Vulcan Inc.
Specialty: Urban development
Management: Paul G. Allen, founder; Jody Patton, president and CEO; Ada M. Healey, vice president of real estate
Founded: 1986
Largest current project: 2200, Seattle
Image courtesy of Vulcan Inc. Vulcan Inc. has big development plans for Seattle’s South Lake Union neighborhood, including Alley24, which will have apartments, offices and retail.
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As the economy improves, urban real estate developer Vulcan Inc. is making adjustments necessary to respond.
“We are working hard to fill our development pipeline so we are in a better position to respond to a variety of market demands and needs at a range of price points,” said Ada Healey, vice president of real estate. “We are also mindful that rising interest rates could cool the condominium market considerably.”
South Lake’s appeal
Vulcan’s focus remains on its largest project to date: a 550,000-square-foot mixed-use project called 2200 located in Seattle’s South Lake Union neighborhood. The development, located at the corner of Westlake and Denny, includes a Pan Pacific Hotel, Whole Foods Market and 261 condominiums. Opening is anticipated in the fall of 2006.
Also under construction is Alley24, a sustainable development located at 223 Yale Ave. N. that includes 172 apartments, 185,000 square feet of office space and 28,000 square feet of retail, set to open in early 2006. Future tenants include general contractor Skanska and architecture firm NBBJ.
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Improving market
Healey predicts the healthy real estate market will continue to stay strong.
“A significant amount of vacant space has been absorbed that indicates the real estate market is improving,” she said. “As additional vacancy is absorbed, we anticipate that rents will also rise.”