OAKPOINTE COMMUNITIES AND PRESIDIO RESIDENTIAL CAPITAL RECEIVE CITY APPROVAL TO DEVELOP LAKEPOINTE URBAN VILLAGE, A 214-ACRE MASTERPLANNED COMMUNITY
Mixed-Use Development in Southeastern King County to Include 850,000-Square-Foot Entertainment and Lifestyle Center,
More Than 1,500 Homes, a 20-Acre Lake, Open Space and Trails
Oakpointe Communities and Presidio Residential Capital have received unanimous approval from the City of Covington to develop LakePointe Urban Village, a 214-acre master planned mixed-use community that will include a 850,000 square-foot regional entertainment and lifestyle center, a 130-key hotel and up to 1,500 single-family and multifamily residences at Highway 18 and Southeast 256th Street in the growing community of Covington, Wash.– approximately 30 miles from Seattle. Groundbreaking is expected to begin in early 2018. The value of this project will exceed $670 million.
The centerpiece of the community, designed by KTGY Architecture + Planning, will be a peninsula extending into a 20-acre lake with retail shops, restaurants, single-family and multifamily homes, a pavilion park, open space and trails. A celebration of what the future holds for the Covington area, it offers a symbiotic relationship between public and private as well as indoor and outdoor spaces and a gathering place for the community.
“We are thrilled the City of Covington was so receptive to the overall vision and design of LakePointe,” said Brian Ross, CEO of Oakpointe Communities. “We are already in lease discussions with a variety of prospective tenants including major retailers, a multiplex theater, restaurants, outdoor cafés and coffee shops, wine bars and breweries, soft good retailers, specialty and boutique retailers as well as a gourmet grocer and other neighborhood serving and lifestyle retail.”
“LakePointe is extremely unique as it is a social focal-point that serves as a retail center, urban park and residential community centered around a beautiful 20-acre lake,” said Paul Lucatuorto, principal at Presidio Residential Capital, a San Diego-based real estate investment company. “There will be nothing like this project in the region.”
With a main street that allows for vehicular and pedestrian traffic, LakePointe will feature contemporary buildings with some eclectic and traditional design elements to give the community a sense of timelessness.
“LakePointe will surely be the premiere retail destination for not only residents of Covington and the surrounding communities but also visitors who come to the region,” said Simon Perkowitz, AIA, PE, principal of KTGY’s Retail Studio in Irvine, Calif. “LakePointe will offer a welcoming streetscape and approachable storefronts that connect with pedestrians and offer places to gather and relax, decorative awnings, meandering walkways, works of art, fountains, landscaping and architectural lighting elements, which all contribute to the ambiance and an enriched customer experience.”
LakePointe is a joint venture project with Oakpointe and Presidio.
LakePointe will be a featured exhibitor (booth #C2008) at the International Council of Shopping Centers (ICSC) 2017 RECon in Las Vegas, Nev. from May 22 to 24, 2017.
