11411 Des Moines Memorial Dr S, Burien

THE BURIEN ROUND UP

INVESTMENT AND DEVELOPMENT SITE

OFFERING MEMORANDUM

14 MINUTE DRIVE TO DOWNTOWN SEATTLE

1100 COMMEMORATIVE WWI ELMS PLANTED ON DES MOINES

MEMORIAL DRIVE

102 YEARS SINCE THE FOUNDING OF THE RAINIER GOLF & COUNTRY CLUB

2000

FOOT LONG UPCYCLED ART RAILING ON SOUTH PARK BRIDGE

If your ideal Friday night is more “Gilmore Girls”wholesome than rideshare-congested and shouty – or if you’re just kind of over the entire Pike/Pine corridor on Capitol Hill – Burien can be a charming alternative to the crowded nightlife zones of Seattle….

Megan Burbank, Burien Pizzeria Serves up … a Charming Neighborhood Vibe, Seattle Times, March 5, 2020

“Hipster havens tend to move about – hipness is rather ephemeral, always on the move: Capitol Hill, Georgetown, even Ballard. Brooklyn became shorthand for that in the early ’00s, and various Seattle neighborhoods have been given the moniker. Burien also was bestowed the tag a few years back…. It’s hip, however, in its historic unhipness.”

Knute Berger, Burien: The Newest New Brooklyn, Seattle Magazine, December 2018

The Offering

You are invited to consider, for investment or development, two large adjacent platted lots (26,000 SF each) in a prime arterial location in culturally diverse Boulevard Park at the northern edge of the rapidly growing, business-friendly city of Burien, just 8 miles south of downtown Seattle and 5 miles north of Sea-Tac and level topography, together with their existing commercial opportunities for light manufacturing, retail, multi-family or

with the Ambaum corridor, for the construction of 7,500 housing

Multifamily Tax Exemption (MFTE) beyond downtown Burien. The housing production and massively augments Burien’s appeal for developers of multifamily properties.

The properties are offered either individually or as a single lot totaling 52,325 SF (1.2 acres).

Implement the architect-seller’s blueprint for up to 25 townhomes and the Seattle skyline, to attract buyers seeking an affordable urban/suburban lifestyle, or a combination of 5000 SF retail with apartments and townhomes; feasibility studies are included. footage, Or, if you prefer, take advantage of the properties’ proximity to South Seattle’s industrial infrastructure and to the Port of Seattle gateway to launch a manufacturing or on an appreciating submarket – Burien median sales price more than doubled between 2013 and 2020 – by holding on to the properties for future sale or development.

Close to Everything

Burien represents the best of all possible worlds, the cozy intimacy of a vibrant and diverse historic town with a bustling food and in the neighboring White Center and Tukwila retail corridors, and Seattle-area employers. The newly built South Park Bridge across the Duwamish River, with spectacular repurposed architectural artwork by Barbara Grygutis, provides swift access to bohemian Georgetown, gritty-chic SoDo, the Stadium District, home of the mighty Seahawks, and cosmopolitan downtown Seattle. Less than 10 minutes away, Sea-Tac International Airport, the ninth busiest airport in the US, receives a high volume of passenger and

by, together comprise the fourth largest container gateway in North America. Burien’s central location offers easy connections entertainment and a correspondingly relaxed living pace. For a sustainable, car-free lifestyle, choose Link light rail at Tukwila station or the RapidRide bus to downtown Seattle. A funded planning study is currently investigating the feasibility of a Link light rail station in Burien, with connections to West Seattle and downtown Seattle.

5.2 miles TO SEATAC AIRPORT

3 miles CAPITOL HILL PIONEER SQUARE

TO

WEST SEATTLE

The Asset

unusually wide 268’ front to historic Des Moines Memorial Drive, with sewer utilities located in the street and water on the property. Nearby attractions development uses, including a 25-unit townhome complex, for which feasibility

Park subarea and encourage multifamily development through deregulation and tax incentives.

The lots are available individually to accommodate the needs of Burien’s without housing if that is a more desirable path for the development of this property.

PROPERTY HIGHLIGHTS

Prime arterial location

Level lots

Wide street front

Utilities in street (water on-site)

Commericial zoning that will allow mixed use

Within boundaries of business-friendly Burien

In SBA HUBZone

Close to Sea-Tac Airport and Ports of Seattle and Tacoma

Short stroll from historic golf course

Easy access to Tukwila and White Center amenities

BURIEN CC-2 ZONING

areas for moderate-intensity commercial

They also permit mixed-use (that is, housing with commercial) development.

ACCESS TO LIGHT RAIL

Abundant parking at downtown Burien’s bus ride to Link light rail in Tukwila.

