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City of Renton,
Washington
RENTON, Wash. - Nov. 21, 2005 - Homes in Renton
are going to continue to go up in value. The reason is more than it's
proximity to downtown Seattle.
Shop for new
shoes, enjoy a leisurely dinner, take in an evening of entertainment and then
walk home. A lifestyle you might find in downtown Seattle? Try Renton.
 Harvest
Partners today 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 (Phase I and Phase II) is planned to include:
- More than 800,000 sq. ft. of retail, including
lively shops, restaurants and entertainment venues
- More than 900 residential units
- 140 room Hotel
- 57,000 sq. ft. of office space
- Open space (including on-grade green spaces
and landscaped decks)
The Landing will also 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."
Dallas-based Harvest Partners specializes in mixed-use development projects. Its
cumulative experience includes the acquisition and development of more than 12
million sq. ft. of shopping centers and nearly $1.2 billion in transaction
volume. Transwestern Harvest Lakeshore LLC purchased the property from Boeing in
late 2004. The site is fully zoned and entitled.
Callison Architecture is the architect for The Landing, SD Deacon Corporation of
Washington will act as general contractor, the civil engineer is W.H. Pacific
and Madison Marquette Retail Services is providing leasing services.
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).
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