Nov 30, 2023

Vibrant Cities chops Alki condo prices

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Out by Alki Point, the 37-unit boutique condo project dubbed Infinity Shore Club opened in August. Developer Vibrant Cities is working with Realogics Sotheby's International Realty to sell the units. Prices were originally announced to range from just over $1 million to more than $5 million. About a half-dozen condos appear to have sold to date. Now, says Realogics, the next six buyers will receive discounts of up to 20%.” Vibrant Cities' James Wong said in a statement, “We want to do our part to bridge the divide between supply and demand with this unprecedented value proposition. It's a sign of the times for developers right now, but we need to do what it takes to meet the market.” The developer and broker cited current high interest rates as a factor in their decision. At Realogics, its Dehlan Gwo added, “We've seen this strategy work successfully across the landscape at virtually all new developments in downtown Seattle. It's a matter of marking to the market so buyers confidently step forward.”

Kidder Mathews

Ponce

Gaddis

Just before Thanksgiving, Kidder Mathews announced the hiring of two experienced local brokers. Kelly Gaddis and Mia Ponce will join the Bellevue office, concentrating on retail and hospitality. They make the move from NAI Puget Sound Properties. KM's Monica Wallace said in a statement, “We are delighted to have Kelly and Mia join Kidder Mathews' growing team. They are powerhouses in the restaurant and hospitality field, and a great asset to their clients and the commercial real estate community as a whole.” Working together, the duo has previously dealt with names like Ethan Stowell Restaurants, El Gaucho and Momiji.

Nov 16, 2023

New restaurant at Rainier Square

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Fogo de Chao is a Brazilian steakhouse chain, which recently confirmed plans to open a new location at Rainier Square. Specifically, it'll take the rooftop level of 400 University, the small companion office building south of the main Rainier Square tower. Expected to open next year, the upscale eatery will have a 5,000-square-foot terrace for outdoor dining. Fogo CEO Barry McGowan said in a statement, “Following the success of the Lynnwood and Bellevue restaurants, we were eager to bring another location to Washington. We are thrilled to open our first Seattle restaurant and rooftop lounge downtown.” Wright Runstad & Co. developed the two new towers, and its Walt Ingram said the restaurant “will be an incredibly important and well-timed addition to our Rainier Square offerings, will add to Seattle's vibrant culinary scene and, as importantly, signal the continued activation of downtown in general.”

Clise Properties

Hill

Clise Properties recently announced that Lori Hill is joining the firm as VP of leasing; she makes the move from Unico Properties. Clise said in a press release, “Lori has a deep understanding of and appreciation for the culture and history of Clise Properties.” The family-run company, founded in 1889, has an extensive portfolio of downtown office buildings, plus one hotel. Clise also announced a bit of reshuffling in its executive suite: Al Clise becomes executive chairman, and Dave Cuthill is now CEO. And Bryan Joyner now takes the positions of president and CFO.