Developer’s First Seattle Project is on Rare Urban Site
Landmark believes there's a healthy market for off-campus housing close to this growing university and says the site is a rare and large urban assemblage near a light rail station that's zoned for high-rise.
SEATTLE—Seattle is the fifth-most expensive student housing market in the country, with rent at $281 per week, according to the World University Rankings. In comparison, Boston and New York were the two most expensive cities for rent, with both costing more than $400 per week. London came in third at $339 a week. The US was highly represented in the most expensive top 10, with six cities including Seattle, Providence, San Diego and Los Angeles on the list.
As the needs for student housing grow, more projects come to the forefront here. In specific, student housing developer Georgia-based Landmark Properties recently announced plans for its first project in Seattle’s University District neighborhood. The 600,000 square-foot two-tower, three-building project will include up to 450 units and 12,000 square feet of ground-level retail and will be across the street from the future light rail station.
The project will comprise two-thirds of the block bordered by Brooklyn Avenue NE and 12th Avenue NE to the east and west, and NE 42nd and NE 43rd to the north and south. The multifamily project will include a rooftop swimming pool with views of the Seattle skyline, rooftop deck, indoor lounge, study spaces and fitness center. Landmark intends to break ground on the project in spring 2021 with project opening by fall 2023.
“Seattle’s University District is one of the most exciting student housing markets in the country right now–the ability to create walkable projects so close to the university and light rail is pretty remarkable,” said Wes Rogers, Landmark Properties president and CEO. “The Standard is our first project in Seattle and we’re looking forward to serving students in the market for many years to come.”
The project team will proactively nominate the existing Canterbury Court building for possible landmark status.
“It’s very rare to find an assemblage of urban property of this size so close to a major university and light rail station that’s zoned for high-rise,” Rogers tells GlobeSt.com. “We think there’s a healthy market for off-campus housing close to this growing university.”
This year alone, Landmark began construction on 11 new student housing communities across the country and has more than 10,400 beds currently under construction. The company has more than 60 properties and delivered 26,500 beds since its inception in 2004.
“We’re breaking ground on more projects in 2018 than in any other year in our company’s 14-year history,” Rogers said. “The size and quality of our development pipeline are testaments to our team’s hard work and vision. We’re excited to continue to see strong demand for our student housing developments across the nation, and we look forward to welcoming more residents to their new homes in the coming years.”