Innovation Realty Partners, LLC Bets Big on Sammamish Town Center
Innovation Realty secures $30 million in financing from The Benaroya Company
Ace Hardware signs letter of intent to lease space
Sammamish, Wash. - March 15, 2018 – Innovation Realty Partners, LLC has secured $30 million in financing from The Benaroya Company to facilitate its continued assemblage of land located within the Sammamish Town Center district in Sammamish, Washington. Innovation Realty Partners currently owns or controls approximately 77 acres within the Town Center.
Innovation Realty Partners is working with the City of Sammamish and the community to implement the Town Center plan adopted by the Sammamish City Council in 2008. The Town Center is envisioned as a gathering place for social interaction, with well-designed mixed-use development, cultural and recreational opportunities. The transit-oriented lifestyle center will include long overdue retail and commercial space, a variety of housing choices, parks and open space, and new roads and other infrastructure from regional storm water management and regional parking solutions to pedestrian-friendly street networks and other low-impact development techniques.
“The aggregation of more than 77 acres of adjacent properties enables us to create a world-class Town Center that the people of Sammamish deserve,” said Matthew Samwick, operating manager of Innovation Realty Partners. “We’ve hired the most talented team members from the Northwest and throughout the country to implement best practices across the board and to create an enduring design and memorable public realm.”
“We are thrilled to play a role in the exciting new Sammamish Town Center project,” said Larry Benaroya of The Benaroya Company. “It will be one of the premier planned communities in the Pacific Northwest located in one of the best markets in the United States.”
Innovation Realty Partners is working on its master plan for a phased Town Center development. In addition to providing a variety of retail and housing opportunities, the master plan will include innovative, site-sensitive designs to protect surrounding natural areas and incorporate significant new open spaces to connect the Town Center to the existing trails and recreational opportunities in the Sammamish Commons.
As another sign of momentum, Ace Hardware recently signed a letter of intent to occupy space in the future Sammamish Town Center.
“Since the day we left Sammamish, Ace Hardware has been looking at the right opportunity to return to the city. Ace appreciates the efforts of Innovation Realty Partners and we could not be more excited to be returning to the City of Sammamish in the Town Center,” said Rolland V. Jones, Ace Hardware’s Northwest real estate advisor/broker.
“The Sammamish Chamber has been a longtime supporter of the Town Center because it will bring vital goods and services to our city and provide options for people who are currently forced to shop in Issaquah, Redmond or Bellevue,” said Deborah Sogge, executive director of the Sammamish Chamber of Commerce.
“Not only will the Town Center keep tax dollars in Sammamish, it will also improve traffic and create synergies between new and existing businesses,” she added.
The Town Center will bring much-needed services and retail to Sammamish and absorb a significant portion of the city’s anticipated residential and commercial growth while minimizing impacts to established neighborhoods.
Highly sought after for the quality of its schools, natural beauty and proximity to Microsoft and other employers, the population in Sammamish is growing rapidly. Access to retail in the area is limited, however the average and median household incomes are nearly double that of the Seattle-Tacoma-Bellevue Metropolitan Statistical Area.
The Sammamish Town Center district is roughly bounded on the north by East Main Street, on the south by SE 8th Street, on the east by 233rd Avenue and on the west by 222nd Street. The area also includes the 30-acre Sammamish Commons, which is home to City Hall, Sammamish Community and Aquatic Center, Sammamish Library and a local park.
The City of Sammamish has begun upgrading its infrastructure to accommodate the Town Center and make the mixed use commercial and high-density residential development possible. Major improvements are underway to SE Fourth Street, the backbone of the Town Center Plan, which will increase capacity through the installation of two-way left turn lanes, separated sidewalks and bike facilities on both sides of the street. These capacity and non-motorized improvements connect with and extend existing improvements located along 228th Ave SE, the City's principal arterial roadway.
Innovation Realty Partners spent the past two years aggregating land and is now the largest property owner within the Town Center district. TRF Pacific recently completed the Village at Sammamish, which includes Metropolitan Market, restaurants, general retail, office and medical and Sky Sammamish, a mixed-use apartment building. Two other apartment projects have also been built within the Town Center by other developers.
The Innovation Realty Partners project team includes Shook Kelley Architects, an architecture and planning firm that has designed some of the most successful town centers in the U.S., engineering firm Coughlin Porter Lundeen and land use attorneys, Hillis, Clark, Martin and Peterson.
About Innovation Realty Partners
Innovation Realty Partners, LLC and its affiliated companies were formed in 2010 to undertake complex real estate projects. Innovation Realty Partners is guided by the core themes of developing land with best practices and taking a long-term view of success. www.sammamish-towncenter.com
About The Benaroya Company
Established in 1956, The Benaroya Company is a leading full-service commercial real estate company based in Bellevue, Wash. with a current focus on lending, build-to-suits and data centers in the vibrant Pacific Northwest. For more information please visit www.benaroya.com.