The barrientos RYAN team assisted the Foundation for Seattle Colleges and the Washington State Department of Commerce in the redevelopment of Beacon Hill’s Pacific Tower, an iconic Seattle property that has been revitalized as a center for innovation in community health care and education. Kristin Ryan was originally contracted to help with the leasing of the Tower, but that role expanded to include financial coordination with both Historic and New Markets Tax Credits, construction administration, project accounting and leasing. In addition to a state capital allocation for the renovation, funds to cover the $54 million project cost came from an innovative public-private financing model that included federal tax credit financing, City and county grants, loans and over $5 million in charitable contributions.
The Tower has seen interior improvements that have transformed the 205,000 square-foot space into 18 non-profit and government offices, a dental clinic, Seattle Central Colleges Allied Health Campus, a beautiful event space, café, cafeteria, which are all catered by FareStart, one of the non-profit tenants, and a bike room and locker room to promote alternative commuting. Additionally, exterior façade and building envelope improvements — including repair of over 100 historic wood windows — have ensured the long-term preservation of the building. The team partnered with Seattle City Light and McKinstry to be the first historic building following the performance path for energy code, resulting in a facility that is likely the most energy efficient historic building in the state.