A 45-story mixed-use condo and hotel tower called Sky Hotel and Residences has been proposed for Seattle’s neighbor to the south, Federal Way. The location for the development is 31740 23rd Avenue South, Federal Way.
According to a press release:
The project will leverage the “Regional Center” designation successfully secured by Twin Development, with support from the City of Federal Way, to tap into international revenue sources in order to stimulate the local economy and create jobs in the area. Sanctioned by United States Citizenship and Immigration Services (USCIS), Twin Development’s project will utilize the EB-5 Immigrant Investor program to fund the majority of the development.
“This project is further confirmation of the Pacific Northwest’s status as an international gateway,” said Steve Smith, co-manager, Twin Development. “By leveraging the opportunity presented by the EB-5 program, we can broaden access to foreign capital sources while providing a lucrative opportunity for international investors.”
“This type of funding alternative is of particular importance and value during these difficult economic times, when conventional lending for large mixed-use projects has been all but frozen,” said Patrick Doherty, economic development director, City of Federal Way. “As a city, we’ve worked hard to make Federal Way a great place to live and work, and Twin Development’s project will only validate this claim. We’re excited to see it come to fruition.”
Plans for the development include 400 residential units, 120 hotel keys, a day spa, 18,000 square feet of conference space and over 35,000 square feet of retail, restaurant and office space.
An article in the News Tribune indicates the condo units will be about 1,000 square feet costing between $500,000 to $600,000. The developers hope to attract a 3-star hotel to the property. The project, which is expected to cost around $235 millions, is currently in the permitting process with an anticipated completion date in 2014.
Project website: www.skycondos.com
All images courtesy of Weber Thompson & Twin Development LLC
