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10/05/20
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A joint venture between IHP Capital Partners and Intracorp has acquired an unimproved, 1.5-acre site for the development of a new urban infill community. Located between the North Beacon Hill and Mount Baker neighborhoods, the yet-to-be-named community will bring 58 townhouses and four live-work units to the Seattle market, where new home supply is in high demand.
Development is underway and construction is anticipated to begin in Q4 2020. The 62 two- and three-story residences will range from approximately 1.2k sf to 1.7k sf and will be offered in five floorplans featuring two to three bedrooms.
The majority of the homes are designed with full-floor master suites, and half of the units will have roof decks that offer expansive views of Mt. Rainier to the south and the Seattle city skyline to the north. Townhomes without roof decks will feature large, private upper-floor decks.
The layout of the community will include landscaped courtyards with walkways throughout and will provide a large gathering plaza with seating and play areas. IHP and Intracorp plan to offer the first new homes for purchase in mid 2021.
Located between South Plum St, South Hill St, and 24th and 25th Avenues South, the new community will comprise nearly an entire city block, making it significantly larger than any other infill project currently under construction in the city.
The North Beacon Hill/Mount Baker area has emerged as one of Seattle’s most desirable places to live in recent years. Located near the I-90 Fwy and close to future light rail transportation, this new community will provide convenient access to nearby employment centers. The project is a 10-minute drive from downtown Seattle and is surrounded by highly-rated schools, restaurants and shopping.
“Strong regional employers such as Amazon and Google continue to support Seattle’s population and wage growth. This, coupled with young buyers who are eager to take advantage of historically low mortgage rates, is a key driver to the area’s rising demand for quality new homes,” said Mike Lierman, president, Northwest and Northern California for Intracorp.
This community is the second joint venture—and first in Seattle—between Newport Beach-based IHP Capital Partners and Intracorp, which has completed several new-home neighborhoods in Washington over the last 40-plus years. IHP and Intracorp are currently in development on The Isle at Mariner Shores, a high-profile townhome community in Newport Beach, with 36 residences.
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