/ Medical Hotel Hotel/ Residential Hotel/ Office Office Office/ Residential Residential Retail Other Figure 3. Number of active residential versus non-residential projects (mid-year update) Page 3 of 22

4 Hotel The latest news in Downtown development is a surge in hotel activity. With more than 14,000 rooms, Downtown already has the highest concentration of hotel rooms in the region. With a growing tourist industry and a convention center expansion in the works, hotel demand in Downtown Seattle is strong. Developers are recognizing this. After several years with no new development, hotel space is beginning to grow once more. The Red Lion Hotel completed renovation of its 296-room hotel, adding 22 new rooms in addition to improvements to restaurant, outdoor entertainment and lobby spaces. Upon completion, the hotel is being rebranded as Motif Seattle. Four hotel projects representing 619 rooms are currently under construction: Photo Christopher Nelson Touchstone broke ground on the 222-room Hill7 hotel and office project in the Denny Triangle in 2013 with expected completion in Daniels Development s Fifth + Columbia project now includes plans for a 184-room SLS brand hotel, in addition to office space, with expected completion in Kauri Investments is building a 116-room Hyatt House hotel in the Uptown area, which will open in Shemiran Trade expects to complete a renovation of the Palladian Building, which will open as the four-star Calhoun Hotel with 97 rooms later this year at Second and Virginia. Stadium Place East Phase 1 has a hotel component permitted and ready to begin which will deliver another 279 rooms. In total, over 900 rooms are recently completed, under construction, or permitted. More proposed projects are in the works. There are currently 13 hotel projects in earlier stages of development, including seven with residential components in addition to the hotel. This includes an additional phase of Stadium Place, a new Marriott, and a hotel component in the redevelopment of Rainier Square. The largest proposed project in the pipeline is a 1,680-room hotel/residential project under development by R.C. Hedreen in Denny Triangle, Ninth & Stewart. In recent years, there has been a trend toward inclusion of hotels in mixed-use developments. Among the 19 projects in the pipeline (including those that are waiting on formal building permits), eight include a residential component and two include an office component. Page 4 of 22

5 Residential Apartment construction intensified recently. The 16-month period ending June 2014 set a record for number of units delivered (4,471 apartment units were delivered between January 2013 and June 2014). Approximately 6,000 additional units in 41 projects are scheduled for completion over the next three years. At the end of 2010, three apartment projects were under construction in Downtown Seattle with a total of 409 units between them. In 2011, however, residential projects led a new surge in Downtown development. By the end of 2011, 17 projects were under construction. Each year since, the number of projects and units increased. Now there are 32 residential projects under construction representing 5,179 units (707 condominium units and 4,472 apartments). An additional 748 apartment units are planned for in projects that are about to break ground. Photo Christopher Nelson Figure 4. Historic and Projected Residential Unit Deliveries Downtown Completed Construction Planned, Permitted and Scheduled These numbers do not include projects that are proposed but waiting on construction permits. Since developers sometimes cancel or delay these projects, often for several years, DSA does not consider these active for the purpose of the Development Guide. Nearly 12,000 residential units are presently in this planned, unpermitted status, not including an undetermined number of units in the Yesler-Terrace projects beyond the initial phases of that development (the overall project may ultimately add as many as 5,000 units). Page 5 of 22

6 Millions (sq. ft.) Office As of June 2014, 3.2 million square feet of office space is under construction, up from 2.3 million in December This includes about 2 million square feet of space for the continuing expansion of Amazon.com. Other spaces under construction: a hotel/office projects, a biotech space and the new Seattle headquarters for architectural firm MulvannyG2. Between 2005 and 2010, Downtown Seattle saw 5.4 million square feet of office space come online. Office construction last peaked in the second half of 2008 with 4.8 million square feet of office space under construction. Amazon.com has been a major driver of office activity in recent years, accounting for nearly all office construction Downtown since Amazon occupies several office buildings Downtown for a total of 3.2 million square feet. Nearly 2 million square feet was custom built for Amazon. Currently, the company has plans to lease or build an additional 3.3 million square feet of space for a total possible footprint of 6.5 million. In 2013, five office projects were completed, adding 354,000 square feet to the Downtown inventory. The largest of these were the second phase of Home Plate Center with 144,000 square feet of office space and the 110,000 square foot 202 Westlake, now occupied by Amazon. Two smaller projects added 100,000 square feet between them. The fifth project, a data center, added 51,000 square feet, converting a garage into a data center (note that the data center square footage is not counted in the office total). Stack House, an office/residential mixed-use project also added an additional 35,000 square feet of office space. At the peak in 2008, many office projects nearing completion came online without signed leases. Around the same time, the start of a recession and failure of Washington Mutual left a considerable amount of Downtown Seattle office space vacant. According to data from CBRE, the Downtown office market is improving, with over 4 million square feet of absorption in the past four years, more than double what was lost during the recession. Figure 5. Downtown office space under construction Page 6 of 22

