Security Properties this spring started construction of a downtown Seattle high-rise with no hoopla, but unlike the quiet launch the uniquely shaped building itself will stand out on the skyline.
The 40-story apartment project at 1823 Minor Ave., is called Kinects and gets progressively larger on each floor. The result will be a kind-of wedge-shaped building that's topped by a rooftop swimming pool.
That construction of such a big project could start with little notice indicates how much building activity is occurring in this part of the city called the Denny Triangle. It's where Amazon (Nasdaq: AMZN) is building its high-rise campus and other developers are under way on big projects. (See the map in the slideshow section of this post.)
Seattle architecture firm Bumgardner designed the 357-unit project, and CKC of Bellevue is the structural engineer. Andersen Construction is building Kinects.
The structural design is the key, according to Security Properties. The team took what a Security representative said was the unusual step of having the structure formally peer reviewed. Without that, the tower would have been required to have redundant structures and beams, and that would have compromised the design.
Also unusual, at least in Seattle, is the pool. "We do not know of any other tower-top pools other than at the Four Seasons Hotel, and we need to note that theirs is actually a one-season pool, whereas ours – enclosed and lit – will be a truly four-season pool," said John Marasco, Security Properties' chief development officer.
The Kinects name refers to the location of the property. The Denny Triangle is at the nexus of Capitol Hill, South Lake Union and downtown, said Marasco, who's not concerned that several similar-sized projects have been built nearby or are planned.
Marasco said people are still renting apartments in high-rises, and that the pool and other amenities will help give Kinects an edge.
Plus, he said, the city's new pending "linkage fee," or tax on real estate development, will significantly constrain the supply of new apartments.
Security Properties is developing Kinects on land that some members of the Bartell Drugs family own, and the total development cost is around $150 million, according to Security officials. Insurance company Pacific Life is providing the construction financing, the the State Teachers Retirement System of Ohio is the equity partner on the project.
The tower is scheduled to be done in the summer of 2017.
