INVESTMENT PROFILE: CITY OF SEATAC, WASHINGTON SeaTac City is Poised for Flight by GARY DAUGHTERS
[email protected] s a commercial real International Airport (SEA) and serves With its unmatched estate developer and as headquarters to Alaska Airlines. connectivity, this investor, Pat Callahan With the airport undergoing is a risk-taker by another surge of expansion, Callahan could be your new nature. But that says URG timed its investment to headquarters location. doesn’t mean he’s willing to tempt fate leverage changing lifestyle trends and, Awhen it comes to running his business, crucially, to the completion of SeaTac’s Seattle-based Urban Renaissance southernmost of three light rail stations. Group (URG). Those three emerging hubs of transit- Five years ago, URG placed a oriented development — at Tukwila calculated bet when it acquired an International Boulevard Station, at under-performing office complex in SeaTac/Airport Station and at Angle Alaska Airlines demonstrates that “you can run a major corporation and be headquartered in the City of SeaTac.” SeaTac, the up-and-coming Seattle Lake Station — serve to connect SeaTac Photo courtesy of Port of Seattle suburb that surrounds Seattle-Tacoma to the booming regional landscape. SITE SELECTION MAY 2020 75 “Having the light rail link to Seattle Sea-Tac International Airport was really the key point in us acquiring Is an Economic Driver that asset in SeaTac,” Callahan tells Incorporated as a city only in 1990, Site Selection. “You have tenants being SeaTac has a resident population of priced out of downtown Seattle and 30,000 that, with travelers and visitors, Bellevue who are in need of a good, swells to 170,000 by day.