7 Millions (sq. ft.) Retail While this Development Guide does not typically track tenant improvements, there was some notable recent activity: In 2013, The Pro Shop at CenturyLink Field expanded and a T.J. Maxx store opened in the Kress Building, occupying approximately 22,000 square feet of renovated space in that building. Early in 2014, th Avenue added an outdoor plaza area and improved lobby space along with new retail storefronts and Public Storage completed an expansion. A renovation project at Westlake Center brought several improvements, including a Zara store. Another notable tenant improvement, still under way, is a renovation at E Pike and Minor for a new Starbucks Roastery and Serious Pie concept store. More retail space is on its way. Honda and Toyota of Seattle are getting new dealership space in SoDo next to the new Mercedes-Benz dealership. A major renovation of 2121 Westlake Avenue, across from Whole Foods Market will bring another 10,000 feet of restaurant space. Westlake Center plans further improvements, including a reconfiguration of the existing food court. In addition, numerous tenant improvements across Downtown continue to change the Downtown Seattle retail landscape. Grocery store completions added 183,000 square feet to Downtown between 2000 and Since then, the only large retail building constructed since Pacific Place and the Nordstrom flagship store completed in 1998 is the Mercedes-Benz showroom in SoDo. Figure 6. Downtown retail space under construction (includes retail as a subcategory for projects in other categories) Page 7 of 22

8 Conclusion The cranes are back! Downtown Seattle currently has 100 active construction projects. This is the highest number since tracking began in For the past several years, as the pace of Downtown development continues to grow, apartments have led the way. This has led to over 4,300 units delivered and nearly 10,000 in the immediate pipeline. This level of delivery is unprecedented. While apartments continue to take center stage in the current development cycle, projects with significant components in other categories are also under way. Amazon continues to expand and other office projects are starting to break ground due to increased demand. In the past 16 months, downtown developers have also started breaking ground on hotel projects, with over 900 rooms in active projects and 3,700 rooms in projects still waiting on formal building permits. A full list of those who have applied for permits or otherwise indicated future plans for Downtown development begins on page ten. Page 8 of 22

9 Notes on Criteria Included are Downtown Seattle projects with structural components that have construction costs of $1 million or more (occasional exceptions to this criteria are made for some high profile projects). Transportation projects are only included if they involve a building structure (infrastructure such as rail and roads are not included). Projects must have building construction permits issued to be placed on the active list (permitted, currently under construction or recently completed). Active projects are the only projects that appear in DSA publications. The geography used for this analysis is the area within Downtown Seattle. This area is defined as the area around South Lake Union in the north to South Lander Street in the south and Elliott Bay in the west to Broadway in the east. Definitions for Development Project Status Project status is determined by level of completion: Permitted used when there are building construction permits issued by the Seattle Department of Planning and Development but the project has yet to begin construction. If there are only land use, excavation or demolition permits, project is not included. Construction used when project construction is underway, but before project is completed. Completed project completed since January 1 st of the most recent full calendar year. Please note that when comparing mid-year updates to year end updates, this category represents a different span of time (16 months versus 12 months). Therefore, completed projects are only used in year-over year comparisons. Active project an active project is one that is formally permitted, currently under construction or recently completed. The Downtown Seattle Association Development Guide, including a web based map and project listings, is available at Page 9 of 22

