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Puget Sound Business Journal
Homeless population in King County climbs
New numbers show that on any given night there are 16,385 people experiencing homelessness in King County, or 23% more than two years ago.<\p> The data, released Wednesday, comes from the point-in-time count done over 12 days in January and February. Staff from the King County Regional Homelessness Authority (KCRHA) and 130 volunteers interviewed people at 19 urban, suburban and rural locations.<\p>
National outdoor retailer closes downtown Seattle store
Another national retail brand has exited downtown Seattle. <\p> The North Face permanently closed its flagship store at 520 Pike St. on Sunday, an employee told the Business Journal. The outdoor retailer had operated out of the corner space at the 29-story 520 Pike tower for nearly five years. The company no longer lists the store location on its website.<\p>
Big changes proposed for Foss' former yard on Seattle's ship canal
Foss Maritime's longtime shipyard on Seattle's Lake Washington Ship Canal will become more recreational in nature if new plans by property owner Ilahie take shape.<\p> The company on Tuesday said it plans to provide direct access to the water for some recreational activities, while also supporting uses that continue the maritime heritage of 135-year-old Foss.<\p>
Perspective Therapeutics sells subsidiary to Arizona company
Seattle-based Perspective Therapeutics Inc. (NYSE: CATX) has sold its brachytherapy subsidiary, Isoray, to GT Medical Technologies, a medical device company headquartered in Tempe, Arizona.<\p> Perspective disclosed the sale in an April regulatory filing, adding that it closed April 12. Perspective has gained a 0.5% stake in GT and over a four-year period will receive certain royalties, which range from 0.5% to 5% depending on the product and the total sales of Isoray's technology in brachytherapy, a cancer treatment in which radioactive materials are placed inside the body.<\p>
CEO of WA's largest hospital system to retire at end of the year
The president and CEO of state’s largest health care system will retire at the end of the year, triggering a search for new leadership.<\p> Providence announced Wednesday Dr. Rod Hochman will move into an emeritus CEO role at the beginning of 2025. As CEO, he steered the health care provider through the Covid-19 pandemic, while establishing a $50 million health equity fund and growing its charitable care and other philanthropic initiatives to more than $2 billion per year.<\p>
Elevated interest rates force re-pricing of billions in CRE debt
Just shy of $20 billion in commercial mortgage-backed securities debt backing U.S. office properties is set to mature in the next year, occurring at a time that's now also expected to feature a higher-for-longer interest-rate environment. <\p> Moody's Analytics Inc. found that as of April, $19.9 billion in office CMBS loans will mature by next spring. That's a marked increase over the $8.75 billion in office CMBS debt that matured in 2023. <\p>
Apartment project in downtown Redmond opens to residents
The Rush Cos. has opened the Hue apartments in downtown Redmond, the company announced Monday. <\p> The 93-unit building is 35% pre-leased with 12% of the units already occupied, a representative for property manager Edison47 said in a news release.<\p>
Pair of UW student housing properties sell for $183M
Greystar Real Estate Partners has secured $183 million in tax-exempt bond financing, enabling it to complete acquisitions of two University of Washington housing communities.<\p> Nordheim Court, which is located at 500 25th Ave. NE, and Radford Court, which is at 6301 65th Ave. NE, are on-campus communities that serve students, faculty and staff at UW. The two facilities are now owned by the nonprofit organization Provident Resources Group Inc., under a ground lease with the school. Provident is Greystar's nonprofit development partner.<\p>
Seattle OKs new police contract with retroactive raises
Seattle police officers will get retroactive pay raises under a contract Mayor Bruce Harrell signed on Tuesday, after it was approved 8-1 by the City Council.<\p> City Councilmember Bob Kettle called approval of the contract with the Seattle Police Officers Guild "long overdue," but council colleague Tammy Morales said the vote was rushed.<\p>
Seattle emerging as a top climate tech funding hub
The Seattle area is making its mark in climate tech.<\p> According to a report released Tuesday by Revolution, a Washington, D.C.-based venture capital firm, local climate tech startups landed $239.8 million across 20 deals in 2023. That funding amount was the fourth-highest in Revolution's rankings of U.S. metropolitan areas by climate tech funding, but the rankings excluded the traditional juggernauts of the Bay Area, New York City and Boston.<\p>
