Construction began yesterday on Seco Development’s much anticipated Southport waterfront corporate campus. Once completed, the three office buildings and large Hyatt Regency hotel are expected to change the landscape of Renton forever. The office buildings are nine stories high and will take up a total of 730,000 square feet when they are completed in May 2018. The hotel will be a 12-story luxury accommodation, perfect for business meetings and out-of-town employees when it opens in 2017. You will find the 17.1-acre site on Lake Washington between the Boeing plant and Gene Coulon Memorial Beach Park. Just think, the new Southport workers will be able to ride their bikes to eat fish and chips on the pier during lunch breaks!
The ceremonial moving of dirt for the groundbreaking was attended by Seattle Seahawks running back Thomas Rawls and members of the Sea Gals cheerleading squad, as well as local politicians and real estate folks. The three office buildings will increase the amount of Class A office space in the Renton/Tukwila submarket by about one and a half times, reports the PSBJ. It’s South King County’s largest office development under construction.
Corporate Campus Ground Breaking – January 21, 2016. Photo by Jerry and Lois Photography
Developers expect the office buildings will create a new home for tech companies in the traditionally industrial city of Renton. Tenants can expect to pay rents at about 25 percent lower than those in downtown Seattle and Bellevue.
Seco is working with an EB-5 visa center and the project appears to have a number of Chinese connections. Bouquets of flowers at the groundbreaking were decorated with Chinese characters, reports DJC, and the crowd was addressed in both English and Mandarin. EB-5 funds make up approximately $123 million of the $350 million office project.
The office building will support corporate jet travel, a dock for yachts outfitted with water and electricity, and other amenities to recruit top tech industry talent. Seco estimates that Southport will be worth $1 billion when its completed.