COVER STORY, DECEMBER 2005

CITIES LOOKING FOR DEVELOPMENT
Western cities are wooing developers while wowing consumers.
Brian A. Lee

Western Real Estate Business recently looked at some cities to see how they are attracting business and development while preserving their unique character.

Boulder, Colorado

Twenty Ninth Street, a mixed-use development in the center of Boulder, Colorado, will offer lots to do and see when it opens in fall 2006.

“On the real estate front, there is a major emphasis on mixed-use development with residential components and easy access to transit,” says Sean Maher, the Boulder Economic Council Director and acting Economic Vitality Director. “The city of Boulder is currently supporting the natural products industry through a variety of programs.” Both of these goals are met in Twenty Ninth Street, the design of which will complement Boulder's spectacular natural scenery.

Spanning over 400 acres in central Boulder, the Boulder Transit Village Area Plan will analyze how land use, housing and transportation changes will help the community to better leverage the area's assets and investments. The plan encompasses the proposed RTD and FasTracks regional transportation facilities and the Twenty Ninth Street development. Staying on the mixed-use and transit-oriented theme, Maher says that the 400,000-square-foot, $100 million One Boulder Plaza remains a unique and innovative development in downtown Boulder. The brick-and-stucco property offers office, residential, restaurant and retail space convenient to just about everything in the city.

Boulder, Colorado's mixed-use destinations, efficient transit options and business-friendly environment complement its beautiful natural scenery.

“We believe that attracting new development must be done through a mosaic of different methods, each engaging developers as critical partners in the development of our community,” says Maher. “In addition, we offer direct planning assistance through our business liaison/senior planner and redevelopment director, along with continual support from our economic development team.”

The economic benefits of setting up shop in Boulder are many, says Maher. The city consistently ranks high nationally in measures of living, recreational and environmental efficiency standards. A highly educated workforce and a first-rate research university (University of Colorado) add to the advantages of Boulder's business community.

“As seen through new partnerships with the Boulder Chamber of Commerce and Boulder Economic Council, we are home to an environment that is built upon cooperation and collaboration,” says Maher. “Boulder's new Innovation Center and our economic development efforts have focused on providing an environment that is conducive to business and development while providing the best services to our residents.”

Bend, Oregon

Bend, Oregon has a population of about 70,000 people and it's growing fast. John Russell, Bend's director of urban renewal/economic development, says the city projects that it will issue around 2,500 residential building permits this year. Need more proof that more and more people are being attracted to the scenery, weather and lifestyle that this fair city has to offer?   

Activity in Bend's commercial real estate market will certainly confirm the city's growth. Franklin Crossing is a 130,000-square-foot mixed-use project that will serve as the gateway to the southern part of the downtown area. The first two floors will be retail, followed by office space on the next two levels and eight penthouse condominiums. The development, which includes 50 underground parking spaces, is scheduled for completion in summer 2006.   

David Swan and Rick Skinner are developing the 110,000-square-foot City Center Plaza, which will consist of ground-floor retail, about 37 condominium units and 71 parking spaces. The project will be completed in late 2007. Russell says that Acadia Properties is redeveloping the original Bend Fire Station into Firehall, a property that will consist of ground-floor retail, office space and condos. The project will be completed in early 2006. The Bend Urban Renewal Agency's construction of a $12 million 555-car downtown parking structure has stimulated nearby commercial growth. Adjacent to the parking structure will be the 55-room Oxford Hotel, scheduled to open in mid-2007.

The city of Bend recently selected master developer Juniper Ridge Partners LLC for development of the 1,500-acre Juniper Ridge property, of which 500 acres are located within the city limits. The project will consist of at least 400 acres of industrial/R&D land and a new university (200 acres donated by the city), with the remaining land developed for urban, mixed-use purposes. “It is anticipated that absorption of the entire site will take up to 20 years,” says Russell. “Construction, including major infrastructure, is anticipated to begin in early 2007.”

Bellevue, Washington

Bellevue is well on its way to becoming a major destination on the east side of the Puget Sound. All one has to do is look at the major developments sprouting up in the city of more than 115,000 people, located due east of Seattle.

Lincoln Square, a $500 million mixed-use development, welcomed its first customers in October with the opening of its first two retailers. The 1.4 million-square-foot project, developed by Kemper Development, will consist of 310,000 square feet of retail, 540,000 square feet of office, a 337-room Westin hotel and more than 140 luxury condos when completed in 2007. Retailers are attracted to Bellevue's affluence and intelligent consumer base while residents and visitors will be attracted to the 24-hour environment that Lincoln Square will help bring to the downtown.

Wasatch Development has begun work on Washington Square, a 10-acre mixed-use project in the heart of downtown Bellevue. The first phase will deliver 400 condo units across two residential towers and two-story town home offerings with 150,000 square feet of retail, a boutique hotel and high-rise office tower to follow. In January, Bellevue will have a new city hall, a 337,000-square-foot facility costing $127 million.

Ellen Miller-Wolfe, economic development manager for Bellevue, says that 20 large projects are currently in progress in the city. Her department is focusing on the Bel-Red Corridor or that which connects the cities of Bellevue and Redmond. “We are looking at a variety of land uses that might populate this area,” she says. “We are making sure that our zoning is suitable for diverse uses, for the needs of IT (information technology) and FIRES (finance-insurance-real estate services) business clusters.”

Businesses and employees alike benefit from Bellevue's multi-modal transportation options, excellent broadband connectivity and various other amenities. Miller-Wolfe lists the city's proximity to the Seattle airport, port of Seattle, Microsoft, and many training and higher education institutions as additional advantages to doing business in Bellevue.


©2005 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.