The University of Washington holds claim over four blocks of Seattle’s most prized real estate, generating tens of millions of dollars in revenue. But for many years, UW has seen very little of that money due to the somewhat complicated arrangements the Metropolitan Tract, as the property is known, is stuck in.
Things are looking up for UW though, because their long-term lease expires this year. Next month the university will begin choosing a proposal to redevelop Rainier Square (“a low-slung, sleepy L-shaped retail complex spanning three-quarters of a block between Union and University streets), bringing significant change to the landscape of Seattle’s downtown blocks. Experts believe Rainier Square will likely include an office tower, and may also feature a hotel or apartments.
“It’s an unparalleled location,” said Bill Pollard, co-founder of Talon Private Capital in Seattle and a veteran commercial real estate broker. “It’s got every economic driver in its favor.”
Change is imminent!
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