10 Development Guide Database June 2014 The following is a list of all projects in the Downtown Seattle Association Development Guide database as of June It includes all the active projects that are the basis for statistics in this report as well as projects on hold or not yet permitted. Completed represents those completed since January Name Status Address Open Cost Category 1519 Minor Ave Completed 1519 Minor Ave 2013 $ 11,078,000 Residential 1600 Seventh (Renovation) Completed th Ave 2014 $ 3,500,000 Retail 202 Westlake Completed 202 Westlake Ave N 2013 $ 26,000,000 Office 306 Queen Anne Ave 306 Queen Anne Ave N Completed N 2014 $ 4,000,000 Residential 6th & John Office Building Completed 120 6th Ave N 2013 $ 7,300,000 Office Addison on Fourth Completed 308 4th Ave S 2013 $ 16,000,000 Residential AMLI South Lake Union Completed 1260 Republican St 2014 $ 50,000,000 Residential apodments at Cortena Completed 227 Boylston Ave E 2013 $ 1,000,000 Residential ArtHouse Completed 2334 Elliott Ave 2014 $ 17,000,000 Residential Bell 206 Completed 206 Bell St 2013 $ 19,000,000 Residential Bell Street Park Completed 1st Ave and Bell St 2014 $ 3,500,000 Cultural BelRoy Completed 711 Bellevue Ave E 2013 $ 10,000,000 Residential Boxcar Completed 975 John St 2013 $ 23,000,000 Residential Equinix Data Center Completed th Ave 2013 $ 60,000,000 Office

11 First Hill Streetcar Maintenance Facility Completed 701 S Dearborn St 2014 $ 6,000,000 Transportation Goodwill Office and Job Training Center Completed 700 Dearborn Pl S 2013 $ 10,000,000 Office H20 Completed 201 W Harrison St 2013 $ 2,500,000 Residential Home Plate Center Phase 2 Completed st Ave S 2013 $ 41,000,000 Office Hue Completed 717 Dexter Ave N 2013 $ 10,400,000 Residential Joseph Arnold Lofts Completed 62 Cedar St 2013 $ 12,250,000 Residential King Street Station Restoration Completed 303 S King St 2013 $ 30,500,000 Transportation Lower Queen Anne Completed 509 1st Ave W 2013 $ 3,000,000 Residential Mercedes-Benz of Seattle Showroom Completed 2005 Airport Way S 2013 $ 6,000,000 Retail N' Habit: Belltown Completed rd Ave 2014 $ 2,500,000 Residential Public Storage Completed 700 Fairview 2014 $ 11,700,000 Retail Red Lion Hotel Renovation (Motif Seattle) Completed th Ave 2014 $ 25,000,000 Hotel Rivet Completed 1201 Mercer St 2014 $ 16,000,000 Residential Stack House Completed 420 Pontius Ave N 2013 $ 44,000,000 Office/Residential Stadium Place West Phase 1 Completed 201 S King St 2014 $255,000,000 Residential Stream Belmont Completed 500 Belmont Ave E 2014 $ 6,300,000 Residential Stream Uptown Completed 708 6th Ave N 2013 $ 10,600,000 Residential The Century Completed 101 Taylor Ave N 2014 $ 70,000,000 Residential Page 11 of 22

12 The Local Completed 418 Bellevue Ave E 2013 $ 4,000,000 Residential The Martin Completed th Ave 2013 $ 41,100,000 Residential The Northwest School Expansion Completed 401 E Pike St 2014 $ 19,000,000 Education The Pro Shop Completed 800 Occidental Ave S 2013 $ 2,000,000 Retail Three20 Completed 320 E Pine St 2014 $ 11,000,000 Residential True North Completed 801 Dexter Ave N 2014 $ 32,000,000 Residential UW Medicine Phase III, building 1 Completed 501 8th Ave N 2013 $ 69,000,000 Biotech/Medical VIA6 Completed th Ave 2013 $200,000,000 Residential Viktoria Completed nd Ave 2014 $ 95,000,000 Residential Volta Completed st Ave 2013 $ 5,000,000 Residential Westlake Center Improvements Completed 400 Pine St 2014 $ 18,000,000 Retail Williams Completed 219 Pontius Ave N 2013 $ 10,000,000 Residential Yesler Terrace: Epstein Opportunity Center Completed 120 8th Ave 2014 $ 4,000,000 Residential 1124 Columbia St Construction 1124 Columbia St 2016 $ 14,000,000 Biotech/Medical th Ave Construction th Ave 2015 $ 67,000,000 Residential 2121 Westlake Ave Construction 2121 Westlake Ave 2015 $ 1,800,000 Retail 400 Fairview Ave N Construction 400 Fairview Ave N 2016 $ 91,000,000 Office 422 Summit Ave E Construction 422 Summit Ave E 2016 $ 4,500,000 Residential Page 12 of 22

