Construction is scheduled to start Feb. 13 on the Jack, a previously announced office building on Seattle’s waterfront.
A lack of competing developments is one motivator, he said. Another is the tightness of the Pioneer Square office submarket.
When completed by the end of 2021, the Olson Kundig-designed Jack will be the first new office building on the waterfront.
The office vacancy rate in the Pioneer Square/waterfront submarket was only 3.8 percent last quarter, according to Newmark Knight Frank (NKF), the brokerage that has the Jack listing.
“I’m bullish on Seattle. I’m bullish on downtown. And I’m bullish on Tom Kundig’s design and by being on the waterfront,” Smith said Thursday.
The waterfront is in the midst of a metamorphosis with the removal of the Alaskan Way Viaduct and construction of a linear park, which is to be partly paid for by a local improvement district, or LID.