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3/02/15
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Resmark Apartment Living, a division of The Resmark Companies, plans to develop a new multifamily project in Seattle's First Hill neighborhood. The development, located at 550 Broadway, will be seven stories tall and will contain 171 res units along with 5.2k sf of ground-floor retail space.
The project marks Resmark’s sixth multifamily investment in the Seattle area, and third joint venture here with Intracorp, a leading West Coast developer of urban residential housing. It is located adjacent to Seattle University and Swedish Medical Center, at the intersection of E. James St and Broadway.
“550 Broadway marks Resmark's fourth partnership with Intracorp in the dynamic Seattle market. Intracorp’s whole team continues to demonstrate the company’s strong development expertise, and we are pleased to be the equity partner on this great addition to First Hill," said Ziv Cohen, President, Resmark Apartment Living.
The project will feature 73 studios and an equal number of one-bedroom apartments, 22 two-bedroom apartments and three live-work units, ranging in size from 324 sf to 958 sf. The apartment interiors will feature designer kitchens with contemporary stainless steel appliances and hard surface countertops, wood plank-style flooring, and washers and dryers. Anticipated amenities include a rooftop deck, fitness center and clubroom.
The site is in the heart of Seattle’s Medical District, within walking distance of Swedish Hospital, Harborview Medical Center, and Virginia Mason Medical Center, and is one-half mile from Seattle’s downtown Central Business District. A station stop for the new $132 mil First Hill Streetcar Line, slated to begin operation in 2015, is one-half block from the property. Proximity to the vibrant Capitol Hill neighborhood provides another advantage with its numerous dining options, small arts theaters, nightclubs, bars, entertainment venues and popular retail outlets like Whole Foods.
Groundbreaking on 550 Broadway is scheduled for late 2015 with lease up anticipated to begin in summer 2017.
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