Weingarten closed a new acquisition on February 29, 2016. The mixed-use property, 2200 Westlake, is in Seattle, Washington. The property is a mixed-use development comprising an entire city block in South Lake Union, one of Seattle’s fastest developing neighborhoods. It is Weingarten’s fourth property in the fast-growing Seattle. To celebrate our growing presence in this exceptional community, here are five exciting details about Westlake.
Westlake is a mixed-use, vertically-integrated property with three towers, consisting of eleven, twelve, and fifteen stories and comprising retail space, hotel space, and residential condos. The property is anchored by a 47,367 square-foot Whole Foods Market, with 39,408 square feet of additional leasable space within the three buildings. The shopping center is 100% leased.
The property includes a four-star luxury Pan Pacific Hotel with 153 rooms, as well as 261 independently owned residential condos. Beneath the center is an income-producing subterranean parking garage with 412 parking stalls. The Whole Foods Market is the top store in the district, per number of transactions.
2. South Lake Union
Westlake is located in the high-growth neighborhood of South Lake Union, which benefits from high geographic and demographic barriers to entry, as well as low competition within four miles. The property is less than ¾ mile from the Space Needle and other attractions, and less than one mile from The Bill & Melinda Gates Foundation and Visitor Center. The property is also just a block away from the historic Denny Park.The center is just three blocks away from the Downtown Metro Tunnel, which provides access to the light rail and bus systems. The Seattle Streetcar stops at the center.
The South Lake Union area is growing up with mixed-use residential towers. There are currently approximately 11,500 units either planned or currently under construction— 4,000 of which are within a ten-block radius of 2200 Westlake. South Lake Union will be Seattle’s go-to location to live, work, play and visit.
For more information about high rise construction in Seattle, visit http://seattle.curbed.com/maps/16-high-rise-projects-changing-seattle-skyline
The population and average household income in the three-mile trade area are 220,000 and $99,000, respectively, with 69.06% of the population having college degrees. The population within a one-mile radius grew 20.29% (to 63,131) between 2010 and 2015, and is projected to grow another 16.74% between 2015 and 2020 (to 73,701).
Amazon’s eventual ten million square-feet of leased office space is in the heart of Seattle. The campus resides on at least 14 city blocks, which are spread throughout the neighborhood and on three sides of 2200 Westlake. The campus could support 71,500 employees by 2019 according to Puget Sound Business Journal.
Pedestrian counts at Denny Way and Westlake Avenue (the intersection at 2200 Westlake) quadrupled within five years of Amazon originally moving into the neighborhood. At peak time 1,711 people cross this intersection every hour. With Amazon expanding even closer to the shopping center, and the number of employees potentially doubling, traffic and customers will inevitably increase.
Google is moving its Seattle offices to four buildings on two blocks in South Lake Union. The new location is just five blocks north of Westlake, and just a ten-minute walk. The buildings will contain 607,000 square feet of Google office space, as well as retail and residential space. Construction is scheduled to end in 2019. The buildings are adjacent to the new Amazon campus. Google’s added presence in South Lake Union is demonstrative of the area’s ever-increasing appeal and trajectory. Although the area used to be all warehouses and industrial buildings, new developments and business continue to morph the neighborhood into a sought-after residential and work community.
According to The Seattle Times, 2200 Westlake was “one of the early developments in the South Lake Union neighborhood’s transformation from a gritty industrial district of factories, warehouses and auto dealerships.” Although Weingarten has just acquired the property, we are proud to be part of such an impressive community transformation, and we hope 2200 Westlake and our tenants stay an integral part of South Lake Union’s growing community.