3 interesting facts when analyzing South Lake Union’s future growth

This blog series is in response to customer feedback following our “Top 10 Seattle Neighborhoods Set for Growth” piece that appeared on King5 evening news. We will break down some key development results in each of these neighborhoods giving you more insight into what is happening in each location.

South Lake Union has been a rapidly evolving neighborhood over the past decade located between Seattle’s Central Business District and Lake Union. The area’s history was predominantly rooted in industrial/retail uses however it underwent a massive transformation due to Paul Allen’s focus on redeveloping roughly 60 acres of the area along with the meteoric rise of Amazon. In recent history, Seattle is focused on developing South Lake Union as one of its six urban centers, resulting in significant office, residential and retail development. These new developments are taking advantage of the hub’s prime location with rich transit options, local service-oriented shops/restaurants and walkability. Additionally, South Lake Union has become a host to a number of vibrant contemporary designs, such as the Amazon and the University of Washington Medicine campuses. The lively new food truck and retail uses make the area a thriving neighborhood for those interested in experiencing the best of New Urbanism principals first hand. In other words – it is Seattle’s “Millennial Playground.”

3 Fast Facts about South Lake Union’s development

1.  Over 460 properties are profitable redevelopment opportunities

These properties have been identified by our team as having high development scores and therefore are likely to be actively pursued over the coming years.

2.  Dexter Ave N is the street with the most potential in South Lake Union:

CityBldr has identified that this street has the most undiscovered development potential. Property owners could sell for a combined $123M more than the market suggests.  Tweet this

Dexter Ave N was closely followed behind by Yale Ave N and Denny Way.

3.  Several driving forces are causing South Lake Union’s significant development including the growth of major employers within the area and the targetted upzoning of the district.

  • A South Lake Union Rezone occurred allowing some areas to go up to 240 ft. This helped spur development and push for the area to become an economic hub.
  • Long-term growth plan for Seattle listed South Lake Union as one of the city’s six urban centers.
  • South Lake Union is a main site for Amazon’s offices, and is a leader in growth and employment opportunities in Seattle.
  • The neighborhood is in close proximity to major tourist destinations including the Seattle Center, MOHAI and Lake Union Park, encouraging the development of hotels including Stanford, Moxy, Even Hotels and Staybridge Suites.
  • Transit links like the trolly line, the RapidRide bus line, the Mercer corridor project and the SR-99 Tunnel help to keep the neighborhood closely connected with the rest of Seattle.

Do you own an underutilized property in South Lake Union?

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Recent examples of South Lake Union’s ever changing presence.

Some of South Lake Union’s newest businesses

Some of South Lake Union’s newest buildings

Some notable projects under construction

Photos from around South Lake Union

Do you know the owner of an underutilized property in South Lake Union?

If so, their property may be worth more than they think.

Information is power. Share this article with them so they know their neighborhood is important, and tell them about citybldr.com where they can instantly find out how much their home is worth to a builder or developer.

Our “Countdown of the top 10 neighborhoods set for growth” continues!

Follow us on social media as we continue to count down the Top 10 Seattle neighborhoods set for growth. Next up at #2 is Central District and we will share additional information next month!

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Header image courtesy of SounderBruce