Located in the heart of the East Redmond, WA commercial market, this 60 acre undeveloped parcel of property is known as Taylor Union Hill. A legacy piece with built-in location amenity this project is also positioned close to various strategic transit corridors. With some of the world’s largest companies’ headquarters’ as neighbors, this asset is simply a peerless piece of development property.
Taylor Union Hill At a Glance:
- 60 Acre Site
- Redmond, WA
- Strategic Location
- Rezoned from Heavy Industrial to Modified MP (Business Park)
- Class A Suburban Office
- SF & MF Residential
- Just two lots remain
Zoning
The primary factor driving the value of this asset is the potential that it has for all types of development, ranging from residential detached homes to Class A suburban office. Located on the outskirts of downtown in an area bordered by rural zoning, the property was originally zoned for heavy industrial use. Operated as a sand and gravel pit since the early 1900s, the property was nearing the end of it’s useful life as a pit site. A rezone was now necessary to optimize the value of this prime asset. With no zoning category in place in the City of Redmond to support the commercial, office and residential uses necessary to maximize the property, Taylor launched an aggressive rezone campaign. By leveraging relationships within the jurisdiction, as well as within the local business community, Taylor was successful in stepping from heavy industrial, to light industrial, to manufacturing park zoning and ultimately received a modified zoning classification allowing highly marketable uses. The ability to maximize the site as a business park, providing Class A suburban office space in an unprecedented market for that product type, is now a reality that has positioned Taylor Development to realize maximum returns.
Development Agreement/Regional Engineering
After securing the necessary zoning to support the intended uses, Taylor Development set its sights on value added engineering elements that could combine regional storm and transportation elements. By enlisting the support of surrounding property owners of developed and undeveloped properties alike, as well as King County and the State of Washington, Taylor’s entitlement team put together a conglomerate of influential players to tackle key issues with the goal of achieving a significant savings on development costs. By driving a complex Development Agreement negotiated to the satisfaction of all involved, Taylor was able to implement the design of regional elements allowing maximum efficiency; both for the City upon dedication of public elements and for the surrounding properties upon development. The cost savings for the horizontal construction related to the items covered in the Development Agreement have combined with additional density achieved through the process to create substantial advantages to this asset. By refusing to accept the default developmentstipulations for the property, Taylor successfully set the stage for cost control and increased profit over the life of this project.
I’ve had the opportunity to participate in over $130 million worth of commercial property closings with Taylor Development over the past six years.”
Andy Miller, VP
GVA Kidder Mathews
Summary
The net result of the advantages afforded to the City of Redmond and surrounding property owners is the ability for Taylor to maximize the development potential of the property. Through maximizing potential, profits will be maximized. A classic example of competency in creating value, Taylor Union Hill is positioned to build on Taylor Development’s history of success.