13 528 Pontius Ave N Construction 528 Pontius Ave N 2015 $ 15,000,000 Residential 721 E Pine St Construction 721 E Pine St 2016 $ 9,800,000 Residential 815 Pine Construction 815 Pine St 2015 $ 72,000,000 Residential Amazon.com Campus phase VI Construction 500 9th Ave N 2015 $160,000,000 Office Amazon.com Campus Phase VII Construction 400 9th Ave N 2016 $ 66,000,000 Office Amazon.com Campus Phase VIII Construction 325 9th Ave N 2016 $ 82,000,000 Office Aperture on Fifth Construction 500 John St 2014 $ 12,400,000 Residential Astro Construction 315 1st Ave N 2015 $ 30,000,000 Residential Avalon at Pike Pine Construction 600 E Pike St 2016 $ 39,000,000 Residential Calhoun Hotel Construction nd Ave 2014 $ 6,000,000 Hotel Canvas Construction 600 Elliott Ave W 2014 $ 13,000,000 Residential Capitol Hill Station Light Rail Transit Facility Construction 100 Broadway E 2016 $110,000,000 Transportation Cielo Construction 802 Seneca St 2015 $ 70,000,000 Residential Compass on Dexter Cornish Student Housing Dexter Station Dimension by Alta Construction 756 John St 2014 $ 23,000,000 Residential Construction 2025 Terry Ave 2015 $ 48,000,000 Residential Construction 1101 Dexter Ave N 2015 $136,000,000 Biotech/Medical Construction 225 Cedar St 2014 $ 38,000,000 Residential Page 13 of 22

14 Elan South Lake Union Construction 400 Boren Ave N 2015 $ 36,000,000 Residential Fifth + Columbia Construction 811 5th Ave 2016 $400,000,000 Hotel/Office Fourth and Denny Construction th Ave 2014 $ 22,000,000 Residential Hill7 Construction 1821 Boren Ave 2015 $ 98,000,000 Hotel/Office Hirabayashi Place Construction 424 S Main St 2015 $ 30,000,000 Residential Hollywood Lofts Construction 127 Broadway E 2014 $ 4,300,000 Residential Honda and Toyota of Seattle Construction 821 S Holgate 2015 $ 31,900,000 Retail Hyatt House Construction 416 John St 2015 $ 20,000,000 Hotel/Residential Insignia Towers Construction th Ave 2015 $450,000,000 Residential Jax Construction 500 3rd Ave W 2014 $ 9,200,000 Residential Leschi House Construction 1011 S Weller 2015 $ 45,000,000 Residential Lexicon Construction 120 Harvard Ave E 2014 $ 6,200,000 Residential MulvannyG2 Headquarters Construction nd Ave 2015 $ 7,300,000 Office Ninth and Pine Construction th Ave 2015 $ 20,000,000 Residential Olive Way Construction 1650 E Olive Way 2014 $ 10,100,000 Residential Pike Motorworks Construction 714 E Pike St 2016 $ 44,000,000 Residential Queen Anne Flats Construction 521 2nd Ave W 2014 $ 2,500,000 Residential Rubix Construction 515 Harvard Ave E 2015 $ 10,200,000 Residential Page 14 of 22

15 Seattle Center - Artists at Play Construction 305 Harrison St 2014 $ 1,000,000 Cultural Starbucks Roastery / Serious Pie Construction 1124 Pike St 2014 $ 2,300,000 Retail The Allen Institute for Brain Science Construction 601 Westlake Ave N 2015 $ 58,000,000 Biotech/Medical The Caroline W Construction 431 Boylston Ave E 2015 $ 2,600,000 Residential The Gallery (Amazon.com Complex) Construction th Ave 2015 $260,000,000 Office Walton Lofts Western Building Renovation Westside Yesler Terrace: 1105 East Fir Yesler Terrace: 820 Yesler Way 741 Harvard Ave E Cascade I Cascade II Melrose & Pine Stadium Place East Phase Stewart St 101 Denny Way Construction 2521 Western Ave 2015 $ 22,000,000 Residential Construction 619 Western Ave 2014 $ 19,000,000 Residential Construction 801 E Thomas St 2014 $ 7,200,000 Residential Construction 1105 E Fir St 2015 $ 13,000,000 Residential Construction 820 Yesler Way 2016 $ 16,000,000 Residential Planned, Permitted and Scheduled 741 Harvard Ave E 2016 $ 1,400,000 Residential Planned, Permitted and Scheduled 222 Fairview Ave N $ 30,000,000 Residential Planned, Permitted and Scheduled 221 Minor Ave N 2015 $ 36,000,000 Residential Planned, Permitted and Scheduled 301 E Pine St 2016 Residential Planned, Permitted and Scheduled 255 S King St 2015 $122,000,000 Hotel Unpermitted 1007 Stewart St 2016 $ 85,000,000 Office Unpermitted 101 Denny Way Residential Page 15 of 22