BURIEN’S HOUSING ACTION PLAN

An exemplary, forward-looking plan, regulations in order to boost the city’s housing stock 36% by 2044.

SBA

Administration confers pricing advantages when competing for a government contract and preferential subcontracting opportunities,

HUBZONE

PARCEL A & B

PARCEL C

Investing In the Greater Seattle Area

A nationally ranked Top Five investment market, Seattle boasts a strong and resilient economy. Economic growth fuels a thriving market in which the demand for rental units and new homes is expected to continue increasing. As they do in Manhattan and in the peninsular Bay Area, geographic and topographic barriers limit Seattle’s land supply and concentrate demand in thriving urban villages and neighboring suburbs.

Over the last decade the Puget Sound region has outperformed the nation in employment, population, and personal income growth and enjoyed a commensurately low employment rate. A distinctly diverse, skilled, and educated workforce attracts highand the city has long been home to top-ranked research institutions.

The Submarket

The second fastest growing city in King County (surpassed only by Kirkland), Burien projects a population increase from 49,371 in 2015 to 57,317 in 2035. City leaders have forged shrewd alliances with the Port of Seattle, WSDOT, Highline College and private investors to support downtown redevelopment and generate economic growth. Burien prides itself on a Business Retention and Expansion (BRE) program, ensuring a low cost of doing business within the city, with a business and occupation tax rate less than half of Seattle’s. Strategic city planning, without excessive regulation, enables businesses to start up quickly and gives them room to grow. For developers and property owners constructing a new building, design review is conducted in-house, rather than in public committees, thus saving valuable time in the permitting process.

Developers of affordable and senior housing are sure to

government. The Affordable Housing Demonstration period. Recently Burien received a WA Department of Commerce Grant to study housing availability and affordability through an equity lens, with the charge of creating a Housing Action Plan by June 2021 and ensuring healthy, safe and affordable housing for all.

Transit Times to Major Employment Nodes

Neighborhood Amenities

Restaurants, Cafes & Bars

Grocery / Shopping

Parks

1. Burien Fish House

2. Bakery Nouveau

3. Taqueria La Estacion

4. Taqueria el Rinconsito

5. Birreria Tijuana

6. Amazonia Cafe

7. La Rielera LLC

8. Flight Path

9. Smokey’s Char-Broiled

1. Trader Joe’s

2. Fred Meyer

3. Value Village

4. Grocery Outlet

5. El Paso Supermarket LLC

1. Moshier Park

2. Dottie Harper Park

3. Seahurst Park

4. Lake Burien School Memorial Park

5. Highline Seatac Botanical Gardens

1. SeaMar Burien Medical Clinic

2. St Anne Hospital/CHI Franciscan

Medical

1 4 3 2 View Interactive Map 11411 & 11415 DES MOINES MEMORIAL DR S, BURIEN WA 5 1 2 3 4 5 1 1 1 3.5 miles BURIEN PUBLIC LIBRARY 7. miles MATT GRIFFIN YMCA 3.7 miles ST ANNE HOSPITAL 3.3 miles BURIEN COMMUNITY CENTER 11411

& 11415

1. LA Fitness

2. Reconnect Fitness

3. Rainier Golf & Country Club

4. Glen Acres Golf Club

5. ProFitness

6. Freedom Fitness Gym 2 3

2

3 4

5 2

1

509 50

99 9 518

5 6 7 8 9

Brooklyn on the Sound

A young city (incorporated 1993), Burien nevertheless boasts a rich history. Continuously inhabited by Nisqually, Duwamish, Puyallup and other Coast Salish peoples for 6000 years before the coming of White settlers in the 1850s, the Highline area (which includes White Center, Burien, Normandy Park, SeaTac and parts of Des Moines) nurtured a prosperous and advanced non-agricultural civilization for hundreds of generations.

cranberries from the plentiful bogs, built cedar canoes and longhouses, and created sophisticated artifacts.

Later residents farmed the land or journeyed from Seattle for the weekend, at a time when transportation was mostly maritime. Over time, with the advent of the automobile, the construction of highways, the rise of aeronautical giant Boeing, and national and local

denizens from all walks of life. They continue to come – to work at SeaTac Airport or Boeing, or to escape pace of life.

