NW REporter

PSBJ lists 23 real estate stories to watch in 2023

Of 23 “real estate stories to watch in 2023,” compiled by the Puget Sound Business Journal, about half the items on the list would add housing. The projects are scattered around the Puget Sound region.

One of the most ambitious undertakings is Lakepointe Urban Village (formerly Hawk Property Subarea) where construction is scheduled to start in summer 2023. Located in suburban Covington, the 214-acre master-planned community could add up to 1,750 residences.

Woodinville is attracting developers’ interest, as evidenced by projects in its four districts that could encompass more than 3,000 new residences.

The downtown Woodinville projects include a 264-unit apartment project, District Flats at The School District, and another development with 1,210 apartments to be built in five phases in the Garden District.

In Woodinville Wine Country, construction is underway on Harvest Woodinville. Located east of Chateau Ste Michelle (which is for sale and includes land zoned for residential), this 20-acre mixed use development includes 31 luxury townhomes featuring three to five bedrooms.

Elsewhere on the Eastside is The Bellevue, a Kemper Development Co. mixed-use development, that will contain 1.8 million square feet. Initial plans call for 234 luxury residences.

Downtown Seattle will be the site of several projects in various stages of development during 2023:

  • A 42-story hotel and residential tower called Langham Seattle at 2nd & Virginia is slated to open in 2026.
  • A multifamily mass timber project at the former home of the Seven Gables Theatre in the University District includes a 170-unit apartment development.
  • On Seattle’s First Hill, construction is underway on the 126-unit Heartwood apartments. This undertaking by a Marc Cuban company would be the nation’s first “missing middle” mass timber tower and, at eight stories, would be Seattle’s tallest mass timber project.
  • Seattle’s ambitious waterfront redevelopment may include a 17-story apartment tower on Western Avenue if legal challenges by neighbors can be resolved.
  • Another apartment tower is proposed as part of the Seattle Convention Center expansion.

As part of the revitalization at the Port of Everett, a 65-acre mixed use development is included. It will encompass 660 housing units.

Also on the PSBJ watch list is I-135 and Partnership for Zero.

I-135, which will be on the February 14 ballot, proposes creating a community-controlled Social Housing Developer to buy and build housing for those across the income spectrum.

Partnership for Zero aims to reduce the number of chronically homeless people in downtown Seattle, to be implemented over five phases. This multi-million public-private collaboration is led by the King County Regional Homelessness Authority and funded with significant investments from business and philanthropic partners and with support from the city of Seattle and King County.