developers
Transform Liabilities Into Community Assets
Optimize the Time Between Planning and Breaking Ground
Interested in partnering with us on your vacant land? Get in touch here.
Reduce Land Carry Costs
Improve profit margins by offsetting many costs while holding vacant land by removing security and maintenance.
“In Seattle, our fastest project will be two years and our slowest one will be three years to get permits. And that additional time to have to hold the land is really expensive. We’re borrowing to buy the land, and a land loan interest rate is 5% to 10% depending on what you’re getting.”
“The best way to avoid trespassers is to keep the property occupied when possible. Otherwise, it can become difficult to keep property secure and may require extra measures such as private security, fencing or lighting.”
Remove Liability & Maintenance Obligations
Keeping Vacant Sites Free from Trash and Crime
Developers take on significant risks and costs for security and maintenance of a vacant site:
Monthly maintenance and security costs range upwards of $5K per month (garbage, graffiti, lighting, monitoring, cameras, fencing etc.)
Significant legal costs can arise for removing homeless encampments
Fines can be up to $500 a day for any site violations with the city of Seattle given recent legislation and a 40% increase in vacant properties between 2021 and 2022
Project Interim can offset these burdens through:
Eliminating crime and homeless camps
Occupying and monitoring the property 24/7
Offsetting responsibility for day to day management
Ensuring the property is clean of garbage and debris
Increase Economic and Real-Estate Value
Far more than a parking lot, pop-ups can enliven "Dead Zones" and support Informed development
The key to the success of all urban development is fostering community and proximity to restaurants, bars and retail.
Research suggests the longer a property remains vacant, the greater its impact on surrounding property values.
Vacant lots are estimated to decrease surrounding property values between 3.8% and 11.5%.
Activated sites boost real estate values and the local economy by driving employment, increasing tourism, and conveying the economic opportunity in a neighborhood.
“Activating formerly vacant spaces with opportunities for small businesses, local artists, and new entrepreneurs is how we can re-energize our Seattle economy, improve public safety, and drive equity – all at the same time,” - Mayor Harrell
Over 90% of Seattle’s New Buildings Are Mixed-Use with Retail Opportunities on the Ground Floor
Attract Tenants for Mixed-Use Buildings
Pop-ups can build demand for ground floor retail
Finding Retail Tenants is challenging with heightened vacancy rates and lower net absorption
Pop-up shops can be part of the process of re-energizing street fronts by temporarily occupying vacant spaces, engaging the local community, that potentially become long-term tenants once a project is complete
Provide the opportunity for small businesses to understand the local market, measure foot traffic, track sales, experiment with new retail formats and generate income to put towards a more permanent space.
Build Community Reciprocity
Recognition for your role in supporting the community
Pop-ups and interim land use are key to the growth of downtown Seattle and fully in-line with the City of Seattle Office of Economic Development research and Mayor Bruce Harrell's Downtown Activation Plan.
Co-branding and marketing opportunities include:
Logos on signage on site, social media, blogs and website
Inclusion in press/media
Visibility for your projects
Discover future tenants (business and residential)
Feedback from the community
“…these temporary (pop-up) spaces can be used as tools for developers and designers to test new ideas in the public realm, inform neighborhoods about future plans, and workshop with the public, stakeholders and community leaders.”
Vacant Land Is Growing Across Seattle
Economic and Systemic Challenges Lead to Prolonged Periods of Holding Idle Land
High interest rates
Rising costs to build (human capitol, building materials etc.)
Rising Property Taxes from Significantly Increased Land Appraised Values
Remote work has slowed or halted many development projects, particularly within the technology sector
Tough lending environments increasing capitol required upfront from developers
Low net absorption and a reduction in median rents (Q3 FY23) putting pressure on profitability
Lengthy permitting processes that can delay projects by an average of 2-3 years
What We are Looking For
Most any Vacant Site is Suitable
12+ Month Duration
5,000+ Square Feet
Level and / or Graded Land
Concrete, Paved or 3/4 Minus Gravel Substrate
Foundation Remains / Demolition Artifacts - No Problem
Existing Structures - Most Buildings can be Accomodated
Fractional Site Use - No Problem
Accommodate significantly larger sites
Reserve a portion for other purposes, like staging, etc...
