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Mark on 8th
See how LegacyFirst leaders transformed three outdated parcels—including a historic landmark—into a high-performing, green-certified multifamily community in Seattle's South Lake Union, delivering 174 rentals and lasting value in a top innovation hub.
Investment Management
Development Management
/01
Year
Completed in 2010 and 2011; Sold in 2011
/02
Asset Type
Multifamily & Retail
/03
Location
Seattle
Institutional
Overview
Client: Domestic and Foreign Institutional Investor Consortium
Institutional-Grade Urban Multifamily Execution in a Premier Innovation Corridor
- A seven-story residential building developed on an assemblage of three sites that had housed two auto body shops and a two-story office building, all of which had been built before 1960.
- Building design incorporates the former structure at 777 Thomas Street, a city-designated historical landmark.
Project Size: 174 Rental Apartments | 4,900 SF Retail | 7 Stories
Challenge
Our challenge was to lead investment and development of a multifamily mid-rise in Seattle’s rapidly transforming South Lake Union—a technology and life sciences hub anchored by Amazon, the Bill & Melinda Gates Foundation, and other global innovators. The challenge was to redevelop a three-parcel assemblage consisting of outdated structures into a modern, amenitized, sustainably designed residential asset that could thrive in a dense, transit-rich environment.
Our Approach
We deployed an institutional-grade development approach focused on community integration, sustainability, and long-term value creation:
- Strategically assembled and entitled three parcels, including a city-designated landmark at 777 Thomas Street
- Delivered a seven-story building within walking distance of Amazon HQ and key life sciences employers
- Integrated landmark preservation into building design and amenity strategy
- Implemented high-performance green building standards (3-Star Built Green certification)
- Programmed retail and amenities to enhance urban activation and support local demand
Project location offered superior walkability (Walk Score: 97), access to transit (Transit Score: 95), and bikability (Bike Score: 84), with the Seattle Streetcar two blocks away.
Results
- Delivered 174 rental units with elevated design and finishes
- Activated ground-floor retail facing both Thomas Street and 8th Avenue North
- Created rooftop and terrace amenities with direct views of the Space Needle
- Preserved and integrated a historic Seattle landmark into a new mixed-use development
- Positioned the project to capture demand from Amazon, Facebook, and life sciences tenants in the submarket
Value Created
LegacyFirst’s leadership transformed an underutilized, historically significant site into a boutique multifamily community that delivered strong occupancy, long-term neighborhood value, and environmental leadership. Mark on 8th is a proof point of our ability to create alpha by identifying strategic urban locations, leveraging entitlement expertise, and delivering high-performing, institutionally managed assets.
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