Bosa Properties Moves Forward with Apartment Project Despite Overstock of Apartment Supply in Seattle
While an overstock in apartment supply might have signaled that the “apartment boom” in Seattle is over, Puget Sound Business Journal says it isn’t “over just yet.” This proclamation comes amidst an announcement from Bosa Properties that they will move forward with plans for a 41-story apartment tower at 2014 Fairview Avenue, located close to the Amazon headquarters at South Lake Union.
According to RentCafé, there are 8,600 new apartment units slated to open around the Puget Sound in the current year, a 34 percent decline compared to 2018 stats. Much of the apartment activity is isolated to the area around the 2014 Fairview Avenue project, with Denny Way starting to become, as PSBJ puts it, “a canyon of towers.” Amidst an influx of supply, the growth of apartment rents in Seattle waned, declining from 7 percent from July 2016 to July 2017, to 3.5 percent from July 2017 to July 2018.
This is the first Seattle-area project for the Vancouver, British Columbia-based development company, and is expected to be completed late in 2021. The architecture will feature a “wavy, curving façade” with 440 apartment homes for rent.
As Martin Rahn, vice president of development at Bosa Properties, said in a statement, the company is moving forward with the project “because we believe in the market, we believe in Seattle.”