Seattle developer, Othello Partners, together with USAA Real Estate Company brings transit-oriented living to the Othello neighborhood

$70 Million project is set to break ground in early July and be ready for occupancy in early 2011

Seattle, WA – June 24, 2009 – (RealEstateRama) — Despite the economic downturn stalling numerous development projects around Puget Sound and throughout the country, one developer—Seattle-based Othello Partners—will move forward in breaking ground on The Station at Othello Park, 420,000-square-foot mixed-use project in south Seattle’s Othello neighborhood. The project is adjacent to the Othello Station on Sound Transit’s new Link Light Rail line, which will be fully operational this July. The Station at Othello Park will offer 352 studio, one- and two-bedroom apartment homes, generous tenant amenities and approximately 20,000 square feet of retail space, bringing increased vibrancy and greater access to amenities to one of Seattle’s most eclectic neighborhoods.

“The Station at Othello Park represents the first new mixed-use development to break ground along light rail and is an important step forward in Seattle’s future as a transit-oriented city,” said Steve Rauf, president and CEO of Othello Partners.“It also signifies an exciting renaissance of the Othello neighborhood, one of south Seattle’s most unique in-city communities, with its rich culture and history. Many have seen the value in this project but none as much as our financial partner USAA Real Estate Company, who recognize that this is the time to move forward. We are grateful for their partnership and share a commitment to the community and to The Station at Othello Park.”

Living on Light Rail Offers Sustainability, Access and Even a Park
Giving new meaning to convenience, The Station at Othello Park will feature contemporary northwest design adjacent from the Link Light Rail’s new Othello Station. With trains leaving every seven minutes in either direction, residents are minutes away from downtown Seattle, Sea-Tac International Airport, sporting stadiums or the downtown shopping district, making living in Othello a truly urban experience.

“For a long time, we’ve known that light rail will transform our city. It’s about more than how we get around. It’s about how we live,” said Mayor Greg Nickels, chair of the Sound Transit board. “The Station at Othello Park ground-breaking is a significant step forward and an example of light rail’s potential to create great communities.”

The project’s 352 apartments will offer residents several unique floor plans, many with balconies and views of Lake Washington, the Cascades, Othello Park, Mount Rainier and the Seattle skyline. Homes will offer a range of amenities including condominium-quality materials such as granite countertops and high-end, renewable finishes. The community spaces have been artfully designed to represent an urban retreat, including a courtyard garden, an entertainment suite and a 7,500-square-foot rooftop deck—with breath-taking 360-degree views—where residents can entertain guests. 

The Station at Othello Park borders the 7.6-acre Othello Park and Playground, which will serve as an extension of the grounds for residents. Located just across the street, this green oasis will be ideal for outdoor enthusiasts, dog owners as well as those who enjoy basketball, outdoor picnics or casual sports.

The Station at Othello Park’s proximity to light rail offers the option of a car-free or reduced car lifestyle, allowing residents to drastically reduce their carbon footprint. In addition, The Station at Othello Park will be developed as an environmentally-sustainable building targeting the U.S. Green Building Council’s LEED-Silver certification as well as “Built Green” and “Built Smart” standards. This requires the project to meet and beat specific environmental standards such as using recyclable and/or energy efficient materials and building practices during construction. 

Othello Partners is in the permitting process for the two-acre lot just north of The Station at Othello Park and plans to build 370 apartment homes with 18,000 square feet of retail space on this site. Combined, the two residential properties will form a pedestrian district and retail destination along Othello Street, creating a hub of activity in the neighborhood. With the culmination of other development plans, this intersection is poised to become one of the densest residential cores in Seattle. 

When pre-leasing begins in 2011, rents will be market rate with some homes available at 80 percent area median income affordability. Sign up to receive more information at www.TheStationAtOthelloPark.com. 
 
Uncovering One of Seattle’s Hidden Gem Neighborhoods With Link light rail slated to open on July 18, the increased access will allow more urbanites to discover this south Seattle neighborhood. Othello is nestled between I-5 and Lake Washington, less than two miles from Seward Park. It is one of Seattle’s original transit-oriented communities, developing more than 100 years ago as a result of the electronic streetcar line located on Rainier Avenue. Since that time, the neighborhood has been defined by distinct multi-culturalism and an international influence that is celebrated to this day. As Othello welcomes light rail back to the community 70 years after the first streetcar tracks were removed from Rainier Avenue, this neighborhood is primed for new opportunities to grow and change.

“This neighborhood reflects a level of diversity unparalleled in Seattle and we are excited that light rail will connect us with more people who will explore our shops, restaurants and parks,” said Jenna Walden, president of the Othello Neighborhood Association.  “We look forward to working with Othello Partners and the business community to ensure The Station at Othello Park creates a lively transit hub.”

The Project Team
Othello Partners handpicked a talented team of architects and designers to work on this project including architecture firm Ruffcorn Mott Hinthorne Stine, Mercedes Fernandez Interior Design and Karen Kiest Landscape Architects. These teams bring creative expertise and sophisticated styling together for this project, which includes incorporating the Augusta M. Asberry sculptures commissioned by Sound Transit into the exterior landscape of the building, designing spacious sidewalks that will allow outdoor café seating, creating a water feature sculpture into the landscape and identifying the ideal finishes and colors to convey a sense of arrival and place for residents and visitors alike. 

Commercial Development and Consulting with branding and design support from Dynamik Space will be securing retail leases while Pinnacle, an American Management Services Company, will manage the residential leasing.

The Othello Neighborhood Celebrates Light Rail Opening
To celebrate the opening of Link light rail on July 18, the Othello Neighborhood will be hosting a street party—“Othello on The Move, a Celebration at The Station”—across from the station. Stop by between 10:00 a.m. – 5:00 p.m. to learn more about the neighborhood, listen to live local music, register for giveaways and much more.

About USAA Real Estate Company
USAA Real Estate Company, with over $5 billion of assets, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.  In addition the company provides investment vehicles for domestic and foreign investors.  The USAA portfolio consists of office, industrial, retail and hotel properties with annual volume transactions exceeding $3 billion.  USAA Real Estate Company is a subsidiary of USAA, which has served military families since 1922 and has become one of America’s leading financial services companies.  For more information about USAA Real Estate Company, visit www.usrealco.com.

About Othello Partners
Othello Partners is committed to developing environmentally conscious and financially viable residential and commercial projects with a focus on urban in-fill redevelopment. The company, located in the Rainier Valley neighborhood of Seattle, has more than 780 units of residential and 40,000 square feet of retail space under development along light rail. These mixed-use communities will bring high-quality, affordably-priced apartment housing and engaging retail to the Othello neighborhood and greater Rainier Valley.