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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>
Remitly hires former Google executive for C-suite role
Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY) on Tuesday named Spyro Karetsos as its chief compliance officer.<\p> Karetsos is joining Remitly from Google, where he spent more than three years as chief compliance officer. A Remitly spokesperson said Karetsos replaced Bridget Abraham, who left the company in April. She is now the chief compliance officer at the business software company Rippling, according to her LinkedIn page.<\p>
Boeing reports another slow month as it rolls out safety plan
The Boeing Co. (NYSE: BA) reported another anemic month of orders and deliveries Tuesday as it continues its efforts to improve production processes in the wake of several supply chain and assembly snafus affecting its top commercial jet programs. <\p> Just 19 Renton-built 737 Maxes entered the global fleet, well below the 38 it is authorized to build by the Federal Aviation Administration, which set a cap on Boeing’s production earlier this year after a door panel blew off a newly delivered Alaska Airlines plane during its ascent. <\p>
Flyhomes deploys AI search tool to compete with Redfin and Zillow
Seattle-based real estate tech company Flyhomes has acquired San Francisco-based artificial intelligence startup ZeroDown.<\p> Flyhomes acquired ZeroDown in January and spent the past five months integrating ZeroDown's technology before announcing the deal Tuesday. With the acquisition, Flyhomes has launched an AI-powered home search tool to compete with heavyweights like Redfin and Zillow.<\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>
King County buys Seattle's Dexter Horton Building at steep discount
King County has agreed to buy the landmark Dexter Horton Building for $36.6 million, or less than a quarter of what the building traded for five years ago.<\p> The County Council approved the sale May 28 in a 8-1 vote, after a lot of questioning. Some members eyed the assertion the purchase will save money for the county, which leases space in the 15-story, 100-year-old building located a block from the King County Courthouse, at 710 Second Ave.<\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>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\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>
Bellevue cloud cost management startup raises $12.1M
Bellevue-based Archera, a cloud cost management startup, has raised $12.1 million. It disclosed the funding in a June 4 filing with the Securities and Exchange Commission. <\p> Archera in 2021 rebranded from Reserved.ai, the legal name the company uses in the regulatory filing. The filing noted the funding was in the form of equity funding and other securities.<\p>
Loan program aimed at Black affordable housing builders gets a boost
The Seattle Foundation announced Thursday it’s making a $1 million investment in a loan program that helps Black developers build affordable housing in the Puget Sound region.<\p> The Field Order 15 fund was created by the Seattle-based community development financial institution HomeSight in January. Developers who qualify get grants for project planning. For projects deemed feasible, the developers become eligible for low-interest pre-development loans and technical assistance to apply for construction financing. <\p>
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