The Landing Surges Forward; Announces 20 New Tenants
Including 14-screen Regal Cinemas and 42,000 sq. ft. LA Fitness
- Retail space at The Landing now more than 70 percent pre-leased;
- Several new tenants slated to open in 2007
- Fairfield Development to begin construction on 900 apartments this spring
RENTON, WA — December 27, 2006
Retail activity at The Landing took flight today as developer-investor team Harvest Partners and Transwestern Investment Company announced 20 new tenants for the high-profile project. The project is now more than 70 percent pre-leased, which represents 414,000 sq. ft. of the total 600,000 sq. ft. of retail space available.
The Landing is a 68-acre urban village developed by Harvest Partners and its Chicago-based financial partner, Transwestern Investment Company. It is located just off the I-405 freeway in Renton’s South Lake Washington neighborhood and will offer a vibrant, urban blend of residential living, retail and entertainment options.
New Tenants Ensure Wide Mix of Retail Options for Shoppers, Residents
The 20 new tenants represent a range of dynamic retailers, including six family-friendly dining establishments and seven home and lifestyle retailers. Some retailers will begin opening their doors for business as early as Fall 2007. Target announced last year it will occupy 127,000 sq. ft. at The Landing and will open in October.
Regal Cinemas operates the largest and most geographically diverse theatre circuit in the United States, consisting of 6,383 screens in 542 theatres in 40 states. At The Landing, it will occupy 54,000 sq. ft, including a 14-screen, stadium-seating theater.
L.A. Fitness is a full-service athletic club, dedicated to helping its members achieve the benefits of a healthy lifestyle. The facility will occupy 42,500 square feet of retail space at The Landing.
“We committed to building a vibrant development that Renton residents will be proud of – we feel that adding Regal Cinemas and L.A. Fitness, as well as Target and our 17 other additional new tenants is a very strong start to meeting this promise,” said Bob Baker, CLS, a partner at Harvest Partners.
“The momentum announced today is just a start to the many family-focused elements the Renton community will enjoy when The Landing begins opening in Fall 2007. Whether working out at the gym, watching a movie, dining with friends or window shopping along the tree lined sidewalks, the citizens of Renton will have numerous new retail and entertainment choices,” added Baker.
Renton’s Largest Residential Project in History to Break Ground this Spring
Fairfield Residential LLC, one of the nation’s largest multifamily home developers, builders and redevelopers, will break ground this spring on 900 apartment homes at The Landing. These homes will be Fairfield’s first project in the Puget Sound region.
The five-story project will include sweeping views of Lake Washington from the higher floors, ground-level retail and below-grade parking.
Renton City Council Approves Agreement to Purchase 675-stall Public Parking Garage
On December 11, 2006, Renton City Council voted unanimously to approve an agreement to purchase a three story parking garage that will provide free short term parking for The Landing, as well as for Gene Coulon Memorial Beach Park, which experiences parking challenges during the summer months.
The parking agreement states that the city will pay $10.8 million once The Landing secures tenants for 70 percent of its leaseable space and additional $1.7 million if and when The Landing reaches 90 percent leased occupancy. The total price of the garage, $12.5 million, is expected to be well below the actual cost of construction, which will likely exceed $15 million.
Community Excitement Builds for Renton’s First ‘Urban’ Mixed-Use Project
An increasing number of mixed-use developments are emerging in first-tier suburban markets, including Renton.
As the cost of living continues to rise in urban markets, such as Seattle and Bellevue, baby boomers, families and young professionals are looking to close-in markets like Renton because of its affordability, but expect a comparable quality of life.
“A house with growing room for a young family is actually attainable in Renton,” said Alex Pietsch, administrator of Renton’s Department of Economic Development, Neighborhoods and Strategic Planning. “I’ve received lots of e-mail and phone calls from new residents who work at Microsoft, Adobe and other companies who love Renton, but miss the more robust shopping and entertainment experiences they had in their former communities. Now that they are spending less on their mortgages, they are eager to do those things in their new hometown and The Landing will make that possible.”
Renton has seen tremendous population growth in recent years—a 27 percent increase since 1994, and in King County, Renton is second only to Seattle in its number of new residents since 2000 (a 13.6 percent increase). The Landing will ensure that Renton continues to be a vibrant community with unique offerings for its citizens.
About Harvest Partners
Dallas-based Harvest Partners (www.harvestpartners.net) is a specialized commercial real estate development firm focused on development and/or re-development of high-density mixed-use urban development opportunities with a concentration on retail. The four principals of the partnership have more than 95 years of combined experience in the acquisition, leasing, development, finance, design, construction, and repositioning of commercial real estate. Their combined resumes include the development and acquisition of over 12.0M sf of shopping centers, approaching $1.2B in transaction volume.
About Transwestern Investment Company
Transwestern Investment Company, L.L.C. (www.transinvestco.com) is a principal investment firm specializing in commercial real estate. Since its inception in 1996, Transwestern has pursued nine investment initiatives, all focused primarily on domestic, value-added strategies. Recently the firm formed Aslan Realty Partners III, L.L.C., a fully discretionary equity fund with capital commitments expected to total $800 million and targeting office, industrial and retail investments nationwide. To date, the firm has made more than 370 property investments representing a gross investment in excess of $6.3 billion. The firm currently employs 50 people and is based in Chicago.
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