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Puget Sound Business Journal
Longtime Kirkland bowling alley owners strike it rich with $26M sale
Mill Creek Residential has closed on the acquisition of the Tech City Bowl property in Kirkland, paying $26.25 million, according to a deed King County posted on Tuesday.<\p> Mill Creek Residential is planning a five-story apartment building, Modera Bridle Trails, with 369 units, 6,700 square feet of retail and around 425 underground parking stalls, said Meredith Holzemer, managing director of development for the Seattle market. The project is aiming for LEED platinum certification.<\p>
Small-business grants you can apply for this month
Small-business owners are optimistic about their growth prospects as we move toward the midpoint of 2024. <\p> According to a recent WalletHub survey of business owners, more than 60% of small-business owners believe now is a good time to grow. That's despite 64% who believe inflation won’t be coming down soon, and 60% who say their business is in need of financing more than it was a year ago. <\p>
Boeing delays prompt Southwest Airlines to exit WA airport
Southwest Airlines Co. (NYSE: LUV) will no longer service Bellingham International Airport and three other airports as of Aug. 4. The other airports are Houston's George Bush Intercontinental Airport, Cozumel International Airport in Mexico and Syracuse...
Business Journal unveils CFO of the Year honorees
They are responsible for steering new investments while keeping the balance sheet on course. They make crucial decisions that influence every level of the business from real estate to workforce. The role of a chief financial officer often goes beyond...
PSBJ's 40 Under 40 have made their mark on the Puget Sound economy
They’re not yet 40 years old, but their work is being felt in communities across the Puget Sound region. The 26th year of the PSBJ's 40 Under 40 program features honorees from across the Puget Sound region’s business community, including private...
What an evolving retail landscape means for America's downtowns
The challenges facing America's downtowns are frequently linked to the staggering amount of empty office space sitting in towers. But another important segment of the downtown revitalization conversation is how to fill a growing amount of vacant retail space in cities across the country.<\p> Once the core shopping hubs of cities and metro areas, downtowns for many retailers have lost favor to more suburban locations, even predating the Covid-19 pandemic, thanks to population and demographic patterns. Even the suburban retail story has faced challenges, though, with U.S. malls posting an average vacancy rate of 8.7% in 2023 — the highest of any retail property type tracked by Jones Lang LaSalle Inc. (NYSE: JLL).<\p>
Developer gives update on delayed Avenue Bellevue project
Avenue Bellevue, a luxury two-tower project in downtown Bellevue that has been beset by delays, remains on track for a spring opening, a spokesperson for the developer told the Business Journal. The $1 billion-plus development from Fortress Development...
Affordable housing project backed by Microsoft opens in Renton
The Watershed apartment building, which officially opened Friday in Renton, offers affordable housing for up to 350 residents earning about half of King County's area median income. The six-story, 145-unit project was developed with backing from the...
Amazon surprises Seattle-area high schoolers with college scholarships
When Tre Simons attends Harvard University next year, he'll do so with an up to $40,000 scholarship from Amazon.com Inc. (Nasdaq: AMZN) and a guaranteed internship with the company. The Curtis Senior High School student had a good feeling when he entered...
Seattle-area caterers serve new recipe for success post-pandemic
Before Covid, restaurateur Shubert Ho employed 200 people. That number dropped to just 10 during the pandemic. Today, Ho — CEO and co-founder of Feedme Hospitality and Restaurant Group, which includes Shooby Doo Catering and seven restaurants in Edmonds...
WTIA names Microsoft manager as new board chair
The Washington Technology Industry Association, a nonprofit trade group, on Tuesday named Microsoft manager Kristen Forecki as its new board chair. Forecki has already been on the board for five years, according to her LinkedIn page. She is replacing...
Event planners stay optimistic as uncertainty clouds industry outlook
For event planners, recovery from the pandemic, high interest rates and inflation have been a long and uneven experience, particularly for companies who serve the local tech industry. Data from the Washington State Department of Revenue shows annual...
Seattle Convention Center breaks pre-pandemic events benchmark
Events are back on the menu at Washington’s largest events and meeting venue. The Seattle Convention Center hosted 199,762 attendees across 53 conventions and events in 2023. That’s 1,387 attendees and 11 events more than the center’s 2019 tally. In...
Seattle hotels mount a comeback, but business travel remains muted
Seattle’s lodging sector is well into a yearslong recovery from the pandemic as it trudges back to 2019 benchmarks. But the most stubborn aspect of that rebound has been corporate travel. Last year, the Seattle area welcomed 37.8 million visitors,...
Amazon reportedly moving to cut empty office costs by $1.3B
Amazon.com Inc. (Nasdaq: AMZN) is looking to reduce its inventory of empty office space over the next few years, potentially saving about $1.3 billion, according to a report from Business Insider.<\p> The Seattle-based tech giant is making a number of moves to cut its unused space, including terminating some leases and allowing others to expire, Business Insider reported, citing a leaked document and an anonymous source.<\p>
Seattle Children's gets $50M gift for pediatric cancer research
Seattle Children's has received a $50 million gift to support research on leukemia and other pediatric cancers. The gift, announced Thursday, comes from the William Lawrence and Blanche Hughes Foundation. Seattle Children's said in a news release it...
Country club waitlists are surging. What about initiation fees?
Country clubs that made it through the leaner years of the Great Recession and the turmoil of the Covid-19 pandemic are expected to see blue skies in 2024 and beyond — and that means waitlists at well-situated clubs will likely remain robust. <\p> Right now, indicators are showing clubs are largely in the driver's seat in 2024 with increased demand and limited supply, according to Chris Davis, a director at Club Benchmarking, which uses club data and evaluations to help them plan for their capital needs.<\p>
Seattle developer donates $300M art collection to Seattle U (Photos)
Seattle University's board of trustees announced Wednesday that the school received a "transformative" gift from Seattle developer Richard "Dick" Hedreen consisting of more than 200 artworks and $25 million in seed funding for a new museum to house the...
Phase Genomics lands $1.5M Gates Foundation grant
Seattle-based biotech company Phase Genomics has landed a $1.5 million grant from the Bill & Melinda Gates Foundation. With the funding, announced Tuesday, the company plans to harness the power of lysins, which are proteins that kill specific bacteria...
These are America's wealthiest colleges and universities
Endowments at the 100 wealthiest colleges in America fell by an average of 3.3% between 2021 and 2022, but they rose an average of 35% since 2019. <\p> That’s according to a recent Business Journals analysis of data from the U.S. Department of Education.<\p>
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