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LOCATION OF PROPERTIES
SODO is an industrial area located immediately “south of downtown” Seattle, and is in transition to mixed-use. Bounded by Seahawks Stadium to the North, Spokane Street to the South, The Port of Seattle to the West and Interstate 5 to the East, it is becoming an urban hub similar to other former industrial areas, such as Coors Field in Denver, South of Market Street in San Francisco, the Docklands in London, and the Daiba area in Tokyo. The transition from industrial to mixed uses (residential, commercial, retail and industrial) stands to significantly increase land values.
SODO’s proximity to downtown Seattle and important infrastructure (including the Port of Seattle, Highways I-5, I-90 and 99, and Boeing Field) make it amongst the most accessible zip codes for commerce and industry in the greater Seattle area. Furthermore, SODO is the last of the downtown Seattle neighborhoods to begin a metamorphosis.
We targeted SODO as a high growth area as early as 1990. American Life Inc., formed in 1996, raises capital to acquire a meaningful market share of SODO real estate. Governmental entities own or utilize approximately 60% of SODO, a total of 550 acres. American Life Inc. manages approximately 20 acres (about 9%) of some 220 acres available for private development comprising one of the largest privately owned property portfolios in SODO, with a value in excess of $300 million.
SODO continues to receive an infusion of capital investment. Safeco Field, (home of the Seattle Mariners); Seahawks Stadium, a new football stadium; a new exhibition center, important transportation upgrades and the redevelopment of commercial and retail space adjacent to the Seattle railway station, make an impressive transition from downtown Seattle into SODO. Significant infrastructure upgrades are also underway. Improvements include expansion of all highways that bound SODO in 2007, and the extension of commuter lines. These are scheduled for completion by 2009, making SODO the hub of Puget Sound’s regional transportation system.
SODO offers the largest and most convenient close-in location to accommodate future growth. Surrounding mountain ranges and large bodies of water limit the land that is available for development and for transportation systems in the Seattle area. As a result, the real estate rental market places a premium on convenient close-in locations. The continuing steady growth of the Seattle area increases pressure on SODO, Seattle’s only centrally located industrial area, able to transform from industrial to mixed-use.
Significant momentum now exists to change the current zoning from primarily industrial uses, to that of mixed-use large-scale office, retail and residential applications. The Port of Seattle recently announced plans to convert harbor property along Alaskan Way into high-income condo living, and the Old Rainier Brewery/Tully’s roasting plant on Interstate 5 has been approved for conversion into live work apartments. With residential spaces approved for development, demand will increase for retail and schools. Companies such as Starbucks, Boeing, and Amazon.com already maintain substantial office facilities in the area. Major retailers already include Sears, Costco, Home Depot and Office Max.
The Port of Seattle and many of the Seattle City Council representatives publicly support rezoning SODO to full mixed use. While a future rezoning is not guaranteed, all indications are that it will occur. But, even without rezoning, SODO’s superior location will continue to drive land prices and rents upward. The addition of residential uses will merely accelerate the process.
