SEATTLE--(BUSINESS WIRE)--The University of Washington Board of Regents approved the selection of Wright Runstad & Company to redevelop Rainier Square, a 140,000-square-foot retail property that is part of the University’s Metropolitan Tract in downtown Seattle. Wright Runstad & Company was selected through a competitive process managed by the University of Washington.
The 1.15-million-square-foot project will include a tower of more than 50 stories containing 750,000 square feet of office space and approximately 240 apartment units. There will also be a 15-story four-star hotel and 30,000 square feet of distinctive restaurants and retail shops will be incorporated into the base of the project.
“We are absolutely thrilled to be awarded this opportunity,” said Greg Johnson, Wright Runstad & Company president. “The 66,000-square-foot site is the single best location in the city for this landmark project we are proposing. It is simply great real estate any way you look at it.”
Plans call for obtaining a Master Use Permit this fall and starting construction in the second half of 2015 with completion scheduled for late 2017.
The University of Washington owns the Metropolitan Tract in downtown Seattle, containing approximately 11 acres or more than four city blocks, where the original University was located before moving to its present location in 1895. In addition to Rainier Square, the Tract includes landmark buildings such as Rainier Tower, the Fairmont Olympic Hotel and the IBM Building.
Wright Runstad & Company
Seattle-based Wright Runstad & Company develops, acquires, manages and leases high-quality commercial office buildings located primarily in the Pacific Northwest. The company is in its fifth decade as one of the region's premier real estate development and operating companies, delivering outstanding property performance and superior investment returns. Wright Runstad & Company maintains an exceptional reputation among tenants and institutional investors for its demonstrated commitment to integrity and high levels of quality and service.
For additional information visit: http://www.wrightrunstad.com/properties/development-portfolio/rainier-square-redevelopment-project.aspx