News
INTRODUCING INTERBAY QUARTER
March 27, 2012
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| One sign that Interbay (which aspires to be known as Interbay Quarter) is going strong, according to Unico Properties SVP for investment and development Jonas Sylvester? "The waitlist for the P-patch on 15th is epically long," he tells us. (A P-patch, by the way, is a community garden. Interbay's sprung up in the '70s in a former landfill that became a golf course.) |
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| In addition to new projects in the pipeline, Jonas is especially excited about 236-unit Slate Apartments & Lofts, going up next to the Red Mill Burgers on 16th and West Dravus. "Oftentimes if you're going into an emerging area, you say, all right, I'm going to build my project, now I really hope other stuff comes up along with it," says Jonas, who likes to frequent the Interbay Golf Course when not in the office. "We're starting with transit, parks, retail, and great proximity." For years Interbay was seen as a buffer between downtown and Ballard, but no more—driving around the neighborhood the other day, we also spied a new shopping complex anchored by a Whole Foods. What other evidence do you need that this is a neighborhood on the rise? |
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| It's been a busy time for Unico, which has done about $400M in deals during the past year, mostly acquisitions. "We're trying to grow thoughtfully," Jonas says. "But we're probably seeing more opportunity right now than we've seen in quite some time." Prices, while nowhere near their cyclical peak, are not at the bottom of the barrel either. "People thought there was going to be a lot of distress, that it was going to be raining buildings, that you could kind of close your eyes, stick out your hand and grab one at a great price," Jonas tells us. (It hasn't rained buildings like this since the last time Godzilla showed up.) "It hasn't been quite that easy, but there's been a confluence of factors that has finally put owners or lenders who have wanted to sell together." |
