Joint Venture to bring 450 apartment homes and
more than 37,000 square feet of retail to Redmond, Wash.
REDMOND,
Wash., Sept. 15, 2022 /PRNewswire/
-- Quarterra (recently rebranded from LMC), a subsidiary of
Lennar Corporation and a vertically integrated multifamily
apartment builder, developer, and asset manager, today announced
the opening of Spectra, a luxury mixed-use community in the
Marymoor submarket of Redmond, WA.
Spectra, developed in partnership with QuadReal Property Group, is
the first apartment community to deliver in the core of the
emerging Marymoor Village following the historically industrial
neighborhood's rezoning in anticipation of the nearby Link Light
Rail Station. Move-ins are scheduled to begin in September.
![Quarterra Multifamily and QuadReal Property Group Announce the Opening of Spectra Quarterra Multifamily and QuadReal Property Group Announce the Opening of Spectra](https://mma.prnewswire.com/media/1900259/Quarterra_and_QuadReal.jpg)
Spectra, a mid-rise community, features 450 apartment homes and
37,259 square feet of retail space across three distinct buildings.
The unique design aesthetic and extensive residential amenities
cater to a variety of tastes and preferences. Quarterra has curated
a retail mix that will further enhance the resident experience.
Future tenants include Sasquatch Strength, Phenix Salon Suites and
Bright Horizons childcare. Additional retail spaces remain
available to include the flagship restaurant space in the North
building facing the entrance to Marymoor. Residents will also enjoy
pedestrian access to Whole Foods Market and easy access to
Downtown Redmond and the Redmond
Town Center.
"We are excited to deliver Spectra as it will offer a new
lifestyle option in Redmond that
blends the best of modern urban apartment living with the
breathability and outdoor amenities of a more traditional suburban
garden community," said Brad
Reisinger, Division President for Quarterra in the Pacific
Northwest. "We are confident that the connectivity, range of
amenities and unique family centric features will appeal to a wide
spectrum of potential residents."
Situated at 17620 Northeast 69th Court, Spectra sits across the
street from the future Marymoor Light Rail Station, one block from
the 520 freeway and is adjacent to the East Lake Sammamish
Recreation Trail. Together, the transit, vehicular and biking
access links Spectra to some of the region's major employers such
as Microsoft, Nintendo, Meta/Oculus, Amazon, Google, Space X,
SmartSheet, Paccar and Tableau. In addition, this connectivity
enables residents' easy access to not only jobs, but also
recreation, retail and restaurants. Marymoor Park, with its
expansive recreation and sports facilities, is a virtual extension
of the community itself.
"QuadReal is thrilled to welcome Spectra into a global
residential portfolio of over 65,000 rental units and continue to
partner with Quarterra on new residential developments across the
US," said Jamie Weber, Managing
Director, Head of Americas, QuadReal. "We are excited to watch
Marymoor transform into a bustling residential neighborhood."
Upon arriving in Marymoor, Spectra will stand out thanks to the
extensive art installations on and around the community. The North
building boasts large murals by acclaimed artist Addison Karl while the central plaza will be
anchored by a sculpture incorporating light effects from
Perri Howard. The West
building weaves the art installations into 16 balconies adding
additional interest from the street.
Spectra will first welcome residents of its 80-home North
building, followed by the 183-home East building later this year
and the 187-home West building by summer of 2023. As a MFTE/ARCH
program participant, Spectra will offer 45 of its homes at rates
affordable to income-qualifying residents.
Spectra offers studio, one-, two- and three-bedroom homes
ranging from 495 to 1,337 square feet. In-home highlights include
quartz countertops, tile backsplashes, stainless steel appliances,
modern frameless cabinets, kitchen islands and peninsulas in select
homes, luxury wood-style flooring and tile shower surrounds. The
majority of homes include walk-in closets, select homes feature
private entrances and balconies, and 20% of homes will be equipped
with air conditioning.
The amenity program centers around a central promenade with an
adjacent oversized outdoor pool, spa, barbeque grills,
entertainment deck and a community garden. From this central zone,
each building has its unique set of amenities that are open to all
residents. Opening up to the pool and entertainment plaza, the
North building's interior amenities include an expansive game room
and media center. An adjoining club room includes a kitchen, dining
room, lounge area and fireplace. The North building is also home to
a state-of-the-art fitness center, highlighted by strength, cardio
and flexibility equipment.
Amenities in the East building include an extensive coworking
facility that opens up to the central woonerf and includes private
offices, lounge areas, and a media center. A bike lounge, makers
room and bike storage all open towards the Lake Sammamish trail
while multiple children's play areas and another community garden
are also incorporated into the East building design.
The West building showcases a top-floor amenity space divided
into a clubroom, sky lounge, catering kitchen, outdoor deck area
and an additional outdoor play area. A two-story above-grade
parking structure in the West building accommodates retail and
commercial parking. All three buildings sit atop a large
underground parking facility to accommodate resident vehicles,
including 31 EV charging stations.
Debt financing for Spectra is through Wells Fargo. Other key
players include Encore Architects, interior design firm Vida,
structural engineer BCQ, land use attorney McCullough Hill Leary, and Weisman Design Group
as the landscape architect. NineDot Arts curated the public art
collection.
Spectra is one of three joint ventures between Quarterra and
QuadReal in the region including recently opened Ovation in
Seattle's First Hill and The
Piper, also in Marymoor, now under construction.
Spectra is Quarterra's eighth completed development in the
Seattle Metro Area. It joins
Atlas, Axle, The Bower, Ovation, Twenty20 Mad, Valdok and
Whittaker. Quarterra has also started utility work on its 194-home
Crown Hill community in Seattle.
About Quarterra
Quarterra Group, Inc., a wholly-owned subsidiary of Lennar
Corporation (NYSE: LEN and LEN.B), is a multi-strategy, real estate
focused, alternative asset management company comprised of two
rapidly growing verticals: Multifamily and Single-Family Rental.
Launched in 2011, Quarterra Multifamily, previously known as LMC,
is among the nation's most active developers, builders, and
managers and has been on the National Multi-Housing Council's
(NMHC) annual Top 50 list for eight consecutive years. Quarterra
Single-Family Rental launched in 2020 to provide individuals,
couples, and families who prefer to rent over home ownership the
opportunity to live in exceptional neighborhoods with great
amenities. It is anticipated that Quarterra will spin-off from
Lennar and become an independent, NYSE listed, Alternative Asset
Manager later this year under ticker symbol "Q". For additional
information, please visit Quarterra.com.
Quarterra creates extraordinary communities where people can
live remarkably.
www.Quarterra.com
About QuadReal Property
Group
QuadReal Property Group is a global real estate investment,
operating and development company headquartered in Vancouver, British Columbia. Its assets under
management total $67.1 billion. From
its foundation in Canada as a
full-service real estate operating company, QuadReal has expanded
its capabilities to invest in equity and debt in both the public
and private markets. QuadReal invests directly, via programmatic
partnerships and through operating companies in which it holds an
ownership interest. QuadReal seeks to deliver strong investment
returns while creating sustainable environments that bring value to
the people and communities it serves. Now and for generations to
come.
QuadReal: Excellence lives here.
www.quadreal.com
Media
Contact
Marlena
DeFalco
LinnellTaylor
Marketing
303-682-3943
marlena@linnelltaylor.com
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SOURCE Quarterra