Madison Marquette, a private real estate investment and operating company, officially announced plans to redevelop Pacific Place, downtown Seattle’s premier urban street retail destination. Anchored by Barneys New York and Tiffany & Co., Pacific Place is located in one of the fastest growing cities in the Nation. The 339,000 square-foot, four-story retail center will undergo a multimillion-dollar renovation designed by the international architectural firm Gensler. The project is scheduled to begin in the 4th quarter of 2017 with the first phase opening in the fall of 2018. The redevelopment plans include remodeling of the center’s common areas along with a new South Lake Union facing grand entrance allowing for additional shop space and dining opportunities to better satisfy the strong global retail and restaurant demand for downtown Seattle. The redevelopment strategy will focus on appealing to best in class retailers looking for a well curated destination adjacent to Nordstrom’s flagship.
“With the ever growing high-tech neighborhood of South Lake Union to the north, the doubling in size of the Washington State Convention Center to the east, and the recently renovated adjacent Nordstrom flagship store connected via sky-bridge, it’s clear that Pacific Place will continue to be the central location for shopping in Seattle,” said Daniel Meyers, Sr. Vice President, Project Management, Madison Marquette.
The most recent happenings for Madison Marquette’s redevelopment include the purchase of the attached parking garage in the fall of 2016 from the city of Seattle and the recent March 2017 opening of the popular restaurant, Din Tai Fung. The shopping center has also introduced an active pop-up store program that showcases art, new retail brands and experiences which reflect the future of Pacific Place.
“The redevelopment of Pacific Place builds upon the momentum and investment reshaping Seattle’s Pike and Pine streets,” said Downtown Seattle Association President and CEO Jon Scholes. “It’s exciting to see Madison Marquette enhancing such a significant piece of our retail landscape. We are seeing a historic level of both public and private investment in this corridor bringing a new mix of retail, restaurants and experiences in the heart of Seattle.”
About Pacific Place: Occupying an entire city block at the bustling intersection of Sixth Avenue and Pine Street, downtown Seattle’s most heavily trafficked intersection, Pacific Place offers more than 50 shops and restaurants including Barney’s New York, Tiffany & Co., Kate Spade New York, Coach, lululemon athletica, AMC Pacific Place 11 and Din Tai Fung. For more information, call (206) 405-2655, visit the web site at www.pacificplaceseattle.com, find Pacific Place Seattle on Facebook and on Twitter and Instagram.
About Madison Marquette: Madison Marquette is a private real estate investment and operating company. Founded in 1992, the firm’s primary focus is infill retail and urban mixed-use real estate in the major gateway markets in the United States. Madison Marquette specializes in enhancing the value of its projects through its integrated investment and services platform offering sourcing, acquisitions, asset management, leasing, property management, marketing, and development. Madison Marquette covers its key markets with senior investment and operating professionals in major cities around the country, including San Francisco, Los Angeles, Seattle, New York, Philadelphia, Dallas, Fort Lauderdale and Washington DC. Notable Madison Marquette projects include: Bay Street Emeryville (San Francisco Bay Area), Manhattan Village (Manhattan Beach), Pacific Place (Seattle), LaBrea (Los Angeles), Mercato (Naples), Southwest Waterfront (Washington DC) and The Edge (Williamsburg). For more information on Madison Marquette, please visit www.madisonmarquette.com.