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Seatac City Is Poised for Flight

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Seatac City Is Poised for Flight 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. With its transit-accessible location. Being in modest size (10 sq. miles/26 sq. km) and SeaTac, we can provide that. And being lofty aspirations, it might be likened next to the airport, obviously, is a to the ambitious young buck who crucial selling point.” profits from having older brothers who URG’s bet turned into a winner. command sway in the neighborhood. Why SeaTac for HQ? With a nudge, Callahan says, from Big brother No. 1, Seattle, is a some “tender loving care,” occupancy 15-minute shot up Interstate 5 and at the 582,000-sq.-ft (54,070-sq.m.) boasts a posse that includes the likes $10.5 billion SeaTac Office Center has grown from of Amazon, Microsoft, Costco and in new capital investment 62% at the time of purchase to more Russell Wilson. • than 90% today. The Center’s parking Big brother No. 2, Sea-Tac property, Callahan believes, is ripe to be International (note the hyphen that the Eighth-busiest developed as a headquarters location for city doesn’t share), delivers the world international airport a business that values SeaTac’s singular to SeaTac’s door. Operated by the Port • connectivity. He is among those who are of Seattle, it is the nation’s eighth- unabashedly bullish on SeaTac. busiest airport, having served some 52 Light rail “The City of SeaTac has an unusually million passengers in 2019. Its 30 airlines connection to Seattle/ strong pro-growth and pro-development connect to 91 non-stop domestic and 27 University of Washington mindset,” Callahan says. “That is a international locations. positive you can never take for granted. The airport’s current five-year • Not every jurisdiction wants to unite expansion devotes $3.7 billion to more Transit-oriented and support development, and SeaTac than 100 projects, some of the most development definitely does.” prominent being a new international SeaTac’s zeal for growth is fueled not arrivals facility, an underground • merely by aspiration, but by a long- baggage handling system and a Available land term strategy to maximize its unique concourse expansion that’s adding at affordable prices collection of assets, which recently has eight new gates, new restaurants and a come to include six Opportunity Zones newly-opened Alaska Airlines lounge • that cover two-thirds of the city. SeaTac, that offers spectacular views of the Opportunity Zones Washington State, Sound Transit and Olympic Mountains and downtown • the Port of Seattle are in the process Seattle. Nineteen more new gates are of delivering more than $10 billion in envisioned by 2027 Business-friendly capital improvements, including light Dave McFadden, managing director environment rail extensions that soon will offer of the Port of Seattle’s economic connections to the bustling hubs of development division, says a 2018 impact Bellevue and Redmond to the north, study showed that the airport, which and eventually to Tacoma, 25 miles (40 has 20,000 badged employees, supports km.) to the south. 150,000 jobs throughout the SeaTac Rune Harkestad, another developer region. He believes the airport is one of active in the SeaTac market, believes SeaTac’s defining assets. SeaTac has positioned itself well, even “It supports a tremendous amount in the midst of the current economic of economic activity within the city uncertainty. limits,” McFadden tells Site Selection. “We do feel optimistic about SeaTac’s “The lion’s share of offsite parking, future, given our knowledge of the hotels and support facilities are located market over the past decade or so,” he within SeaTac. The airport propels says. “It is a very business-dynamic area what is a very strong hospitality with an entrepreneurial spirit.” sector,” he says. 76 MAY 2020 SITE SELECTION e City of SeaTac has an unusually strong pro-growth and pro-development mindset.” — Pat Callahan, Founder, Urban Renaissance Group A pedestrian bridge over busy International personally connect to their customers and partners Boulevard places the airport within an easy walk of domestically and globally through the biggest SeaTac’s large-scale Hilton and Marriott facilities airport in the Pacifi c Northwest.” that off er a combined 60,000 sq. ft. (5,600 sq. Says URG’s Callahan: “Th e presence and the m.) of meeting space. Th e renowned Cedarbrook expansion of Alaska Airlines is validation that you Lodge, a converted Washington Mutual training can run a major corporation and be headquartered center, is a short distance away. Th ose types of in the City of SeaTac. Th ere are a whole lot of amenities, suggests Matthew Behrens, capital things that need to work for a headquarters, markets manager for CBRE, deliver signifi cant including a strong workforce, providing easy access value to offi ce and headquarters operations. for your workers and your vendors, and having “You have really good properties that can host the proper amenities. Alaska Airlines continues to events where you fl y your people in from other demonstrate that SeaTac has all of that.” locations and they can meet right there by the Alaska’s six-story, 128,000-sq.-ft (11,890-sq.-m.) airport. Th ey’re not fi ghting traffi c. It’s all very Hub is envisioned as the fi rst of up to four e ffi c i e n.” t buildings that the company could erect on Recent additions have pushed SeaTac’s hotel the 6.8 acres (2.8 hectares) it acquired across capacity to more than 6,000 rooms, with another International Boulevard from its longtime 1,000 planned. Newcomers include Wingate by corporate headquarters. Adjacent to the airline’s Wyndham, Hilton Garden Inn and Aloft Seattle Flight Training Center, the Hub provides space Sea-Tac Airport. Th e hospitality market’s evolution, for some 600 employees in technology, systems Behrens believes, refl ects SeaTac’s maturation. operations and other key functions. Steel and wood “What we’re seeing,” says Behrens, “is more of construction and attractive landscaping off er a that select-serve, upper-scale product coming to distinctive West Coast vibe. SeaTac. Th at’s a good indicator.” With Alaska having acquired the property in 2018, the Hub project has taken scarcely two years Alaska Airlines Expands SeaTac Headquarters to complete, from permitting to fi nal buildout. No corporate enterprise better illustrates Having updated zoning to accommodate large- SeaTac’s upward trajectory than Alaska Airlines. scale development, SeaTac promises speed. To accommodate a growing workforce, Alaska is “Th ere aren’t a lot of regulatory hurdles you putting the fi nishing touches on the “Hub,” a $32 have to jump through if you want to come in here million expansion to its headquarters just south and build something,” says Steve Pilcher, SeaTac’s Alaska Airlines’ new of Sea-Tac International. Th e most prolifi c airline director of community and economic development. “Hub” demonstrates its serving the West Coast, Alaska says that in the “Th e areas where there’s development interest are commitment to SeaTac. last fi ve years alone, its employee base has grown zoned appropriately, so there are no special land- Image courtesy of Alaska Airlines by 76%. Th e expansion is viewed as a long-term commitment to the airline’s hometown. “With its ideal location, SeaTac City can attract educated and diverse employees from the north, south, and east, which makes it perfectly situated for our company headquarters.” says Shane Jones, Alaska’s vice president for real estate and airport development. “SeaTac also benefi ts from housing that is more aff ordable, both inside SeaTac city limits and in surrounding communities, than the region as a whole,” says Jones. “I think any industry and sector would fi nd SeaTac attractive as a headquarters location, but particularly those that need to SITE SELECTION MAY 2020 77 Light rail has been a game-changer for SeaTac. Photo courtesy of Port of Seattle use hearings that people need to go through. Our rise dwellings. process allows us to get things done a lot quicker “There are still opportunities in SeaTac,” says than what they’re doing in big cities.” CBRE’s Behrens, “to acquire attractive land, and at a reasonable price.” Ready to Hit the Ground Running Among other projects in the works, Spokane- SeaTac seized upon the advent of light rail with a based Inland Group is breaking ground on a three- forward-leaning vision true to the New Urbanism building, mixed-use development near Tukwila and transit-oriented development.
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