South Lake Union, Seattle

Location: Seattle, WA

Project Name: 222 Dexter

Project Description: 222 Dexter is a 335k gross square feet ground-up construction located in Seattle’s South Lake Union neighborhood. The project is a 29-story mixed-use project with 335 market-rate rental units + 5k SF retail. Amenities include a rooftop terrace + clubhouse, gym, pool, pet amenities, bike storage, and parking.

Total Development Cost: $205M

Status: In progress

Financing: $93M Equity and $112M Construction Loan

Design: Hewitt Architects (Project Architect), Weber Thompson (Interior Design)

Engineering: KPFF Engineering (Structural), Rushing (MEP Design-Build), Lerch Bates (Elevator Design-Build)

Contract Type: Guaranteed Maximum Price Contract (GMP) with Venture GC

Project Challenges and Solutions:

• The Seattle construction cost index has increased by 2.5 percent year-over-year due to the tight labor market. The project budget includes a cost escalation assumption as a separate line item. MEP and Elevator design-build is a component of the buyout strategy in order to lock in pricing earlier and reduce change orders.