Issue link: http://digital.nexsitepublishing.com/i/1127356
I t's official Single-family homes alone cannot meet the fierce demand for housing across the Puget Sound This simple fact has led policymakers and consumers alike to take a serious look at multifamily housing Not just duplexes and townhomes in quiet neighborhoods, but midrise apartment buildings and condos—urban housing that's up to the task of accommodating the tens of thousands of people moving to our region every year This shifting tide has not been lost on regional builders, either Even builders with extensive portfolios of single-family homes are now jumping headfirst into ambitious multifamily projects I had a chance to sit down with two of them, Mike Walsh with Terrene Homes and Anthony Maschmedt with Dwell Development, and pick their brains about their experiences in the multifamily market and what makes these projects so special JADE CONDOMINIUMS: LUXURY AT SCALE Multifamily is alluring but scaling up is a challenge for single- family builders, giving companies with experience in commercial construction a big advantage Consider Terrene Homes' 135-unit Jade Condominiums Though this is the Bellevue-based company's first such project in Kirkland, cofounder and Principal Mike Walsh doesn't view it as a challenge so much as an "opportunity to use a broader spectrum of experience" with both large commercial projects and luxury homes Terrene's goal is to widen homeownership opportunities to a more diverse range of Eastside buyers as land supply constraints have made it more difficult to offer high-quality housing at lower prices As Walsh put it, "Condos are a way for families to own their home and build equity at a more affordable price point than single-family homes " To widen the net even further, 13 units are reserved for residents making under 85% of the area median income Of course, there is a touch of lavishness too With 9-foot ceilings, floor-to-ceiling windows, stainless steel appliances, and quartz countertops, Terrene sought to scale luxury single-family concepts to smaller spaces For Walsh, "careful management of specifications, character, and style creates spaces that are not only comfortable, but efficient and proportionate " Located near both a park and ride and Kirkland's brand new, mixed-use The Village at Totem Lake project, the Jade Condominiums are designed to offer a sense of community and walkability Walsh says that Jade promotes a lifestyle for "young buyers interested in enjoying all the benefits of the Pacific Northwest With a lock-and- leave home, they can spend their free time in the outdoors " Walsh hopes that despite increasing density, Jade will preserve the lifestyle and atmosphere of Kirkland "I live in Kirkland," he tells me "For those who live here, we understand how great this big 'little' city is Nestled close in on the Eastside, it still has that small-town feel People love walking, shopping, and dining here " For Walsh, the project is as much about bringing the Kirkland experience to more people as it is about meeting market demand While the 1989 Washington Condominium Act—which made it very easy to sue builders—long discouraged this kind of development, Walsh was optimistic From the start, he believed the price tag for single-family homes would encourage buyers to seek other options and he was confident that the Condo Act's days were numbered (As it turns out, he was right—read more about the Condo Act's demise on page 22 ) The Jade project is informed by the reality that single-family housing is not enough to accommodate everyone and that multifamily housing can help our region grow gracefully With 9-foot ceilings, floor-to-ceiling windows, stainless steel appliances, and quartz countertops, Terrene sought to scale luxury single-family concepts to smaller spaces. Jade Condominium's lobby demonstrates Terrene's sophisticated style. 16 master builder master builder SUMMER 2019