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Home My WebLink AboutCOW 2007-07-23 Item 4A - Update - Tukwila Village Project COUNCIL AGENDA SYNOPSIS i�► ti ritirf ITEM No. t �i 4, N Meeting Date Prepared by Mayor's review 1 Council review 1 7 o 06/04 07 DCS rocs I 1 .w'_ 06/11/07 1 DCS ocs I /sae 1 07/16/07 DCS oLS 1 a 1 07/23/07 1 DCS tcg 1 \1( nVn►W 1 ITEM=INFORMATJON_ CAS NUMBER: 07-074 I ORIGINAL AGENDA DATE: APRIL 10, 2006 AGENDA ITEM TITLE Tukwila Village: Update CATEGORY Discussion Motion Resolution Ordinance Bid Award Public Hearing Other Mtg Date 07/23/07 Mtg Date Mtg Date Mtg Date Mtg Date Mtg Date Mtg Date SPONSOR LI Council Mayor Adrt Svcs DCD Finance Fire Legal P&R Police PW SPONSOR'S This presentation will provide current context, basic options, and pros and cons of the SUMMARY basic options. REVIEWED BY COW Mtg. CA &P Cmte F &S Cmte Transportation Cmte Utilities Cmte Arts Comm. Parks Comm. Planning Comm. DATE: RECOMMENDATIONS: SPONSOR /ADMIN. No action requested; for discussion only CoNall TEE -..COS T=1MPACT TFUND SOURCE- EXPENDITURE REQUIRED AMOUNT BUDGETED APPROPRIATION REQUIRED $0 Fund Source: Comments: ===MTG _[SATE RECORD OF COUNCIL ACTION 4/10/06 Update and presentation 5/1/06 1 Update and presentation 6/4 6/11/07 1 Update and presentation 7/16/07 1 Update and presentation rMTO DATE ATTACHMENTS 6/4/07 Informational memorandum dated 5/28/07 List of steps to reach agreement on development concept /Tukwila Village process Metrovation's Tukwila Village recommendations (draft report) 6/11/07 No attachments 7/16/07 No attachments (handouts presented at the meeting) 7/23/07 Gardner Market Analysis Summary of Findings (refer to full report distributed 3/21/07) Options Comparison Table ati Ig k GARDNER J OHNSON MARKET ANALYSIS FOR TUKWILA INTERNATIONAL BOULEVARD CORRIDOR 0 LOCATED IN TUKWILA, WASHINGTON STATE Prepared for: THE CITY OF TUKWILA February 5, 2007 119 FIRST AVENUE SOUTH, SUITE 410, SEATTLE, WA 98104 TEL: 206 442 -9200 FAX: 206 442 -9201 SEATTLE, WASHINGTON 62277.1 4 SUMMARY OF FINDINGS TUKWILA INTERNATIONAL BOULEVARD MARKET STUDY 4 'Attached Housing 4 Market Area Delineation: 5& 10- minute drive time areas Current Supply: There are four complexes totaling 199 units within the TIBC Age of Supply: Supply is dated with no units built after 1990 Current Rate: Average median sale price for 2006 within TIBC is $148,375. The average median price between 2005 and 2006 sales for units built after 2000 is $227,042 for units within 3 miles of the TIBC. 4 Flats: Median price for TIBC supply is $120,000 or $140 per square foot for flat units 4 Townhouses: Median price for TIBC supply is $153,000, or $148 per square foot for townhouses 4 Product Types: Flats andlor townhouses. Primarily two bed/two bath with three bedroom and open one bedrooms 4 mixed in to a lesser extent Expected TIBC Demand: 39 potential buyers annually within 5- minute drive time and 200 potential buyers annually within 10- minute drive time between 2006 and 2011. This includes all income cohorts. For a detailed breakdown see Figure 18 on page 19. Supportable Development Through 2011: a catalyst project totaling 40 to 65 units in TIBC that are priced between $160,000 and $250,000 for flats and between $185,000 and $300,000 for townhouses. 4 Apartment Market Area Delineation: 5& 10 minute drive time Current Supply: 34 complexes in TIBC totaling 1,696 units; 154 complexes w /in one mile but outside of TIBC totaling 10,372 units Age of Supply: Dated, no units built after 1990 Current Rate: $1.02 /sf existing product. New product could demand up to $1.12 /sf Current Vacancy: 3.7% Expected TIBC Demand. With rents remaining relatively low and supply increasing only slightly in the 5- minute market area, the roughly 5,000 current rental households will likely remain at this level through 2011. We believe the TIBC could support up to 150 new units through 2011. Retail Market Area Delineation: Due to intense competition from the Southcenter area and new shopping choices developing in 01 Renton and Burien, the 5- minute drive time area represents the retail market area. Current Rate: Commercial space less than 2,000 square feet: $17.50- $20.00 per square foot, per year triple -net. Commercial space greater than 2,000 square feet: $19.00- $25.00 per square feet, per year triple -net. Current Vacancy: Tukwila market is less than 3% vacant overall. Limited vacancy in the TIBC; however Scott Plaza, located south of SR -518 on Military Road and SeaTac Center, located adjacent to the TIBC are currently approximately 60% vacant. Expected 77BCDemand:: Up to 50,000 square feet of neighborhood commercial retail space could be supported by the ET market area through 2011 Office Market Area Delineation: Census tract delineation outlining the Tukwila office market found in Exhibit 6.02 Current Supply: Approximately 450,000 square feet with an average year built of 1977. 0 Current Rate: $19.75 $20.50 per square foot, per year fully serviced (gross) for new Class B office space. 1 Current Vacancy: The Tukwila Office market is currently between 13% and 15% vacant Expected TIBC Demand: The Tukwila office market could support up to 333,500 square feet of new office between 2006 and 2011. Project within the TIBC would be limited to space between 1,000 square feet and 15,000 square feet. Office project would likely be located in the southern end of the TIBC. Up to 50,000 0 square feet through 2011. ON THE CITY OF TUKWILA PAGE x