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Land Development Spotlight: A New Master-Planned, Mixed-Use Development In Seattle

May 25, 2017
Land Development
By: Vivian Nguyen

There’s a new master-planned, mixed-use development in Seattle.

We’re always curious about the relationship between land development projects and the activity they drive. This includes the surrounding residential and commercial markets. If you didn’t read it yet, we recently reviewed the land purchased by the Oakland (soon to be Las Vegas) Raiders. Read this post about the new Las Vegas Raiders stadium project.

Here’s another example.

This one is a newly approved, master-planned, mixed-use development up in Seattle.

We learned about this one from the Connect Commercial Real Estate site. Here are a few highlights from their article:

  • The City of Covington, WA unanimously approved the more than $670-million LakePointe Urban Village. It’s a 214-acre, master-planned, mixed-use community located 30 miles south of Seattle.
  • They plan to develop an 850,000-square-foot regional entertainment and lifestyle center, a 130-key hotel and up to 1,500 single-family and multifamily residences. Development will commence in early 2018 on the site located at Highway 18 and Southeast 256th Street
  • The centerpiece of the community is a peninsula extending into a 20-acre lake with retail shops, restaurants, residences, a pavilion park, open space, and trails.

The development project was designed by Irvine, CA-based KTGY Architecture + Planning and is being developed by Kirkland, WA-based Oakpointe Communities in partnership with San Diego-based Presidio Residential Capital.

Here’s the site location from our view using LandVision, our application for property research, analysis, & planning:

landvision location technology

The area is primed and ready for additional market opportunities. So far, we see a limited number of transactions over the last 12 months. We expect to see a lot more activity in the next 12 months.

So far, we’ve identified the following activity:

  • The area for single-family homes shows some recent demand as we see some activity in transactions for vacant residential. This is especially true in the area east of this site in the Tahoma School District which has several desirable schools.
  • There have been over 100 transactions around the area since January 2017, of which 10 transactions, totaling 200 acres have been by Eagle Land & Development LLC.
  • As plans solidify, the vacant land zoned for residential represents a valuable opportunity for home builders.
  • In addition, the area will now attract many additional investors including commercial real estate projects, entertainment venues, and healthcare facilities.

Here’s another quick visual using LandVision that illustrates the activity described above:

master-planned, mixed use development

If you’d like to learn more about how location technology can help your business make great decisions with data to support property research, analysis, & planning, request a free market analysis. You can also read our list of the top data layers used by multifamily developers!

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