3 apartment building projects in the pipeline for downtown Olympia
Three downtown Olympia apartment developments are in the pipeline, with one under construction, another soon to begin and yet another proposed.
And the developer behind these projects has almost become synonymous with downtown development.
Walker John, who first renovated the Cunningham Building at Fourth Avenue and Adams Street about eight years ago, has since gone on to do several more projects, including Franklin Lofts on Legion Way, the 321 Apartments on Legion Way, Annie’s Artists Flats on Fifth Avenue and the recently completed Lurana on Columbia Street at State Avenue.
Ron Thomas, president of Thomas Architecture Studios, filled The Olympian in on the three additional projects. Thomas has worked closely with John over the years and often speaks for the developer, who isn’t easy to reach.
▪ Market Flats, a 5-story mixed-use residential building with 44 residential units and 2,100 square feet of commercial space at Capitol Way North and Olympia Avenue Northeast. It also has parking. The project is underway.
▪ The Madrone, also a 5-story mixed-use residential project with 60 residential units, about half of which are one-bedroom apartments. It will have 3,000 square feet of commercial space and parking. Work on the site at State Avenue and Water Street is expected to begin in a matter of weeks, Thomas said.
▪ 401 Union, a 70-unit apartment project pitched in the 400 block of Union Avenue between Jefferson and Adams streets. This project was recently proposed and is working its way through the approval process. Construction is expected to begin toward the end of the year, Thomas said.
Details about the Union Avenue project
The Union Avenue project, which might be called “The Edge” because of its proximity to downtown Olympia, is not a mixed-use proposal, but is four floors of apartments, more than half of which will be studio apartments. Thomas said rents for the studios will be “attainable,” around $1,000 per month.
The project will stretch the length of the block, with the main entrance falling about where an alley sits today, Thomas said.
Under city of Olympia requirements, the project has to be set back from Union Avenue about 9 feet, leaving enough room to make improvements to the street and sidewalk. The project also will feature 10, two-bedroom lofts on Union Avenue that will look similar to the Campus Loft townhomes John built at 12th Avenue and Jefferson Street, Thomas said.
It also will have one level of parking, he said.
401 Union also has ties to Market Flats and 222 Market, the former Gray and Joy Graham building that’s home to a collection of restaurants. Since opening 222 Market, the Grahams have worked closely with John, becoming what Thomas described as “passive investors” in Market Flats and 401 Union.
Thurston County Assessor data shows that John now owns 222 Market, and that he and the Grahams own parcels along Union Avenue.
Unlike other projects developed by John, who typically builds new on a vacant lot or redevelops an existing building, 401 Union will displace some renters who live on the block. Some of those renters told The Olympian they have until August to find a new place to live.
Coleen Larrett, who rents a house on Union Avenue that doubles as a skin care business, is moving this month, she said.
She’s lived there more than five years and her rent rarely budged. It started at $1,000 per month and rose no higher than $1,100, she said. But looking for a new place has given her a taste of just how much the housing market has changed.
Larrett set out to buy a house, but soon discovered that limited inventory and strong demand has created an extremely competitive market for buyers. After being outbid multiple times, she finally rented a house near Olympia High School. But even that process wasn’t for the faint of heart. Her deposit was more than $6,000, a combination of first and last month’s rent, plus other fees because she has pets.
She wonders how a renter in a pinch could come up with that kind of money.
“Not everyone can afford that,” she said.
Kyle Nicholas also has lived in a house on the Union Avenue site for about five years, he said. Like Larrett, he, too, tried to buy a house but was outbid on multiple occasions.
Although he hasn’t found a place yet, he isn’t worried, but he is concerned about some other renters on the block, “I’ll be fine,” he said.
What’s next for 401 Union? An online design review board meeting is set for 6:30 p.m. April 22.
This story was originally published April 1, 2021 at 5:45 AM.
