When you compare the two to three block radius of buildings around this proposed building, you’ll find about 24 Class A and B buildings of which could technically compete for tenants. However, the proposed plan includes tall ceilings that many tenants these days find very attractive, yet in short supply. This should make this building stand out from its competitors and be very appealing from a tenant’s perspective.
Frequently, my client’s criteria include having multiple amenities nearby by for the employee’s as well as places for both formal and informal meetings. Beyond the obvious reasons for these amenities are strategic plans to achieve more productivity out of their employee’s, attract new talent and retain the existing talent.
Instead of going home at a 5pm, why not meet your co-worker for a meal or beverage to discuss the latest project? Or if you are a software programmer, maybe you prefer to start work at noon and leave at midnight. On your break you may want some entertainment or even walk to your condo down the street or in one of the 50 residential units in the building.
From an office user perspective, I can see this being a home-run. I’ll be curious to see how the mix of both residential, office and retail plays out. It is a concept that has worked well in other markets, however this is uncommon for Seattle. Given the location, the odds are favor of this working quite well.