The University of Washington South Lake Union Campus is a multi-phase biomedical research facility occupying two city blocks in Seattle’s bustling South Lake Union neighborhood. Financed using a variety of tax-exempt bond structures – including 501(c)3 bonds, Build America Bonds, and 63-20 bonds – the SLU Campus is home to the UW School of Medicine’s most advanced research facilities. Phase 1 included the renovation of an existing structure into a research laboratory. Phase 2 added laboratory space, a vivarium, conference space, and an administration building to the campus. Phase 3, completed in 2013, expanded the campus beyond its original 1-block footprint and added 138,000 square feet of research space, an additional vivarium, and a BSL3 suite for work on highly sensitive agents. Bond sale for Phase 4 was completed in 2015, with construction slated to begin in 2016 and a fifth phase to follow. The campus is 100% leased to the University, with rent payments applied to debt service on the bonds. As the bonds for each phase are retired by the University, either at bond maturity or earlier at the UW’s discretion, ownership of each building will transfer to the University at no additional cost.
Our staff was involved with this project while employed at National Development Council. NDC created the Special Purpose Entity that issued bonds and currently maintains ownership on behalf of the University of Washington School of Medicine.
Developer: Vulcan Real Estate
General Contractor: Sellen Construction