Pillar Properties Partnering on Joint Venture to Develop Sammamish Town Center
SEATTLE–Pillar Properties is joining with Innovation Realty Partners to develop, manage and operate phase one of the Sammamish Town Center.
Located in the heart of downtown Sammamish, the Town Center will be a pedestrian friendly, mixed-use gathering place that offers a lively mix of restaurants and pubs, shops and boutiques, entertainment and services, and a variety of home choices. The joint venture development will also include commercial space, parks and open space as well as new roads and other transit and infrastructure improvements. A Merrill Gardens senior living campus will be developed in a future phase. Merrill Gardens is Pillar Properties sister company.
“The Sammamish Town Center is one of the most important projects in the Puget Sound region. The ability of the City of Sammamish to demonstrate that future growth can be managed in a way that enhances the lives of its citizens will be a model for other cities to follow,” said Matthew Samwick, operating manager of Innovation Realty Partners. “We were contacted by multiple builders/operators that wanted to come to Sammamish but we chose to work with the best in the business. We could not ask for a better partner than Pillar Properties. They are a leader in developing modern, energetic, highly sought-after town centers that include senior housing communities.”
Over the past four years Innovation Realty Partners has become the largest private property owner within the Sammamish Town Center district, aggregating close to 90 acres. It will develop future phases of the Town Center in accordance with the city’s adopted plan and as the market demands.
“This is an extraordinary opportunity in place making and we are thrilled to partner with Innovation Realty Partners to bring the Sammamish Town Center to life,” said Billy Pettit, Pillar Properties president. “For the past ten years, we have successfully developed town center projects in Kirkland, Seattle’s University District, Ballard, Auburn, Burien and a number of locations in California and we are so impressed with the foresight and vision the City of Sammamish and Innovation Realty Partners have shown in establishing this location.”
Innovation Realty Partners and Pillar Properties will work with the City of Sammamish and the community to implement the Town Center plan, which was adopted by the Sammamish City Council in 2008.