PROJECT OF THE YEAR: MARKET-RATE
Dexter on Lake Union
It’s not easy bringing 200 multifamily units online at once. Try doing that in Seattle, one of the tightest markets in the country. Opus Northwest and Holland Partners met that challenge, though, with Dexter on Lake Union, a 201-unit mixed-use community in Seattle.
“Nobody else was out there doing anything like this,” says Tom Warren, president of development at Vancouver, Wash.-based Holland Partners.
So how was the team able to build this top-notch project in such a shaky market? “It’s efficiency of design and thoughtful approach to the design and marketing,” Warren says. To keep costs down, for example, the parking garage features 319 square feet per stall, versus the typical 350 to 400 square feet.
Architecturally, the team opted for a single structure instead of multiple buildings, reducing the number of exterior walls. Varying colors, from mustard and lime green to eggplant and terracotta, and exterior materials break the U-shaped building into smaller masses. “We have had people ask us if it’s two buildings or four buildings, and they are surprised when they find out it’s only really one,” adds Andy Taber, senior real estate manager at Opus Northwest, based in Bellevue, Wash.
The development team took advantage of the project’s unique location near Lake Union–famous for housing Tom Hanks’ houseboat in the 1993 film “Sleepless in Seattle.” Because it was one of the few new apartments in the area, the team had to educate its audience on the perks of the location. Marketing material, with the tagline “Lake Union Living,” emphasizes all the nearby activities–boating, kayaking, and even float planes to Canada
On the inside, the Dexter boasts a contemporary, elegant look. “One of the things we wanted to do is make the interior lobby feel like it was a renovation of an older building,” says Warren. That lobby features galvanized steel, exposed utilities, and floor joists, complemented by classy wood-framed red velvet chairs and a leather couch. This contemporary look appeals to the target market of young professionals in the nearby technology industry, and they like the look and location. The community averages about 20 leases a month–not bad for the Seattle market.
–R. Azoff
Dexter on Lake Union
Location: Seattle; Developer: Opus Northwest LLC and Holland Partners; Architect: Driscoll Architects; Opened: March 2004; Units: 201; Unit Mix: Studios, one- and two-bedrooms, and two-story townhomes; Rent: $600 to $3,500; Cool Stuff: Three roof decks with lake views, on-site Flexcar, complimentary kayak and bike rentals, granite bar-tops, stainless steel sinks