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Puget Sound Business Journal
Owners change course on plans for development site near Tacoma Dome
An owner of a Tacoma property south of downtown where a hotel and apartment project had been in the works says plans for the site have changed.<\p> Benny Kim, who owns the 1.5-acre site at 2801 S. C St. with Sang and Keum Woo of Olympia, told the Business Journal on Tuesday that the original projects were no longer happening.<\p>
Amazon reloads multibillion-dollar affordable housing fund
Amazon.com Inc. (Nasdaq: AMZN) will bolster its now fully committed $2.2 billion Housing Equity Fund with an additional $1.4 billion, the company announced Tuesday.<\p> Out of the fund, which launched in 2021, Amazon has made below-market-rate loans and grants that have, together with public subsidies, created or preserved some 21,000 affordable units across its three hub regions: Seattle; Washington, D.C.; and Nashville, Tennessee. The additional dollars are anticipated to support another 14,000 homes, Senthil Sankaran, the fund’s managing principal, told the Washington Business Journal. <\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
FareStart Restaurant to reopen with full slate of guest chefs
Seattle culinary nonprofit FareStart is reopening its Denny Triangle restaurant and tapping several high-profile Seattle chefs to help out. <\p> The space at 700 Virginia St. closed in 2020 amid the pandemic. It's set to reopen June 27 with the return of its three-course set menu dinners led by guest chefs, with proceeds used to support FareStart's programs. <\p>
Snohomish County industrial sale the region's biggest this year
Four buildings in Arlington's Gayteway Business Park traded in late May for $70.6 million. The Snohomish County transaction is the region's largest industrial deal so far this year.<\p> Chris Gayte, managing partner of Gayteway developer GS Venture Partners, and Brent Nicholson are the sellers. They were represented by the CBRE team of Brett Hartzell and Paige Morgan. Al Hodge of Broderick Group assisted on the transaction.<\p>
Seattle startup Tektonic AI raises $10M from Madrona, Point72
Seattle-based artificial intelligence startup Tektonic AI launched from stealth Thursday with $10 million in funding.<\p> Madrona Venture Group of Seattle and New York City-based Point72 Ventures led the round. <\p>
Here's how WA chefs and restaurants fared at the James Beard Awards
Chefs, restaurateurs and other culinary figures from around the country convened Monday night in Chicago for the 2024 James Beard Foundation Awards. The annual honors are widely considered the country's most prestigious awards for the dining industry. <\p> Washington's finalists left empty-handed.<\p>
Developer sees huge office-to-housing opportunity in Pioneer Square
Seattle commercial real estate companies are bullish on converting obsolete office space into residences but perhaps none more than Lake Union Partners, which endeavors to turn Pioneer Square into a mostly residential neighborhood.<\p> "We think that in a seven- to 10-year period, we can bring 2,000 units to Pioneer Square, which means roughly 3,000 people," LUP Managing Partner Patrick Foley told the City Council's land use committee Wednesday.<\p>
Bellevue's InterContinental hotel opening delayed yet again
One of the most anticipated hotel openings of the year will again have to wait. <\p> The InterContinental Bellevue at the Avenue, part of the $1 billion-plus Avenue Bellevue mixed-use project, was set to debut this week. Now, parent company IHG Hotels & Resorts has pushed back the opening of the 208-room luxury hotel to July 18, the company told the Business Journal. <\p>
With $71M in funding, this biotech looks to get 'close to the clinic'
Seattle-based biotech Vilya Inc. is pushing ahead with drug discovery programs, drawing on artificial intelligence and modern computing techniques.<\p> Vilya announced $71 million in funding on Tuesday, $50 million of which the company landed when it launched in 2022. CEO Cyrus Harmon says the money is an important stepping stone for the young biotech company.<\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
What Washington companies made this year's 100 best workplaces list?
Employers are vying to recruit and retain the best people, and that means retooling everything from where they work to opportunities for personal and career advancement.<\p> Companies large and small have made changes to their missions and cultures to improve work-life balance and tap into what motivates workers. But when it comes to the best places to work in Washington, the employees are the best judge.<\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
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