OUR PROJECTS STAND OUT
Below is GlobeSt.com’s bi-weekly update on the middle markets throughout the North West region. Here’s a look at the latest news, announcements and deals that you may have missed from areas including: Alaska, Washington, Oregon, Idaho, and Northern California.
NEWS & NOTABLES
SEATTLE—American Classic Homes has expanded its real estate capabilities with the introduction of a new multifamily division: SeaLevel Properties. With a focus on building and acquiring multifamily and mixed-use developments in Seattle and the Puget Sound Region, the new division will be led by former ACH executives and experienced multifamily experts John Shaw and Kyle Weeks. Weeks previously worked at Vulcan Real Estate and Shaw at Mack Urban. Under their leadership, SeaLevel already has more than 800 new multifamily homes underway.
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American Classic Homes of Mercer Island said it is expanding with a new multifamily division called SeaLevel Properties.
The news this week comes on the heels of ACH’s decision to build around 250 apartments on Everett’s waterfront.
Former ACH executives John Shaw and Kyle Weeks lead SeaLevel, which builds and buys multifamily and mixed-use projects across the region.
SeaLevel has projects planned or under way in downtown Issaquah, Sammamish, Renton and on Seattle’s Capitol Hill. They total more than 800 units including the Everett project.
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When the Port of Everett recently announced the first phase of its 65-acre, $373 million Waterfront Place Central project, the developer of two planned four-story apartment buildings was identified as American Classic Homes.
American Classic Homes is a family-owned Mercer Island company, run by partners Michael Gladstein, Robert Gladstein and Joel Mezistrano, and now it has launched a new multifamily brand for the Everett project and others: SeaLevel Properties.
Along with the new name, SeaLevel has two relatively new executives: John Shaw and Kyle Weeks, who joined ACH in 2015 and 2016, respectively. ACH was then primarily known for building single-family suburban homes in Auburn, Bellevue, Bothell, Issaquah, Kirkland and Newcastle.
Established in 1999, ACH weathered the recession doing residential remodels, then began toeing the waters of multifamily in 2013. Avaya Trails, a 162-unit complex at 10930 S.E. 172nd St. in Renton, was its first completed project.
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New Division to Build, Acquire Mixed-Use and Multifamily Developments Across Puget Sound in King, Snohomish and Pierce Counties
New Division Starts Strong With More Than 800 Units Underway in Issaquah, Sammamish, Everett and Seattle’s Capitol Hill Neighborhood
Seattle, WA – December 5, 2016 — American Classic Homes (www.americanclassichomes.com) (ACH), an award-winning Pacific Northwest-based homebuilder, today announced it has expanded its real estate capabilities with the introduction of a new multifamily division: SeaLevel Properties (www.sealevelproperties.com).
With a focus on building and acquiring multifamily and mixed-use developments in Seattle and the Puget Sound Region, the new division will be led by former ACH executives and experienced multifamily experts John Shaw and Kyle Weeks. Weeks previously worked at Vulcan Real Estate and Shaw at Mack Urban. Under their leadership, SeaLevel already has more than 800 new multifamily homes underway.
Read the full article here.
The Port of Everett has approved a purchase-and-sale agreement with American Classic Homes to build around 254 apartments in Waterfront Place Central.
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It has taken nearly 10 years, but the Port of Everett at last has found someone to build a large waterfront housing development.
On Thursday, the port announced that American Classic Homes of Mercer Island will buy nearly 5.5 acres and build 254 apartments in the new Fisherman’s Harbor District in Waterfront Place. Noting that this is the first ever housing development on the waterfront, Port Commissioner Troy McClelland called it “a historic transaction.”
That the port finally found a developer is a sign that this current boom is deeper than past ones, when big plans in outlying areas of the Puget Sound region fizzled.
That’s what happened at the turn of the century when the port and a Chicago company, Maritime Trust, spent years putting together a development deal to build 600 condos, shops and a 1,000-seat amphitheater. The deal died one month after construction started in 2007, when a major financial backer pulled out.
American Classic Homes, a family-owned company that has built communities across the region, is paying $7 million for the property and will build two residential buildings of up to 45 feet tall. Construction is to begin next summer, with the apartments opening in the spring of 2019.
Work already is underway on streets, a trail system, plaza, a new bulkhead and other infrastructure. The port recently awarded $12 million in contracts to Interwest Construction and Bergerson Construction.
The infrastructure and apartment construction work will support 1,000 temporary construction jobs annually, 335 direct jobs, $7.6 million in annual payroll, and approximately $1 million in state and local taxes, according to the port.
Fisherman’s Harbor, the first phase of the 65-acre Waterfront Place Central development, totals 12 acres next to West Marine View Drive. In addition to the apartments, a 140-room hotel is planned along with commercial buildings and retail and restaurant spaces.
When built out, Waterfront Place Central will have up to 660 housing units, the hotel, 662,000 square feet of commercial space and public gathering spaces, according to the port, which forecasts that the project will generate around $500 million in private investment and support more than 2,000 direct, indirect and induced jobs. It’s estimated this will generate $8.6 million in new tax revenue a year for the city.
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The Port of Everett has selected a Mercer Island development firm to build two apartment buildings along the city’s waterfront.
American Classic Homes agreed to pay $7 million to purchase 5.44 acres in Fisherman’s Harbor District, the first part of a planned makeover of Everett’s central waterfront area.
The company is expected to construct the buildings with 254 apartments next year. Each building will be between 35 to 45 feet high. The apartments will range in size from 550 to 1,300 square feet, according to American Classic Homes proposal.
“Our design approach will reflect Everett’s past waterfront industries while looking to the future of this new, exciting mixed-use neighborhood,” said John Shaw, director of multi-family acquisitions at American Classic Homes, in a statement.