The Highline Heritage Museum preserves and celebrates this history, in the picturesque mid-century setting of downtown Burien, surrounded by independent businesses and innovative eateries. “In suburban Seattle, downtown Burien is on the rise,” declared the New York Times in 2018, “thanks in part to several outposts of popular Seattle spots.” These include Bakery Nouveau, consistently ranked among the best French bakeries on

Burien in 2018, complete with an enormous chocolatemaker reminiscent of Willy Wonka. Smarty Pants Garage, another spinoff of a Seattle original, serves giant hoagies and “creative” Bloody Marys. Catch an indie movie while you sip a cocktail at the beloved subterranean Tin Theatre; shop for local pottery at Sitka Living and collectible Matchbox cars at the Electric Train Shop; order the salmon tacos with mango salsa at the classic Burien Fish House; join the Jane Austen book club at the remarkably successful Page 2 Books. Quirky and laid-back, Burien’s thriving business district caters to every taste. A slew of excellent Mexican restaurants has recently put Burien on the map as a destination for regional Mexican cooking. For home cooks, the recently completed southernmost branch of the Puget Sound chain PCC Natural Markets provides fresh, local, organic ingredients ready for any culinary adventure.

Burien offers the solace of nature as well. The jewel of Burien’s park system, 178-acre Seahurst Park boasts a 2000-foot saltwater beach, miles of trails and a wildlife habitat with eagles, herons, woodpeckers, pheasants and owls. Hike or picnic in the park, watch passing views – or admire the scuba divers off Three Tree Point south of Seahurst, sacred to Coast Salish peoples. The Environmental Science Center, housed in Seahurst, promotes and teaches stewardship of natural resources with the aim of preserving the land for generations to come.

RAINIER GOLF & COUNTRY CLUB

A Gracious Relic of Old Seattle

The Rainier Golf and Country Club, the second oldest private golf club still operating in the Greater Seattle area, was founded on March 11, 1919 and a 3,400 SF clubhouse was built in 1922, designed by noted Seattle architect Ellsworth Storey as a single-story gable-roofed structure. The club and clubhouse grew rapidly. By 1924, the golf course had expanded from 9 to 18 holes and the clubhouse had grown to nearly 18,000 SF through a three-story addition north of the original building. The 100-year-old institution takes its name from the extraordinary views of Mt Rainier from various vantage points in the course and admits members by invitation only. A gracious relic of Old Seattle!

Demographics

Demographics

King County and City Council of Burien data indicate that the average rent for a two-bedroom apartment in Burien rose 45% and the median home sales price more than doubled between 2013 and 2020. Meanwhile, the median household income in Burien rose just 20% between 2010 and 2018. Most renters, especially those who make under 80% of the area median income (AMI), are cost-burdened, allocating more than 30% of their household income towards rent. 39% of the city’s renters – which make up 47% of all households in Burien compared with 53% homeowners – spend more than 50% of their household income on rent, making them extremely cost-burdened. It is these imbalances that the City of Burien’s new Housing Action Plan in the target subareas, including Boulevard Park, where the subject

POPULATION DISTRIBUTION

2021 HOUSING UNITS VALUE

HOUSEHOLD AGE

Age 15-24

Age 25-34

Age 35-44

Age 45-54

Age 55-64

Age 65-54

Age 75-84

Age 85+

2021

2021

NUMBER OF UNITS BUILT IN BURIEN PER YEAR

2012-2016 COST BURDENED BURIEN RENTERS

2014-2018 OCCUPIED HOUSING IN BURIEN BY TENURE

2012-2016 COST BURDENED BURIEN HOMEOWNERS

Development Potential

paths, including light manufacturing, distribution, retail, affordable housing and market-rate mixed use, each of which should be to include commercial development; however, given the shortage of commercial, or with a reduced commercial component, Addressing the steadily increasing need for medium-density housing in the area, the properties come with preliminary feasibility studies for the construction of a townhome and/or apartment complex with. or

Des Moines Memorial Highway 1141111415

Price $495,000$485,000

County Tax Parcel ID Number 092304-9246092304-9413

Lot Size (Total 52,325) 26,21526,110

2020 Assessed Property Taxes $4,345$4,327

Curb Cuts 11

Utilities on Property WaterN/A

and rear and side setbacks of 5’, creating a density of 24 units/acre (FAR 1.5) in this desirable location with easy access to amenities and transportation. If desired the architect-seller could offer assistance

PARCEL A & BPARCEL C

Boulevard Park: Scheme 1

11411 & 11415 DES MOINES MEMORIAL DR S

Boulevard Park: Scheme 2

11411 & 11415 DES MOINES MEMORIAL DR S

Boulevard Park: Scheme 3

11411 & 11415 DES MOINES MEMORIAL DR S

Boulevard Park: Scheme 4

11411 & 11415 DES MOINES MEMORIAL DR S

Apartment Rent Comparables - Market Rate

Townhome Sale Comparables

Land Sale Comparables