The Community and Economic value of the
Stadium Place Phase 1 Project
Pioneer Square is a unique asset for the City. Other Seattle neighborhoods do not contain the same combination of history and architecture, and this experience cannot be replicated with new materials in other places in the region. In addition, several large surface parking lots present redevelopment opportunities for additional housing choices. However, to date the area has not attracted new development and investment in recent years.
Successful regional centers will need to provide efficient land use, balancing the needs for housing and industry and providing mobility through transit and opportunities to walk and bike. Of the available options to maintain and increase the region’s economic competitiveness, investments that support transit oriented development are likely to provide the largest incremental solution to the region’s congestion and mobility problems.
The Stadium Place development will generate economic activity associated with the construction and occupancy of the housing, office, and retail components of the project.
The $34 million investment in the planning and construction of the first phase (podium) would generate an additional $32 million in indirect/induced activity, bringing the total economic value to approximately $66 million. The full buildout of the project places a total of $290 million in economic activity into the local economy. The spending of those dollars by employees and firms contracted to build the project would in turn support an additional $268 million in economic activity in the state, bringing the total economic value to approximately $558 million.
The 16,000 square feet of retail space in the first phase would provide approximately 38 jobs with the additional 21 jobs coming from employee and business spending. The entire project would provide space for approximately 1,430 jobs with over 90% of the jobs in the professional and service industries. The “ripple” effect of these direct jobs would generate demand for an additional 3,540 jobs in the state.
There are few sites in the region that can offer the same level of access to amenities such as parks, trails, and waterfront views; and, access to services like transit, quality education, shopping, and entertainment as Pioneer Square. For Seattle to be competitive and successful, Pioneer Square must be competitive and successful.
The Stadium Place project will add a significant amount of housing to the neighborhood that ultimately will improve the quality of the experience in Pioneer Square. The project also helps improve the region’s mobility challenges by providing more efficient land use. It will do this by planning for dense, mixed-use, transit oriented development in the Seattle downtown core – taking advantage of its proximity to a multimodal transit hub.