The company is led by a strong team with experience at delivering successful projects on time, said Terrie Battuello, chief of business development for the Port of Everett, in the statement.
“The American Classic Homes team provided a vision for the Fisherman’s Harbor residential that was creative, high-quality and consistent with the overall historical theme of the Waterfront Place Central development,” she said.
The port is looking to remake 65 acres along the central waterfront into a place where people can live, work and shop.
The first phase is called Fisherman’s Harbor District, which is on 12 acres just west of West Marine View Drive. In addition to the apartment buildings, the port hopes a 140-room hotel, five commercial buildings and several shops and restaurants will be built in the area.
Also planned are a continuous public trail, a dock walk for people to get to the water and a Pacific Rim Plaza, including several water fountains.
Interwest Construction and Bergerson Construction are building new roadways — Seiner Drive and 14th Street — the Esplanade trail system in Fisherman’s Harbor and the plaza. The firms were paid $12 million for the infrastructure work.
American Classic Homes expects to start construction next fall of the two apartment buildings. The first building aims to have features that celebrate Everett’s waterfront’s history as a timber mill town. The second expects to highlight the city’s maritime roots.
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In November, the Port of Everett Commission authorized the CEO to sign a Purchase and Sale Agreement with American Classic Homes (ACH) to build approximately 254 multifamily housing units in the new Fisherman’s Harbor District in Waterfront Place.
The deal includes ACH acquiring 5.44 acres in Fisherman’s Harbor for the negotiated sales price of $7 million to construct two residential buildings. According to the ACH proposal, the apartment units will range in size from 550 square feet to 1,300 square feet, and the buildings will be consistent with the approved heights for the district (35-45 feet).
“The American Classic Homes team provided a vision for the Fisherman’s Harbor residential that was creative, high-quality, and consistent with the overall historical theme of the Waterfront Place Central development,” said Terrie Battuello, Chief of Business Development for the Port of Everett. “The project is led by a strong housing team with demonstrated experience delivering successful projects on-time.”
“Our vision is for our two Waterfront Place Apartment buildings to capture the spirit of the Port of Everett’s new Waterfront Place neighborhood by embracing the past, present and future of the waterfront,” said John Shaw, Director of Multi-family Acquisitions at American Classic Homes. “Our design approach will reflect Everett’s past waterfront industries while looking to the future of this new, exciting mixed-use neighborhood.”
ACH’s buildings will reflect two distinct design directions. The first building will celebrate Everett’s waterfront’s history of timber and the second building will embrace the maritime and water stories of the location and community of Waterfront Place. The design is well-oriented to maximize the Port’s infrastructure features and pedestrian patterns, with lobbies to activate streets and a lively and attractive public realm.
Port Commission Reaction:
“This historic transaction will bring housing to the Everett waterfront for the first time in its history, and provide an early signal to the community and follow on developers that the Port is committed to implementing its vision of a vibrant destination waterfront.”
– Port Commissioner Troy McClelland
“American Classic Homes is a quality Puget Sound developer/builder. This is their first major project in Snohomish County, and we are welcome them. This is a great example of a public and private sector coming together to bring jobs and vitality to the waterfront.”
– Port Commissioner Tom Stiger
“Waterfront Place will be another living and gathering asset to Everett and Snohomish County. For those who will live there, it will be the highlight of their lives.”
– Port Commissioner Glen Bachman
This fall, the Port Commission awarded $12 million in public infrastructure contracts to Interwest Construction and Bergerson Construction to build the new Seiner Drive and 14th Street roadways, the Esplanade trail system in Fisherman’s Harbor, the Pacific Rim Plaza, new bulkhead, overwater platform, provide landscaping for all the public spaces and install a new pipeline in the City of Everett’s Puget Sound stormwater infrastructure within the site. This work is underway and is scheduled to be complete in late 2017. Vertical construction for the housing units are expected to begin in the third quarter of 2017, with a target date for opening in the second quarter of 2019.
The construction activity in Fisherman’s Harbor will support 1,000 temporary construction jobs annually, 335 direct jobs, $7.6 million in annual payroll, and generate approximately $1 million in state and local taxes.
Fisherman’s Harbor, the first phase of the 65-acre Waterfront Place Central mixed use development, is located on 12 acres adjacent to West Marine View Drive. This district will be a year-round hub of activity that includes approximately 254 apartment homes, a 140 room hotel, five commercial buildings and numerous retail and waterfront restaurant spaces. The key public features of this area include: a continuous public trail, a dock walk for visitors to get down to touch the water and Pacific Rim Plaza, with a splash feature, that will pay tribute to our international seaport.
For more information, contact Lisa Lefeber, Chief of Policy and Communication, at firstname.lastname@example.org or by phone at 425.388.0617.
About the Waterfront Place Project
The Waterfront Place Central project will create a new community where people can live, work, shop, relax and find entertainment. Overall, it includes 15 new public gathering spaces, up to 660 housing units, waterfront hotel, up to 10 fine and casual dining restaurants, and 662,000 sq. ft. of commercial, retail and marine sales and services. At full build out, the project will generate approximately $500 million in private investment and support more than 2,000 direct, indirect and induced jobs and $8.6 million in new tax revenue for the city.
About American Classic Homes. Based in Mercer Island, Washington, American Classic Homes is a local, family-owned and award-winning new home builder, with communities across the greater Seattle area including Green Lake, Queen Anne, Kirkland, Renton, Sammamish, Bellevue and now Issaquah. American Classic Homes builds elegant, distinctive, and uniquely Pacific Northwest communities with company partners who are directly involved in every step of the home building process, ensuring satisfaction and adding to the personalized and award-winning customer service experience.