16 101 John St Unpermitted 101 John St Residential 111 Westlake Unpermitted 111 Westlake Ave N Office/Residential 1150 Eastlake Unpermitted 1150 Eastlake Ave E Biotech/Medical 1200 Stewart Unpermitted 1200 Stewart St Hotel/Residential 1213 Valley Unpermitted 1213 Valley St 2019 Office 124 Denny Way Unpermitted 124 Denny Way 1255 Harrison St Unpermitted 1255 Harrison St Residential 1301 Western Ave Unpermitted 1301 Western Ave Residential 1321 Seneca St Unpermitted 1321 Seneca St 2016 $ 47,000,000 Residential st Ave S Unpermitted st Ave S Office 1728 Summit Ave Unpermitted 1728 Summit Ave $ 5,000,000 Residential th Ave S Unpermitted th Ave S $ 3,700,000 Office th Ave Hotel Unpermitted th Ave Hotel 1st and Stewart Hotel and Unpermitted st Ave $ 40,000,000 Hotel/Residential 200 Occidental Office Unpermitted 200 Occidental Ave S Office 200 Occidental Residential Unpermitted 200 Occidental Ave S Residential nd Ave Unpermitted nd Ave $ 75,000,000 Residential th Ave Unpermitted th Ave Residential Page 16 of 22

17 219 1st Ave N Unpermitted 219 1st Ave N Residential th Ave Unpermitted th Ave Residential th Ave Unpermitted th Ave Residential 234 9th Ave N Unpermitted 234 9th Ave N Office/Residential 2520 Airport Way S Unpermitted 2520 Airport Way S Industrial 2nd and Pine Unpermitted 204 Pine St 2016 $ 78,000,000 Residential 300 8th Ave N Unpermitted 300 8th Ave N Office 3031 Western Ave Unpermitted 3031 Western Ave Residential 304 E Thomas St Unpermitted 304 E Thomas St Residential 307 Broad Street Unpermitted 307 Broad Street Residential 323 Bellevue Ave E Unpermitted 323 Bellevue Ave E Residential 333 8th Ave N Unpermitted 333 8th Ave Office 400 Dexter Ave N Unpermitted 400 Dexter Ave N Office 400 S Jackson St Unpermitted 400 S Jackson St 2016 $ 16,000,000 Residential 416 E Harrison St Unpermitted 416 E Harrison St Residential 417 Broad St Unpermitted 417 Broad St Hotel/Residential 427 9th Ave N Unpermitted 427 9th Ave N Residential 435 Dexter Ave N Unpermitted 435 Dexter Ave N $ 37,000,000 Residential Page 17 of 22

18 500 Terry Ave Unpermitted 500 Terry Ave Residential 501 E Pike St Unpermitted 501 E Pike St $ 13,400,000 Residential 504 Terry Ave Unpermitted 504 Terry Ave Residential 51 University Unpermitted 51 University St Office 524 Broadway Unpermitted 524 Broadway Residential 525 Boren Ave N Unpermitted 525 Boren Ave N Residential 531 Queen Anne Ave N Unpermitted 531 Queen Anne Ave N Retail 550 Broadway Unpermitted 550 Broadway $ 30,000,000 Residential 601 E Pike St Unpermitted 601 E Pike St Residential 609 Fairview Ave N Unpermitted 609 Fairview Ave N Retail 611 E Howell Unpermitted 611 E Howell $ 1,200,000 Residential 624 Yale Ave N Unpermitted 624 Yale Ave N $ 35,000,000 Office 625 Boren Ave N Unpermitted 625 Boren Ave N Retail 630 Boren Ave N Unpermitted 630 Boren Ave N Retail 630 Westlake Ave N Unpermitted 630 Westlake Ave N Retail 80 S Main Unpermitted 80 S Main St $ 6,000,000 Residential 800 Columbia St Unpermitted 800 Columbia St Residential 810 Dexter Ave N Unpermitted 810 Dexter Ave N Residential Page 18 of 22

