Farmstead is planned for retail, office, residential and hotel uses in a mixed-use, integrated development. Specifically, 277,200 square feet of total space (focus on specialty retail, wine tasting venues and restaurants), 25,000+ square feet of storage space (for wine storage), 7,000+ square feet of office (small office suites to serve local businesses), a 165-room four star hotel, and 400+ residential units. Groundbreaking is expected in 2020 and tenant improvements completed in 2021.
Based on research conducted by Meyers Research, which included site visits, retail market trends, supply-demand factors and conversations with local commercial brokers, the Farmstead site represents a very favorable location for a variety of retail uses. Key conclusions from the retail analysis are as follows:
- Retail market trends appear positive and conditions are relatively strong, as evidenced by rising lease rates and declining vacancies, and there is limited new development. Overall lease rates, vacancy rates and absorption rates are generally improving in the Seattle-Tacoma MSA, the Northend submarket cluster, and the Woodinville retail submarket specifically. Average retail lease rates have increased recently in the Seattle MSA, to a high of $1.98 per square foot per month in the most recent quarter. The vacancy rate has declined to +/-3.2% as well — generally, retail vacancy rates at or below 5% represent strong retail market conditions, and the MSA is projected to remain below 4% for the next four years.
- The site offers excellent access and visibility in a central location within Woodinville Wine Country. It is near the 405 freeway, a major freeway with average daily traffic volume (ADTs) of up to 193,000 and 164,000 ADTs near the site. Surface streets in Woodinville near the site have 8,600 to 19,000 vehicles per day. Retail leasing representatives and local Chamber of commerce representatives report that wine tasting room retail space is 100% occupied, and Woodinville could support additional establishments — up to 150, according to Woodinville Visitors Center.
- Supply-demand analysis by Meyers Research indicates demand for nearly 200,000 square feet of retail space at Farmstead over the next five years. There is unmet demand in several other categories, including Health & Personal Care (day spas), Jewelry, Luggage & Leather (luxury goods), clothing boutiques and specialty food stores (cheese, chocolate, cafes, etc.) — these uses would be the best fit for the location and overall product vision for Farmstead.
- Meyers Research also projects office uses comprising approximately 28,000 square feet at Farmstead appear supportable over the next five years.
By The Numbers
Seattle Metro Area
San Francisco Metro
Visitors by Orgin
2 Hours 8 Minutes Average Linger Time
Economic & Demographic Landscape Could Not Be More Favorable
These four groups are most likely to be attracted to Farmstead, according to Esri Demographics, and they all have disposable income and live nearby:
City dwellers living alone or with a roommate in their late 20s and 30s with above average income.
About 70% well-educated, married-couple families and about 30% singles. Financially stable, sophisticated consumers.
Young, well-educated professionals in STEM occupations.
Empty nesters, and those with adult children at home, they have the means to pursue good food, wine and culture.
Source: Market Overview & Statistics, Meyers Research