Inflection Point?
Whether you call it a tipping point or inflection point, it is my belief that when we look back in 15-20 years we will see that we are at one of those moments in time in the transformation of Redmond's two downtowns. It's being driven by multifamily residential development.
I will admit that as an outsider 18 months ago that I was a little taken back by the sheer number of new multifamily developments in downtown. The City reports that in the last several years almost 1,000 units have been built in downtown and Overlake. Another 1,153 units are under construction. And the reported vacancy rate is in the low single digits despite all of the new product on the market. What I find even more stunning is that there are another 1,575 units in permitting. Read More >>
So what is the inflection point? Density levels in the downtowns are attracting new services and businesses wanting to tap this younger, affluent and ethnically diverse market. Over the last six months alone OneRedmond has spoken to any number of prospective businesses opening hotels, restaurants, boutiques and fitness related ventures. And this is on top of early pioneers in this new market such as Super Jock and Jill, Prime and Tipsy Cow. I have personally seen the change in that I live in downtown. People are walking the streets and the restaurants are full. It will do nothing but build over the years.
Some of this is simply a result of the economic cycle but I believe it is mostly the result of the City's intentional planning to increase the density and make strategic infrastructure investments in downtown and Overlake. Redmond is a rock solid suburban city today. My prediction is that in 15 years its will be so much more and we are currently standing at that moment in time when the switch was flipped.
How many parking spaces have been added with the 1000+ unit developments and new business space?
ReplyDeleteI heard the downtown apartments were permitted by a "gentleman's handshake" that required the developer to build less than 1 parking space per apartment unit which will create a massive parking problem when the buildings are fully rented!
I can't really tell what point you are trying to make here, Bart.
ReplyDeleteBut I would say that, while multi-family development is very desirable in an urban setting, the manner in which it has been carried out in downtown Redmond is a disgrace. There should be courtyards (even interior courtyards for residents only would be fine), pretty balconies, setbacks from the street, nice landscaping with trees.
What we've ended up with are ugly rectangular buildings that rise straight up from the edge of the sidewalk.
Future development of the downtown core needs to have a more pleasing aesthetic so that not only do people have places to live, but they can have a more satisfying experience than living in a concrete & glass box with zero charm.
1575 permits underway. It's frightening how fast Redmond is growing.
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