Trace North 88% Sold, Trace Lofts 95% Sold

Last week we reported that Trace Lofts retail was fully leased. Yesterday, the Trace team put out a press release with more details on the retailers (click below to see the release). With regards to targeting local retailers, I’m glad they held out for so many years to find local retailers instead of selling out to a national chain.

The news in this release that I thought would be of interest to Urban Living readers are the Trace sales numbers. Trace North is currently 88% sold, and Trace Lofts is 95% sold.

Disclaimer: Trace is an advertiser here and reached out to me as a resident of Trace for a quote.

Trace Project Alive with Activity
Fully Leased with Four New Independent Merchants
Local Merchants are a Win-Win

Seattle, November 15, 2010 – With local ownership and authentic character, restaurants and shops have chosen to open their doors at Trace due to its iconic and modern mix of architecture and purposeful design to provide unique spaces for local merchants.

While other storefronts in Seattle advertise vacant space, Trace has been successful in leasing all of its retail space to creative local businesses who want to be associated with the iconic residential and retail mixed-use project. The project includes the modern Trace North and historic Trace Lofts buildings.

Trace’s 17,500sf of retail space is fully leased to merchants who reflect the creative authenticity of Seattle ’s Pike Pine Triangle. Upstairs, Trace continues to close on new condominium sales every month. Trace Lofts is 95% sold with only two homes remaining, and Trace North is 88% sold with seventeen homes remaining.
“Trace was designed with local merchants in mind,” states Ted Schroth, Principal of Trace Lofts LLC. “We decided that we would target local restaurants and shops. Although renting to national chains would have been more profitable by a significant factor, we declined such offers and went authentic,” adds Schroth.

“I sought a location as genuine and classic as pie itself,” remarks Dani Cone of High 5 Pie.
“The inherent character of the building, its history, and industrial qualities were just what I was seeking in a space for this new concept store.”

Trace’s developers were so confident in their decision to target independent merchants that they decided the street-level retailers would serve as the buildings’ amenity for the residents upstairs. Rather than providing a variety of ‘community rooms’ for the condominium owners, they focused on designing the retail level of the project such that it that would serve both the project’s residents and the entire community.

It has turned out to be a successful strategy. Creative businesses have now filled all of the retail spaces. In turn, their individualism draws condominium and loft buyers who enjoy patronizing the local shops. “We talked about that from day one,” says Ted Schroth of the retail-as-amenity strategy. “We always said that’s what would make this project a success. It creates a place where people want to live, work and play.”

“We chose to live at Trace Lofts because the building is the perfect blend of old meets modern and the location puts us at the center of so many great restaurants, bars and shops. It can’t be beat,” comments Matt Goyer, a resident at Trace.
Between September 2010 and February 2011, four new retailers will open at Trace – all locally owned and taking their cue from the historic Trace Lofts and vibrant neighborhood:

The Local Vine — The Local Vine is a wine bar which opened in September of 2010 and occupies 2,561 square feet. Local Vine has received numerous awards, including AOL Luxist’s “best wine bar 2010.”

Barre3 — Barre3 is a new exercise studio where yoga and pilates meet the ballet barre. They will open in November 2010 and occupy 4,050 square feet.

High 5 Pie — Slated to open in December of 2010, High 5 Pies will occupy 2,164 square feet. It is owned and operated by Dani Cone, founder of Fuel Coffee. It will feature homemade savory and sweet pies and serve as the only coffee shop on the entire block.

Rex — Rex will occupy 1,919sf of space and will open in February 2011. They will provide high-end products and services for dogs, including self-service and professional grooming.

These four new businesses join the existing independent tenants at Trace, including Barrio, Tavern Law and Fleurish :: Orchidee.

For more information visit www.tracelofts.com

About the Trace Project:

Trace Lofts is an adaptive reuse of a 1918 warehouse into a mixed-use project with 42 loft-style homes on four floors above roughly 10,000 SF of retail. The building’s adaptive reuse was completed in late 2007. All but two of the loft homes have been sold. The retail portion of the building is fully leased to four diverse tenants: Tavern Law, Barre3, High 5 Pies and Rex.

Trace North is a new construction, modern warehouse style mixed-use project with 100 new homes on five floors above roughly 7,500 SF of retail. The building was completed in mid 2008. Currently, 83 of the homes have sold. The retail portion of the building is fully leased to three unique tenants: The Local Vine, Fleurish :: Orchidee and Barrio Restaurant.