Wallace Properties Opens 507 Northgate

Wallace Properties announces today that 507 Northgate has opened its doors as the first mixed-use apartment project to open in Northgate since the adoption of the Growth Management Act in 1990. Located on the corner of NE Northgate Way and 5th Avenue NE, 507 Northgate consists of 55,000 square feet of retail space and 163 apartment units over an underground parking garage. A significant milestone in the revitalization of the Northgate Urban Village, 507 Northgate is the result of years of effort to turn Northgate into a walkable urban center. Wallace Properties, Inc. developed the project in a joint venture with Northwestern Mutual Life Insurance Company.

The residential portion of the project is designed to condominium standards with specialized construction techniques to reduce noise transfer between units and have designer finishes created by five-time ASID award-winning interior design firm Sechrist Design. A garden courtyard at the first residential level provides the interior units with a “backyard in the sky,” while the exterior units have private decks on the ground floor and sweeping views on the upper floors. 507 Northgate also offers a state-of-the-art fitness center, community lounge, gated garage parking, storage units, bike lockers, fiber optic broadband, cable and satellite TV providers and free Wi-Fi. The apartment homes are marketed and managed by Pinnacle Realty.

The retail portion of 507 Northgate is being marketed Wallace Properties. “The retail spaces are located on the most visible corner in one of the strongest retail markets in the Seattle area,” said Kevin Wallace, the project’s developer. “We feel very confident that retail leasing will continue and the project will be fully leased in spite of existing market conditions in the region.” Last week Wallace Properties signed a lease with Jimmy John’s Gourmet Sandwiches.

507 Northgate is a sustainable, environmentally friendly project. Over $1,000,000 was spent to improve the quality of the water flowing through and from the site, thus reducing the pollution to Thornton Creek. The apartments have been awarded the Seattle City Light BuiltSmart designation for energy efficient design and construction, which in turn means lower electricity bills for the residents. The project has also received awards from the Department of Ecology for the clean-up of this former gas station site and for environmentally sound construction management practices. In addition, the surrounding sidewalks were designed to be up to three times wider than the standard eight feet to enhance the pedestrian experience and improve pedestrian safety.

The project team includes Rafn, General Contractor; Baylis Architects, Project Architect; Coughlin Porter Lundeen, Structural and Civil Engineering; Brumbaugh, Landscape Architecture; Morrison Hershfield, Waterproofing; Foster Pepper, Legal; and Barry Leahy, Construction Management.

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Serving Western Washington since 1975, Wallace Properties, Inc. offers a complete spectrum of real estate services, providing commercial leasing and sales, property management, and real estate acquisition, syndication, and development services all under one roof.