FEATURE ARTICLE, MAY 2008

BUILDING OUTSIDE THE BOX
Western developers are creating multifamily properties that are very different from those in the past.
Lara Fuller

It’s not often that you hear of a multifamily project developed by a boxing legend or an apartment complex that benefits a church and homeless shelter. Some of the newest multifamily developments, however, have more than just an interesting design and multiple amenities to make them unique. Western Real Estate Business recently took a look at four new projects and found several new trends emerging in the realm of multifamily development.

Aspira

When complete in early 2010, Aspira apartments in Seattle’s Denny Triangle neighborhood will feature 325 units.

Construction recently began on the 529,690-square-foot Aspira apartments in Seattle’s Denny Triangle neighborhood. When complete in early 2010, the development will feature 325 units with a range of one- and two-bedroom floor plans.

The building is being developed with green in mind and not just the bottom-line kind. “Aspira is designed and constructed using green-building technology, which promotes the economic health and well-being of the occupants, the community and the environment,” says Julie Benezet, managing director with Los Angeles-based Urban Partners. “Units will include city views as well as scenes of the surrounding natural landscape.”

The 11th floor of the building will feature 14,000 square feet of amenities including a spa-like fitness area, library, conference room, media room, community room, outdoor barbeques, fire pit, gardens and gathering spaces.

The project was originally planned as for-sale condominiums, but later changed to apartments. “With the uncertainty of the financial markets, coupled with a lack of new apartment product in the area, the project was changed to a high-rise apartment building that will cater to young professionals, executives and empty-nesters alike,” says Benezet.

When complete, the Aspira apartments will do more than just provide an additional housing option for Seattle residents. Development of the complex will also help to provide jobs, clothes and food for some of the homeless residents in the city. The Gethsemane Lutheran Church, a Seattle fixture since 1885, sold its parking lot at Stewart and Terry streets to Urban Partners in 2007 for the construction of the 34-story Aspira Apartments.

“With the $8.5 million Gethsemane will receive for the sale of its parking lot, Reverend Kempton Segerhammar and the church will continue their mission of justice, fairness, jobs, food and community service well into the future, especially in catering to the diverse needs of Seattle’s homeless population,” says Benezet.

The developers hope that the unique story behind the development, its environmentally-conscious design and the numerous amenities will serve as a big draw for Seattle residents.

Broadstone at Parker Station

Broadstone at Parker Station, a 212-unit transit-oriented development in Denver, is slated for completion in spring 2009.

Broadstone at Parker Station is being designed differently than projects in the past. Instead of a generic multifamily development, Alliance Residential, developer of the project, is constructing Broadstone at Parker Station with specific Denver residents in mind.

“There has been a shift in the Denver market to denser, urban-style community, which affords residents varying transportation options while still allowing traditional mountain lifestyle amenities, such as access to trails, views of the mountains and mountain-themed color palettes,” says Katrina Plank, managing director with Phoenix-based Alliance Residential. “Broadstone at Parker Station was designed and conceived based on fulfilling these wants and unique positions in this community.”

Since convenient transportation is important to many of the area residents, Broadstone at Parker Station offers several options. The project is in immediate proximity to Interstate 225 and offers easy accessibility to I-25 as well. The site is also located one-fourth mile from the Regional Transportation District’s new light rail line and near the Nine Mile Light Rail Station on I-225.

“Parker Station has easy access to the major employment centers of downtown Denver, the Denver Tech center, Inverness Business Park and Meridian Business Center,” says Plank. “In addition, it will offer direct access to public parks, golf courses, baseball fields and the Cherry Creek hike/bike trail. The property also enjoys convenient access to the Cherry Creek Reservoir and the many outdoor activities this state park has to offer.”

The 212-unit development will feature one-, two- and three-bedroom apartments. Amenities will include a 3,200-square-foot clubhouse with a game/sports room, gourmet kitchen and fitness center, and a pool with sun deck, spa, gazebo and barbeque grill.

