176-Unit Orenda in Seattle’s Othello Square Opens 57% Pre-Leased
Heartland advised Laird Norton Properties (“LNP”) on the development Orenda, a mixed-income, mixed-use project located in Seattle, WA, that was jointly developed with Spectrum Development Solutions. The Orenda development, completed in September 2021, includes 176 mixed-income apartment units and a 53,000 square foot commercial condominium to be purchased by Seattle Children’s Hospital (“Seattle Children’s”) and operated as the second location of the Odessa Brown Children’s Clinic. Seattle Children’s has also committed additional equity at a submarket, impact rate of return, in exchange for additional workforce-affordable units, which now total 72, or 40% of the total number of units. Heartland provided LNP with predevelopment and development activities including financial analysis and representation at construction progress meetings, and with ongoing asset management services for the now-operating Orenda building.