Arrivé Tower

Summary

Nova’s Construction Services Group performed an upfront Construction Document Review (CDR) before managing responsibility for both Construction Loan Monitoring and Servicer Reporting. This dual role provided the client with a more inclusive view of the hard and soft costs associated with the construction of the Arrivé Tower in Seattle.

Highlights

Nova has drawn on its depth of experience to provide a comprehensive view of project expenses by reporting on both hard construction costs and project-related soft costs in the client’s own proprietary tracking/financial reporting format.

Opportunity

When our clients decided to support the development of the Arrivé Tower in Seattle, they called on Nova’s expertise to ensure the security of their investment in the project.

The building was originally named Potala Tower, after the Potala Palace in Tibet. Its developers are Binjiang Tower Corporation and the Molasky Group of Companies. By reinvigorating the plan for this distinctive tower, our clients are helping bring a much-anticipated addition to the Seattle skyline.

The project is located on a 1⁄3-acre site in Belltown, Seattle, WA, facing 4th Avenue between Blanchard and Lenora Streets. The Seattle-based architecture firm Weber Thompson designed the building, which features accents complementary to the adjacent Seattle Cinerama Theatre.

One of the first for-rent, mixed-use properties in Seattle, the Arrivé Tower is located next to Amazon’s downtown campus and offers beautiful views of the City and Puget Sound.

Groundbreaking and foundation work began in April 2015; however, the project was put on hold after four months. With support from Nova’s clients, the project resumed in early 2016.

Revised Plans Called For:

• 41-story building

• 512,000 square feet of mixed-use space

• 342 apartments on floors 11-41

• 142-room hotel on floors 1-10

• Ground-level retail space

• Large space for a restaurant

• 7 levels of subterranean parking for up to 177 cars and space for 125 bicycles

The Nova Difference

Nova traditionally serves a construction monitoring role in projects such as the Arrivé Tower, with our construction team of specialists partnering with the clients through all phases of construction.

However, for this project, Nova also assumed the role of servicer. As such, we tracked both hard and soft costs. This versatility - built in part on the team’s eagerness to learn the client’s financial tracking system - gave both Nova and the clients a more holistic view of contract and budgetary details.

As always, Nova’s upfront and unambiguous approach enables us to provide important answers on demand.

Improved Outcome

By assuming a more comprehensive role on behalf of our clients, Nova simplified the project by offering both precise monitoring and concise reporting. By tailoring our services and deliverables to custom-fit the clients’ needs, we ensured the prompt and successful process and finish.

The Arrivé Tower was completed in early 2019. 

For further information on our Construction services click here.