Sky’s the limit for Federal Way tower
Seattle real estate developer Steve Smith unveiled plans for an impressive 45-storey condo tower in Federal Way scheduled for completion in 2014.
The project is backed by two Korean-American business partners Luke Hwang and Pom Kwak.
The Sky Hotel and Residences is an ambitious architectural design for a three-star hotel complex and retail area. It’s planned construction site will be located on 31740 Avenue South, formerly the home of Azteca Mexican restaurant.
A projected figure for the venture is between $225 million to $235 million. Up to 24,000 sq ft of dining establishments and retail spaces alongside a 120-room hotel would place excellent amenities under the same roof as the office spaces.
The area has a considerable Korean-American population and developers are expecting Korean investors to show interest in the plans. Foreign investors would be granted permanent green card status in return for supporting the build under the EB-5 Immigrant Investor Program.
Although the initial sum required for participation is $1 million investment would eventually create the option of unit ownership within the tower, adding further incentive to the scheme.
Potential price brackets for each of the 400 condos would be between $500,000 and $600,000 for each 1,000 sq ft of office space. The height of the building would make it the tallest in the downtown area, greatly exceeding the nine-storey Marriott Courtyard.
Before the development applies for a permit efforts have been channelled into raising investments for the owned land and pre-application evidence has been handed over.
Although new condo builds have struggled under the economic circumstances, Smith is confident that the rapidly shifting market coupled with outsourced investment will present the right environment for the Sky project.