Developers Proposing 314 More Apartment Units at The Lofts in Ri - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Developers Proposing 314 More Apartment Units at The Lofts in Richland

Posted: Updated:
Developers Proposing 314 More Apartment Units at The Lofts in Richland Developers Proposing 314 More Apartment Units at The Lofts in Richland

RICHLAND, WA - The City of Richland said they have approved a Conditional Use Permit paving the way for construction of 331 more apartment units located adjacent to the existing Lofts apartments on approximately 8.5 acres of land between Innovation Blvd. and Einstein Ave., north of Da Vinci Street.

The new three-story apartments will be built in two phases, beginning in the spring of 2016. The first phase will consist of 181 units in five buildings with 300 parking spaces, and cost an estimated $25 million.

The second phase will consist of 150 units in four buildings with 248 parking spaces and cost an additional $20 million, according to Doug Perry of Bellevue-based Shotgun Creek Investments, and managing partner of Innovation Center TCRD LLC.

The new apartments will "incorporate the same contemporary styling and amenities today's renters demand," according to Perry. They will include studio as well as one- and two-bedroom units, with floor-to-ceiling sliding glass doors, and washers and dryers in each unit.

Amenities include detached garages, a fitness room, and a clubhouse with free Wi-Fi and outdoor pool.  

The units are designed to attract those working at PNNL or elsewhere in north Richland or the staff or students at Washington State University Tri-Cities.

Innovation Blvd. provides a direct pedestrian or bicycle corridor to PNNL, Richland's largest employer, and the units are located approximately 1/3 mile from the WSU Tri-Cities campus.

The Innovation Center at TCRD partnership owns approximately 89 acres within the Research District. It invested more than $39 million in the Research District by the end of 2012, and another $13 million in 2013, including a three story, 48,000 square-foot spec office building, leased by Pacific Northwest National Laboratory, and a new, $4.5 million, 17,700 square-foot laboratory and office building leased to Washington State University, as well as the first two buildings in the University Square commercial area located across University Way from the partnerships' other holdings. These commercial buildings are 100 percent leased to GESA Credit Union, That Place Pub, and Ethos Trattoria. The company is exploring the potential of adding a gas station to serve the needs of the more than 17,000 drivers who pass the site every day.

"Our group has been very pleased by the market reaction to what was a huge gamble to build apartments in north Richland. The Lofts is currently averaging over 98 percent stabilized occupancy. We are also gratified by the acceptance of That Place Pub, GESA Credit Union, and Ethos Trattoria businesses across the street at University Square," Perry said.