On May 8, 2014 the University of Washington Board of Regents approved the selection of Wright Runstad & Company to redevelop Rainier Square, a 140,000 square foot retail property that is part of the University’s Metropolitan Tract in downtown Seattle. Wright Runstad & Company was granted an 80-year ground lease through a competitive process managed by the University of Washington.
The 800,000 square foot project will include a 58-story tower containing 710,000 square feet of office space and approximately 220 apartment units on its uppermost floors with 360-degree unobstructed views. The project will also include a separate 12-story, 165 room luxury hotel, as well as 90,000 square feet of distinctive restaurants, retail shops and fitness amenities. The Fifth Avenue and Union Street corner will be a signature space for a distinctive national or international retailer that can also offer access to upper floors creating a large anchor retail opportunity. A six-level parking garage will be constructed below grade accommodating 1,000 cars with a combination of reserved, self-park, and valet parking.
“We are absolutely thrilled to be awarded this opportunity,” said Greg Johnson, Wright Runstad & Company president. “The 66,000 SF site is the single best location in the city for this landmark project we are proposing. It is simply great real estate any way you look at it.”
The Master Use Permit was granted in August 2016. Construction is scheduled to start in the summer of 2017 with first occupancy scheduled for third quarter 2019.
Maximizing the development capacity of the project is dictated by its preeminent location in the heart of Seattle’s downtown core with superb proximity to transit, the arts, shopping, hotels, major office buildings and the convention center. The project’s design is both inspired by, and respectful of, the existing Rainier Tower, whose distinctive curved base has made it one of Seattle’s iconic buildings. The project’s new landmark tower makes a bold step towards the future of Seattle’s architectural and urban character. The project architect is NBBJ.
The University of Washington owns the Metropolitan Tract in downtown Seattle, containing approximately 11 acres, or more than four city blocks, where the original University was located before moving to its present location in 1895. In addition to Rainier Square, the Tract includes landmark buildings such as Rainier Tower, the Fairmont Olympic Hotel and the IBM Building.
Click here for the project website.
Click here to read an article regarding the project published by The Wall Street Journal.
Click here to read an article regarding the project published by Seattle Business Magazine.