19 816 2nd Ave Unpermitted 816 2nd Ave Office 8th & Republican Unpermitted 430 8th Ave N Residential 8th & Thomas Unpermitted 777 Thomas St $ 24,000,000 Residential 901 Harrison St Unpermitted 901 Harrison St Best Western Executive Inn (expansion) Unpermitted 200 Taylor Ave N Hotel Boren & Howell Center For Wooden Boats Expansion Civic Square Tower Colman Dock Upgrades Cornish College of the Arts Addition Denny Neighborhood Park Denny Way Fairview Research Center II Gunn Building (addition) Harborview Hall Hotel Clare Icon Tower Unpermitted 1810 Boren Ave Office/Residential Unpermitted 1010 Valley St $ 9,500,000 Cultural Unpermitted 601 4th Ave $300,000,000 Office/Residential 801 Alaskan Way Unpermitted Pier $268,000,000 Transportation Unpermitted 1000 Virginia St Education Unpermitted 2100 Westlake Ave $ 1,000,000 Cultural Unpermitted 1120 Denny Way Residential Unpermitted 500 Fairview Ave N $ 25,000,000 Biotech/Medical Unpermitted 1165 Eastlake Ave E Biotech/Medical Unpermitted 326 9th Ave Biotech/Medical Unpermitted nd Ave 2018 $ 70,000,000 Hotel Unpermitted 600 Wall St Residential Page 19 of 22

20 John Street Unpermitted 1120 John St Residential Madison Centre Unpermitted 505 Madison St $250,000,000 Office Marriott Hotel Unpermitted 924 Howell St Hotel Mercedes-Benz of Seattle Auto Garage Unpermitted 2015 Airport Way S $ 4,000,000 Retail Ninth & Stewart Unpermitted 807 Stewart St $450,000,000 Hotel/Residential Pike Place Waterfront Entrance Unpermitted 1901 Western Ave $ 68,000,000 Residential Potala Tower Seattle Unpermitted th Ave 2016 Residential Public Storage Unpermitted 1200 S Dearborn St Retail Publix Unpermitted 504 5th Ave S $ 16,000,000 Residential Rainier Square Hotel Unpermitted th Ave 2017 Hotel Rainier Square Redevelopment Office and Residential Tower Unpermitted th Ave 2017 Office/Residential Seattle Aquarium Expansion Unpermitted 1483 Alaskan Way 2030 $200,000,000 Cultural Seattle Opera Mercer Arena Site Unpermitted 305 Harrison St $ 40,000,000 Cultural Second & Stewart Unpermitted nd Ave Hotel/Residential SoDo Arena Unpermitted st Ave S $490,000,000 Cultural Stadium Place East Phase 2 Stadium Place West Phase 2 Unpermitted 201 S King St $ 78,000,000 Office Unpermitted 201 S King St $ 80,000,000 Hotel/Residential Page 20 of 22

21 Stadium Terrace Unpermitted 589 Occidental Ave S Residential Stanford Hotel Unpermitted 300 Terry Ave N 2016 Hotel The City Church (expansion) Unpermitted st Ave Cultural Unpermitted 1121 Stewart St 2017 Hotel/Residential The Daola The Garden (Amazon.com Complex) The Harvard Flats The Park (Amazon.com Complex) Third & Battery Third and Virginia Tilt49 Troy Laundry Block Urban Union Walden 3 Washington State Convention Center Expansion West Edge Tower Westlake + John Unpermitted th Ave Office Unpermitted 802 E Thomas St $ 72,000,000 Residential Unpermitted th Ave $250,000,000 Office Unpermitted rd AVE Office Unpermitted rd Ave $ 5,000,000 Residential Unpermitted 1812 Boren Ave Office/Residential Unpermitted 300 Boren Ave N 2016 $285,000,000 Office Unpermitted 501 Fairview Ave N 2016 Office Unpermitted st Ave $ 10,000,000 Cultural Unpermitted unknown $650,000,000 Cultural Unpermitted nd Ave Office/Residential Unpermitted 201 Westlake Ave N $ 11,700,000 Residential Page 21 of 22

22 Westlake Steps Unpermitted 1101 Westlake Ave N Office/Residential Westlake Steps Westlake Ave Unpermitted 1287 Westlake Ave N Residential Westlake Steps Dexter Unpermitted 1414 Dexter Ave N Residential Yesler Building Unpermitted 400 Yesler 2016 $ 30,000,000 Government Yesler Terrace: th Avenue S Unpermitted th Avenue S 2017 Residential Page 22 of 22