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Gregory Johnson: The Spring District

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Gregory Johnson: The Spring District

  1. 1. w w w. t h e s p r i n g d i s t r i c t . c o m December 2013
  2. 2. Seattle Mercer Island Bellevue SR-520
  3. 3. Seattle Mercer Island Bellevue SR-520
  4. 4. Seattle Bellevue
  5. 5. ENTITLED MASTER PLAN OFFICE 3,715,000 sf RESIDENTIAL 1,222,000 sf HOTEL 199,000 sf RETAIL 158,000 sf TOTAL 5,294,000 sf
  6. 6. REGIONAL OPPORTUNITY STRONG HOUSING DEMAND • Shrinking apartment vacancy rate with continued strong demand • Region predicted to add 135,000 new residents in next 3 years STRONG COMMERCIAL DEMAND • 27 million sf owned or leased by tech companies • Strong growth predicted +2.7 million sf “in the market” now TECHNOLOGY LEADERSHIP • UW, Microsoft, Amazon, Expedia and many, many others • Strong entrepreneurial culture PUBLIC INVESTMENTS • $2.8 billion new light rail extension to Eastside • $4.65 billion new 520 bridge to Eastside
  7. 7. BELLEVUE OPPORTUNITY TOP RATED SCHOOL SYSTEM • Bellevue International High School is #1 in state, #7 in nation • Top rated district in state HIGH INCOME • Median income $81,000 CULTURAL DIVERSITY • 41% foreign born - one of the most diverse cities in the U.S. • Chinese and Indian nationals dominate software developer workforce in region • +15,000 H1B visa and full time foreign workers/year • Demand for new civic spaces to congregate, share
  8. 8. URBAN VS SUBURBAN DEMAND FOR URBAN OPTIONS • High density, diverse urban environment versus suburban campus, big box or low rise designs SUBURBAN CAMPUS ISOLATION • “At Nintendo we felt like we were trapped.” ….Former Nintendo sr. exec now at Amazon • New Amazon recruits refer to preference for urban campus as “South Lake Union envy” RECRUIT AND RETAIN EMPLOYEES • Concur Technologies moved from suburbs to Bellevue in 2013 • Significantly higher cost per sf • Stated reason: Urban location meant better recruiting, retention
  9. 9. CONVERGING TRENDS • Region: 27 million sf owned or leased by tech firms • MSFT, AMZN, TMO, Expedia hire thousands per month • Strong demand by tech firms • High cost to recruit talent • Region adding 135,000 new residents • thru 2015 • Preference for urban environments w/ suburban access Top recruiting/retention predictors – Short commute – Amenities – Urban environments
  10. 10. MODELS FOR SUCCESS RESEARCH • Wright Runstad and Shorenstein visited dozens of high density and transit oriented developments in the US – San Francisco: Mission Bay, Merchandise Mart: Twitter – Portland: Pearl District – Denver: Lower Downtown District CENTURIES OLD DESIGN PRINCIPLES • Human scale, parks and squares, restaurants and retail • Pedestrian and bike friendly • Connected to transportation networks
  11. 11. NEW OFFICE REQUIREMENTS ARCHITECTURE TO RECRUIT, RETAIN • “The person we hire today needs a totally different office experience than the person we hired 5 years ago,” Sr. exec Expedia NEW DESIGN PRIORITIES • Larger floor plates - 30,000 sf + • Open floor plan, line of sight to anyone, serendipitous interactions • Higher ceilings for larger windows, indirect light • Spaces to mingle as well as meet • Showers, lockers, bikes, dogs • Walking distance to “everything”
  12. 12. NEW URBAN NEIGHBORHOOD LARGEST SINGLE TOD IN WESTERN US • 5.3 million sf of office, multifamily housing, hotel and retail • 16 city blocks with Light rail station • $2.3 billion total investment • 15 year development plan SUSTAINABLE • Density around transit • Designed to LEED standards 21st CENTURY PROJECT • Urban style housing, neighborhood retail, office and hotel mixed use • Embraces diversity • Compliments other Bellevue neighborhoods
  13. 13. NEW OFFICE DESIGNS Office - Block 24 166,614 sf Office - Block 16 324,506 sf
  14. 14. MULTIFAMILY HOUSING - 320 UNITS
  15. 15. FEEDBACK INTERNET STARTUP • “The Spring District is very appealing. Our number one driver in selecting our new office is to recruit and retain employees,” Founder and CEO, Internet start up ESTABLISHED SOFTWARE COMPANY • “We need great offices to compete with growth-oriented startups for employees…..” • “…..Our stock, compensation and teams are fixed, but our work environment can be a competitive advantage.” Software Marketing Executive
  16. 16. MORE THAN BUILDINGS
  17. 17. CREATING A PLACE
  18. 18.  PRINCIPLES MIXED USE  PEDESTRIAN  DIVERSE  AUTHENTIC
  19. 19.  SUSTAINABILITY DENSITY  LEED-ND  MOBILITY CHOICES
  20. 20.  PEOPLE WORKING  LIVING  DINING  CONNECTED  RETAIL  RECREATION
  21. 21. STORY
  22. 22. TIMELINE 2013 • Demolition and construction underway 2014 • Infrastructure for Phase 1 complete • Apartment construction begins • Office construction begins 2015 • First neighborhood elements open 2016 • Occupancy of housing and offices • Additional development begins 2017 • Light Rail construction begins
  23. 23. HERE COMES THE NEIGHBORHOOD
  24. 24. w w w. t h e s p r i n g d i s t r i c t . c o m

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