Page 2 | Wednesday, December 4, 2013
DOLLAR | FROM 1 dows and backlit mirrors in the bathrooms, as well as two small courtyards. A skybridge between either building will allow tenants to share amenities. Preleasing has already begun, said Lee, who estimated that about a dozen deposits had been made.
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“That’s substantial, especially during the holiday season when traffic slows down,” he explained, “We’re thinking it will fill up fairly quickly. The project across the street, Aviara, leased up in seven months and they have 170 units. We’re hopeful.” Early leases indicate a mix of residents from both Seattle and the Eastside.
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Only a handful already stages of a boutique Island live on the Island, said hotel, planned for the old Lee. There are 34 studios, site of a Travelodge, off 36 one bedroom units and I-90. “There’s no hotel on 15 two bedroom apartments. Of those 85, the the Island now, so there’s Mercer West will also nothing to compare it to,” feature ten unique loft explained Lee. “We have to units. Lee says it’s hard to look to Bellevue, but [the determine who will make two cities] aren’t compaup the rest of the ten- rable. We’re still working ant base. Demographics to see if it will be viable.” Lee said he thinks there’s in the Mercer East have changed slightly since it a need for a hotel on the first opened in 2007. What Island. Guests would likely used to slope toward an be family members of resiolder demographic, now dents, but no hotel partner has yet been includes selected. In the a mix of meantime, the y o u n g demand for people housing is high. from 25 to The Mercer is 50 years percent old. Kenneth Lee, Dollar 96 City regDevelopment filled and Lee says the comulations plex has higher require retention rates that all construction equipment than many other buildbe cleared and roads fully ings on the Island, in part accessible during the holi- because of the level of day season, which has activity in the area. The partly incentivized Dollar apartments are close to Development to quickly the Island’s retail core and wrap construction. The amenities like Saturday Mercer West and Mercer breakfasts and holiday East originally planned to events allow for residents go up at once but the reces- to mingle, further bolstersion and the completion of ing retention rates. Depending on unit Island Square around the same time, pushed back type and square footage, the second phase of the Mercer West says units will go for between $2.25 project. Dollar Development is and $2.35 per square foot. also in the preliminary
“We’re thinking it will fill up fairly quickly.”
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