Thursday, December 13, 2007

Press Release: High-rise development in downtown Federal Way one step closer to reality

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Source: http://www.cityoffederalway.com/Attachment.ashx?id=767 (PDF)

High-rise development in downtown Federal Way one step closer to reality


The City of Federal Way stepped closer to the reality of a high-rise mixed use development in its downtown core last week. On Dec. 7, the Federal Way City Council unanimously approved an agreement with United Properties of Vancouver, BC, for $6.2 million to purchase and develop the former AMC Theaters property at the southeast corner of 20th Avenue South and South 316th Street.

The City purchased the property in January of this year for $4.1 million and has been in negotiations with United Properties since selecting its development proposal in July. Since the selection, the council has worked with United Properties to enhance the original proposal.

The development, called "Symphony," spans a four-acre site and calls for four towers ranging from 16 to 24 stories in height -- the tallest towers of any city between southern Seattle and Portland. The development features approximately 60,000 square-feet of retail, office and commercial space on the lower levels with about 900 condos and apartments taking the upper floors. Responding to council
concerns in July about the large number of apartments, United Properties intends to provide at least three quarters of the units as condos as dictated by the marketplace.

Another key concern of the City’s was to include space for Highline Community College’s Federal Way facilities, negotiations for which are currently underway. Lastly, the project includes an approximately one-acre public park that will most likely include a water feature, outdoor fireplace, areas for outdoor caf├ęs and casual seating, a small band shell, and areas for both active and passive activities. In 2008, there will be opportunities for the public to participate in shaping the park’s development.

Federal Way Economic Development Director Patrick Doherty calls the development a "transformational project" that will become a landmark in Federal Way’s city center and serve as "a catalyst to additional investment in the area."

The total cost of the project is estimated at about $225 to $250 million, with construction likely to span four phases. United Properties intends to break ground on the first 16-story building in late spring 2008 and finish by the end of 2009. United Properties also will be establishing a sales center near the development in early 2008. Residential units will range in cost from under $200,000 for a junior suite to
approximately $800,000 for a top-floor penthouse. A large majority of the upper floors will boast commanding views of Mt. Rainier, and the Olympic and Cascade mountains.

Learn more at www.symphonyliving.com.

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FOR IMMEDIATE RELEASE MEDIA CONTACTS
December 13, 2007

Patrick Doherty - Economic Development Director - 253.835.2612
Linda Farmer, APR - Communications & Government - Affairs Manager - 253.835.2411 or 253.261.1211



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