Pine Street Group’s (PSG) strengths include feasibility analysis, budgeting, selection and management of the architects and consultants, permitting, construction management, leasing, and tenant improvements. Frequently, this has required reshaping public policy in concert with City of Seattle elected and appointed officials to accommodate innovative, development approaches.
The genesis of PSG was Pine Street Associates L.L.C., formed in 1994 to redevelop three downtown Seattle blocks encompassing nearly two million gross square feet, including:
- Renovation by Nordstrom of the former Frederick & Nelson department store into its flagship store and headquarters offices (opened 1998);
- Development of Pacific Place, including a 1,200-car below-grade garage owned by the City of Seattle (opened 1998); and,
- Redevelopment of Nordstrom’s former downtown store (opened 1999) and the neighboring Seaboard Building (opened 2001) into retail, office and residential condominiums.
Following the three-block project, in partnership with the Seneca Real Estate Group, PSG developed a 900,000-square-foot headquarters office tower for Washington Mutual and a 300,000-square-foot expansion for the Seattle Art Museum (SAM). The office and garage portion, now called Russell Investments Center, opened in spring 2006. The SAM expansion opened in spring 2007.
PSG’s next development project was Via6, a 654-unit apartment project at Sixth and Lenora in downtown Seattle. Via6 is designed to become a vertical community rather than just a place to live.
Currently, PSG is completing development of the Addition (called Summit) to the Seattle Convention Center. Summit doubles the capacity of the Convention Center, enabling it to capture the significant business it historically has turned away. Summit is now open for business.
In addition to its development and property management efforts, PSG principals and managers take active roles in the community. PSG also is highly engaged with the Downtown Seattle Association, promoting the economic health of downtown Seattle and helping formulate policy on density, transportation, and other issues.