Specialty: Urban residential projects
Management: Michael Lierman, president
Current projects: The Parc, 185 Belltown condo units; The Cleveland, 84 Redmond condos; Copper Ridge, 112 townhomes in Issaquah
Intracorp began looking ahead to the current residential real estate market several years go, and its planning has paid off.
“When we first realized back in 2003 that the local recession had bottomed out, we got busy getting projects ready for development,” said President Michael Lierman. “As a result, we are now able to deliver finished projects just as the residential real estate cycle is hitting its full stride.”
The firm focuses primarily on urban residential developments.
Optimistic on housing
Lierman said 2005 has been a good year for residential sales, and he expects the local economy to show continued strength through next year, which should translate into continued demand for housing. He cites job growth at Microsoft and Boeing, strong exports, and renewed growth in the technology and communication industries as reasons for optimism.
Intracorp has 1,500 residential units under development, as well as 1 million square feet of industrial space.
Projects include The Parc, a 185-unit half-block high-rise condominium development in Belltown; The Cleveland, an 84-unit mid-rise condominium development in Redmond; Copper Ridge, a 112-unit townhome project at Talus in Issaquah; and Moutainaire, a 72-unit single-family project at Talus.
Looking ahead, Lierman said the firm’s biggest concern is the “incredible increases” in land and construction costs. Suppliers and subcontractors warn that more cost increases are ahead.
“At some point, as margins begin to compress, we will become very cautious about starting other projects,” he said. A second concern is how consumers will respond to higher interest rates.
“We trust that as long as there is continued employment growth, consumer confidence will remain strong,” he said.
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