Homes in Renton are going to continue to go up in value.  The reason is more than it's proximity to downtown Seattle. (Renton borders Seattle to the south.)  Depending on the Renton zip code, homes there have gone up 45% over last year, and there is no end in sight.  Want to invest on the coattails of Paul Allen?  He is developing 43 acres in downtown Renton, with an option on a similar sized parcel. 

Paul Allen isn't the only one moving to Renton.  The Seattle Seahawks are moving all their facilities to Renton as well.  Also, Harvest Partners has announced plans for its 68-acre urban village development, The Landing, in Renton's south Lake Washington neighborhood. Developed in concert with its financial partner, Chicago-based Transwestern Investment Company, the 68-acre, $390 million project is the first of its size and scale for Renton. Phase I of the development includes 1.4 million sq.ft. and is scheduled to open in fall 2007.

"An urban village project of this scale is a turning point for Renton," said Bob Baker, CLS, a partner at Harvest Partners. "This project will create an experience that is respectful of the past and yet intriguingly modern. The Landing will create a sense of place where the community can meet friends and shop or just stroll after dining at their favorite restaurant. The various retailers and restaurants will create new jobs for Renton. We're excited about continuing our work with the City of Renton on The Landing and believe there is a strong market for this type of project."

Harvest Partners hired Seattle-based Callison, the number one retail design firm in the world, to design the project. Callison has created some of the world's most successful retail mixed-use centers, as well as local projects including Alderwood Mall renovation/expansion, Kent Station and the upcoming Northgate expansion.

The Landing will feature several amenities including lush, tree-lined streets and open plazas for relaxing. The Landing will be the 10th largest shopping center in the Puget Sound area based on gross leaseable retail space.

"Harvest Partners is creating the exciting entertainment, shopping and residential opportunities Renton residents are demanding," said Kathy Keolker-Wheeler, mayor of Renton. "The character, quality and attention to design apparent in The Landing's master plan will continue the emergence of Renton's urban center and be a magnet drawing people and businesses to our community."

Mixed-Use 'Urban Villages' Gain Ground in Suburban Markets
An increasing number of mixed-use developments are emerging in first-tier suburban markets, including Renton.

According to the Urban Land Institute, the resurgence in dense, mixed-use suburban development is driven by the influx of 70 million active, downsizing baby boomers and their 50 million echo boomer children, who are now graduating from college.

As the cost of living continues to rise in urban markets, such as Seattle and Bellevue, baby boomers, families and young professionals are looking to close-in markets like Renton because of its affordability, but expect a comparable quality of life.

"A house with growing room for a young family is actually attainable in Renton," said Alex Pietsch, administrator of Renton's Department of Economic Development, Neighborhoods and Strategic Planning. "I've received lots of e-mail and phone calls from new residents who work at Microsoft, Adobe and other companies who love Renton, but miss the more robust shopping and entertainment experiences they had in their former communities. Now that they are spending less on their mortgages, they are eager to do those things in their new hometown and The Landing will make that possible."

Renton has seen tremendous population growth in recent years-a 27 percent increase since 1994, and in King County, Renton is second only to Seattle in its number of new residents since 2000 (a 13.6 percent increase).

Click on the links for more statistics on Renton Real Estate growth, or Puget Sound real estate.