Amazon leases warehouse on former Weyerhaeuser campus
Amazon.com Inc. (Nasdaq: AMZN) has leased a brand new warehouse in Federal Way on land that was once owned by Weyerhaeuser Co., according to public records filed with King County last week.<\p> A legal document lists the Seattle-based e-commerce giant as the tenant of a 225,882-square-foot facility at 33815 Weyerhaeuser Way S., as of April 30. The document indicates it will be called SWA4 internally.<\p>
The coveted perk that could be critical for workforce development
As the focus shifts from recruitment to retention in a still-tight hiring market, many employers are searching for the incentives that will retain workers. <\p> While perks like four-day workweeks, unlimited vacation and remote work are often in the spotlight, another coveted perk is career development and upskilling opportunities. <\p>
James Beard-nominated restaurant in Seattle to close in June
A restaurant in Seattle's Green Lake neighborhood that was named a national James Beard Award semifinalist earlier this year will close. <\p> David and Ian Nichols, brothers and co-owners of Eight Row at 7102 Woodlawn Ave. NE, will shutter their New American restaurant at the end of June after a five-year run, as negotiations to renew its lease stalled. <\p>
Kaiser Permanente spikes $500M Yesler Terrace development
Kaiser Permanente on Monday said it won't build a large facility at Yesler Terrace and will sell the 1.6-acre development site just south Harborview Medical Center to King County.<\p> "As one of the largest not-for-profit health care providers in the country, Kaiser Permanente is continuously looking for opportunities to best meet the needs of our members and support the communities we serve," the health care system said in statement.<\p>
Remitly co-founder gives up COO role
Josh Hug, co-founder of Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY), is leaving the company's chief operating officer role.<\p> The move went into effect Monday, according to a regulatory filing. Hug will serve as vice chair and will remain on Remitly's board.<\p>
Growing share of real estate agents weigh leaving their brokerages
The Covid-19 pandemic and a recent wave of class-action lawsuits have pushed more real estate agents to consider leaving their brokerages.<\p> Those findings, from the latest annual Agent Priorities Report from Coldwell Banker Real Estate, found while 61% of agents surveyed plan on sticking with their company this year, that’s down from 75% in 2023.<\p>
Amazon's cloud division chief to exit in June
The leader of Amazon.com Inc.'s (Nasdaq: AMZN) cloud division is stepping down next month, three years after his return, the company announced Tuesday.<\p> Amazon CEO Andy Jassy told employees in a publicly posted memo Tuesday that Amazon Web Services CEO Adam Selipsky was leaving the company on June 3. Jassy has already chosen Matt Garman, vice president of sales and marketing for AWS, to be his successor.<\p>
New coalition takes issue with Harrell's One Seattle Plan updates
An eclectic new group of real estate developers and others urged Seattle Mayor Bruce Harrell on Monday to broaden his proposed comprehensive plan update to encourage more housing.<\p> "At this moment, Seattle needs and deserves a bolder comprehensive plan that allows for more abundant housing across the city," states the letter from the Complete Communities Coalition, which was formed last year to coordinate advocacy on the comp plan, a key document that will shape how Seattle will grow over the next 20 years.<\p>
Amazon confirms plans to open facility for satellite unit in Everett
Amazon.com Inc. (Nasdaq: AMZN) plans to bring about 200 technician jobs to an Everett logistics facility devoted to its low-Earth orbit satellite project, the company announced Tuesday.<\p> Amazon's new Project Kuiper facility will be a receiving and logistics warehouse for materials and components from third-party suppliers. It will be used differently from the Seattle-based tech giant's 172,000-square-foot Project Kuiper facility in Kirkland, which is for manufacturing the satellites.<\p>
Newmark names new Seattle, Bellevue market leader
Charlie Farra has been promoted to market leader of the Seattle and Bellevue offices at Newmark Group Inc., the real estate brokerage announced last week.<\p> Farra, who started his new position this month, will oversee strategic operations and performance in the two offices with a total of 40 employees. He will also continue his role as a brokerage adviser. <\p>
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