Seattle 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.

"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.

LUP doesn't own any of its targets but is working on acquiring for some, said Foley, who added Pioneer Square is "the most exciting, best place to do office-to residential-conversions because ... the (smaller) floor plates are actually laid out just right for that."

While part of Mayor Bruce Harrell's Downtown Activation Plan, the proposed land-use code change would affect zones citywide where there's office and retail space by creating "broad and comprehensive exemptions" to barriers to conversions, states an Office of Planning and Community Development (OPCD) report.

https://www.bizjournals.com/seattle/news/2024/06/10/develop-sees-big-office-residential-pioneer-square.html

So long as some affordable places are built. We have too many million-dollar condos downtown.