Are Barriers to Entry
Going Up for Restaurants?
As Millennials and other foodies flock to Seattle, we're eating better than ever before. But can the local restaurant business maintain its momentum as competition increases and rents rise? Come hear about it at the 2nd annual Seattle Restaurant Development Summit at the Triple Door at 7:30am on March 18.
One of our speakers, Downtown Seattle Association retail program manager Andi Pratt, tells us that she's spending a lot of time on recruitment and advocacy to bring in new concepts (including restaurants) while working with existing businesses to make the urban core a better place to be. "We have really strong relationships with Downtown landlords and brokers, so I play the role of matchmaker: I connect restaurateurs and retailers looking for Downtown locations to these folks," Andi says.  Andi adds that she gets to help shape the landscape of Downtown by focusing her efforts on the local, unique, innovative and chef-driven concepts that are so critical to the makeup of a vibrant urban area. "And it helps that DSA's reach is so broad: our involvement in other areas of Downtown—streetscape cleaning, maintenance, hospitality and public safety services, as well as destination marketing—all bolster the work I'm doing to bring these restaurants Downtown." (Snapped: meat at Miller's Guild, which opened Downtown last year).
 Here's another food fact about Seattle: WalletHub reports that Seattle-Tacoma-Bellevue comes in at 15 out of 100 in regions with weight problems (1 being the fewest problems, 100 the most). The company examined 12 metrics, including the percentage of adults and high school students who are obese and the percentage of people who are physically inactive. Provo-Orem UT had the fewest weight problems among its population, while Shreveport-Bossier City LA had the most. Seattle's spot is good news for local healthy food outlets and their landlords; not so much for fast-food locations. Sign up for the Summit here.
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5 Seattle Spots for Real Estate Power Lunches
Seattle's got a plethora of excellent establishments for real estate power lunches, so we won't pretend this is all of them. But it's a start; and not in any particular order. See the list here.
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Meet the Credit Suisse Mafia
Some of Real Estate's Most Powerful Financiers
 In 2009 the rug was pulled out from under Credit Suisse as legal troubles spawned a mass exodus. But that didn't destroy the global financial services juggernaut's strong network. In fact, several went on to make quite a splash in the industry. Here's a look at some key players then and what they're up to now:
1) Steven Kantor
Then: MD in charge of all leverage finance
Now: Co-Founder of CCRE and CEO of S2K Partners
Son of Edwin Kantor, he apparently rides around Manhattan in a customized, chauffeured Mercedes Sprinter with a built-in office, massage chairs and two big-screen TVs. Steve had a meteoric rise at Credit Suisse where he was in charge of real estate finance and securitization and eventually running global real estate investment banking. In 2006 he was put in charge of all leverage finance. After leaving Credit Suisse, he hopped on board Cantor Fitzgerald, where he became one of three co-founders of Cantor Commercial Real Estate (CCRE). Now inactive at CCRE, he and his father have their own company, S2K Partners, a private equity firm that invests in media, entertainment and leisure. He notably joined forces with American idol creator Simon Fuller to bid on the $400M-plus Standard Hotel last year.
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Unico Aquires Pemco Property
Unico Properties acquired the 168k SF Pemco Insurance complex at 301-325 Eastlake Ave E in Seattle, according to CoStar. The deal also includes 30k SF of land for development. Pemco has been in the building since the 1980s and will lease back its space on a short-term basis before moving to 1300 Dexter Ave. Unico plans improvements to the Eastlake Ave property. [CoStar] |
Developers Object to Construction Tax
Major Puget Sound-area developers, organized as the Coalition for Sustainable Jobs and Housing, have formally objected to a plan to tax construction projects in Seattle to fund affordable housing, according to the Puget Sound Business Journal. The Seattle Department of Planning and Development has proposed a policy to allow the tax without going through review of the State Environmental Policy Act, or SEPA. In a statement, the coalition says if the new tax is adopted as proposed, it will have a substantial dampening effect on the ability to provide housing in the city. [PSBJ] |
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Airbnb Reportedly Hits $20B Valuation
This has already been a busy year for the real estate and sharing economy startup Airbnb. Between launching a new "hotel tax" earlier this year, and the first Airbnb-related tenant eviction in a New York rent-stabilized apartment, the company has made constant headlines. Some have even called Airbnb the No. 1 threat to the hotel industry.
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