Initially dubbed Terry Avenue Technology Court, the 500,000-sf, five-building project has been renamed Interurban Exchange on the advice of a professional branding firm, Schnitzer Investment Manager Suzie Morris tells GlobeSt.com. Four of the five buildings will be new construction and between four and five stories high. The fifth is an existing structure called the Van Vorst Building. It will most likely be renovated for use as a tenant amenity center. Pacific Real Estate Partners has won the leasing assignment.
Morris says Schnitzer will be going in for building permits on Exchange 3 on Feb. 27, "but we'll wait for significant preleasing before moving forward with construction." The building is designed for biotech use, and will take about 13 months to construct once ground is broken. The same preleasing requirement will exist for Exchange 2, which is two weeks away from having its approval locked in place.
Approvals for the remaining two new buildings has slowed while the joint venture attempts to acquire from the city an alley that separates the two properties, says Morris. The public benefit in exchange for the alley will likely be a half-acre plaza between the two buildings. An MUP for these two buildings is not expected until this summer, says Morris.
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