Sound West Launches Project-Specific Opportunity Zone Development Near Seattle

SEATTLE, Jan. 30, 2019 /PRNewswire/ -- The Sound West Group of companies, a leading Seattle area developer and asset manager, announced today the commencement of their opportunity zone project development called Marina Square, a three-asset class, mixed-use waterfront development, that will include multifamily, hospitality and paid parking, located near Seattle, in Bremerton, Washington. Marina Square is one of the first project-specific qualified opportunity zone projects of its kind in the country.

Marina Square will include a 125-room hotel tower by Cambria Hotel, the premier brand of the Choice Hotel Group. The Cambria Hotel Tower will feature a waterfront restaurant, bar, fitness center, market and conference center. The unique design will ensure every room includes a view of the water, marina and mountains. A separate high-end apartment tower will feature 145 urban-living apartment flats, with several community amenities, including a rooftop deck, private clubhouse, business center and lounge. Both towers will sit atop a subterranean, paid-parking garage for 382 parking stalls.

"Seattle's employment and population boom has resulted in a housing shortage as well as one of the country's most significant cost of living increases. The Bremerton area (the project location), has seen dramatic increases in population and housing demand, creating a great need for all three asset classes associated with our project," said Sound West Group Chief Executive Officer Arthur "Wes" Larson. "I was born and raised here. For me, it is particularly gratifying to deliver a significant development to the region that will not only benefit our project investors, but will focus on honoring the spirit and intentions of the Federal Opportunity Zone Initiative by helping to create jobs and opportunities, increasing local revenues and wealth, and supplying much-needed housing for the area."

Aside from the already dramatic increase in the desirability of Bremerton, additional catalysts for the city, as well as the project, is the now 28-minute commuter ferry to downtown Seattle, the proximity of the Marina Square project to the Bremerton-to-Seattle Ferry Terminal (just 500 ft.), and the U.S Navy's commitment to invest in the Puget Sound Naval Shipyard (located in Bremerton and steps away for the project site) as part of its $21 billion ship repair yard modernization plan. 

"This is an exciting project within one of the state's designated opportunity zones," said Greg Genovese, president of Sound West Realty Capital. "The Sound West Group is taking a parking lot and transforming it into its highest, best use, while also improving the community for the long-term."

Marina Square is one of the first project-specific qualified opportunity zone projects of its kind in the country. Created as part of the Tax Cuts and Jobs Act of 2017, the federal opportunity zones program is designed to incentivize investment capital into designated census tracts nationwide and is eligible for significant preferred tax treatment.

About Sound West Group
Sound West Group of companies (SWG) is a Bremerton-based full-service real estate company that was established in 2010 by its Principals Wes Larson and Mike Brown. SWG is a fully diversified real estate company that encompasses property development, asset management, commercial and residential property management, and brokerage. Driven by their core value of 'Developing Community with Vision and Integrity', SWG is committed to creating community engagement through their developments in multifamily, commercial, multi-use, medical/dental, and warehouses. SWG is a leading developer in the region with a total stabilized value of over $300 Million, and over $300 Million currently in design and development. For more information about Sound West Group and to view their portfolio, visit www.soundwestgroup.com.

SOURCE Sound West Group

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