“What differentiates this development for Alliance Residential is the focus and commitment to a transit-oriented development,” says Plank. “The connection to the light rail station will be established, and Broadstone at Parker Station will provide comfortable living with amenities, focused around transportation convenience and interiors designed for price-minded residents.”

Construction on Broadstone at Parker Station is currently underway, with completion scheduled for spring 2009.

Tierra Del Rey

Famous boxer Oscar De La Hoya’s company is partnering up to develop Tierra Del Rey in South Gate, California.

While most people associate Oscar De La Hoya with boxing, he is now becoming known for something else: real estate development. Golden Boy Enterprises, De La Hoya’s real estate development company, along with Trimark Partners and CarVal Investors, formed Metro Housing Partners to develop the 107-unit Tierra del Rey community in South Gate, California.

“This is the first project for Metro Housing Partners,” says Walter Johnson, its director. “It was brought to us by our partner, Golden Boy Partners, which had been in discussions with the city of South Gate on various properties for redevelopment. Golden Boy Partners targets investments in urban Latino communities, and the city of South Gate is an ideal fit for this investment program.” 

The Tierra del Rey project will sit on five acres at Firestone Boulevard and Calden Avenue in South Gate, which is located 12 miles southeast of Los Angeles. The most distinctive element of the project is that it is being designed specifically for working families. “Our goal is to provide housing for working families and at the same time revitalize many of Southern California’s established urban communities,” says Johnson. “We strongly believe there is a shortage of urban housing alternatives for this demographic in Los Angeles and Orange counties.”

When complete, the development will feature townhomes ranging from 1,200 to 1,600 square feet. Amenities at Tierra del Rey will include parks, gathering areas and views of the downtown Los Angeles skyline. “Tierra del Rey will offer new, quality housing priced well below the area average in order to appeal to working families and young people,” says Johnson. “The attractive townhome community will feature landscaped open space with pocket parks, a community garden with barbeque areas and other outdoor gathering spots that are important in creating an inviting living environment in a mature, urban area.”

Construction began on Tierra del Rey in February, with completion scheduled for March 2009.

Vineyard Point

As the price of homes has increased dramatically in the past few years, particularly in the West, many cities are addressing the issue by trying to ensure that there are more affordable options for local residents. Sacramento County, California, is one area that has an ordinance designed for just that reason.

“The Vineyard Point apartments are being developed to fulfill the affordable housing obligation of Lennar Winncrest LLC for the Vineyard Station subdivision in Sacramento County,” says Rachel Green with Sacramento-based St. Anton Partners, developer of the project. “Sacramento County has adapted an affordable housing ordinance requiring developers to provide affordable housing as a percentage of their subdivision. St. Anton Partners seeks to assist master parcel developers by fulfilling their affordable housing requirement.”

The two- and three-story residential buildings at Vineyard Point will feature stucco exteriors and concrete tile roofs. Each building will feature varying fenestration accented with trim and a multi-color painting scheme. “Architectural elements such as articulation of the façade, variation in roof pitch and ornamental iron embellishments are incorporated into the design of the buildings to create visual interest,” says Green.

Other features of the project include a clubhouse with a multi-purpose room, full-size kitchen, computer lab, exercise room, and on-site leasing and management offices. In addition, the development will feature a pool with a patio and picnic area. “The remaining open areas surrounding each residential building feature lush garden landscaping and tree planting,” says Green. “Pacific Housing Inc., our non-profit partner, will use the community clubhouse to provide a variety of social services for our residents, including after-school programs for children and computer education.”

While the Vineyard Point project offers it residents a number of amenities and attractive residences, the most important part of the project is its affordability. “Throughout the past decade, St. Anton Partners has evolved into the region’s most prolific affordable housing developer,” says Green. “Occupancy in more than two-thirds of our units is restricted to low-income households under a variety of federal and state funding and operational subsidy programs. The company’s diverse portfolio reflects its commitment to quality design and the willingness to provide safe, affordable housing throughout California.”

©2008 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.