Harvest. Rendering courtesy of Columbia Pacific Advisors
Columbia Pacific Advisors Bridge Lending has offered a $92 million mortgage for the development of the retail part of Harvest, a mixed-use venture within the Hollywood District of Woodinville, Wash. This marks the corporate’s fourth mortgage for the event, ensuing within the bridge lender’s cumulative funding approaching a complete of $200 million.
Underneath Windward Actual Property Companies’s possession and developed by Greg Krabbe and Dan Wachtler, the venture is slated for completion within the second a part of 2024. Backen & Gillam Architects can be a part of the venture, whereas Jensen Design Structure is dealing with inside design. Engineering agency CPH Consultants and panorama structure firm Brumbaugh & Associates are additionally a part of the group.
The event will rise about 17 miles northeast of downtown Seattle and near north Bellevue, Wash. Apart from the on-site wine-tasting venues, retail choices, eating places and workplace areas, Harvest will supply connectivity to out of doors actions, riverside bike paths and mountaineering trails.
Addressing suburban retail demand
At full build-out, Harvest is ready to embody greater than 100,000 sq. ft of ground-up retail and 26,000 sq. ft of cupboard space, together with on-site parking, 70 townhomes and condominium flats, and 200 rental flats. Moreover, the venture will function the 165-key Somm Lodge and Spa. Virtually 60 p.c of the venture has already been preleased.
Upon completion, the event can even embrace a 650-stall, multi-level underground parking storage. Harvest is ready to comprise a hybrid workspace together with numerous native wineries and two restaurant ideas. The addition of a market, a florist, espresso retailers and kitchen retailers can be within the books.
In line with a current Kidder Matthews Seattle retail report, suburban retail markets are experiencing extra exercise, due the continuing shift towards distant and hybrid work. In line with the identical supply, the direct retail emptiness price stayed the identical within the fourth quarter of 2022, remaining at 2.6 p.c. Nevertheless, the general availability price decreased by 10 foundation factors throughout the identical timeframe and by 50 foundation factors throughout 2022, ending the 12 months additionally at 2.6 p.c.
In line with Kidder Matthews, there was a lower in retail improvement after the pandemic, nevertheless it has remained constant over the previous two years, significantly with build-to-suit and pad developments.
The Hollywood District has obtained a second capital infusion and a complete of 4 loans from Columbia Pacific Advisors to help in its improvement. One of many loans, a $14 million acquisition mortgage, was granted in 2018 for the property. The newest mortgage was given in 2021 to assist the development of 31 townhomes within the Woodinville Wine Village, which is the primary residential venture within the native market.
