Oakpointe, Presidio to Develop $670M Mixed-Use Community in Covington, Washington
COVINGTON, WASH. — A joint venture between Oakpointe Communities and Presidio Residential Capital has received unanimous approval from the City of Covington to develop LakePointe Urban Village, a $670 million mixed-use community in Covington, approximately 30 miles south of Seattle.
Located at Highway 18 and Southeast 256th Street, the 214-acre master-planned community will include an 850,000-square-foot entertainment and lifestyle center, a 130-room hotel and up to 1,500 single-family and multifamily residences. The developers plan to break ground in early 2018.
KTGY Architecture + Planning designed the centerpiece of the community, a peninsula extending into a 20-acre lake with retail shops, restaurants, single-family and multifamily homes, a pavilion park, open space and trails.
“We are thrilled the City of Covington was so receptive to the overall vision and design of LakePointe,” says 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.”
Kirkland, Wash.-based Oakpointe Communities is a land and commercial development company. Presidio Residential Capital, based in San Diego, provides capital in the form of joint ventures for the entitlement, development and build-out of for-sale residential projects throughout the Western United States.
— Kristin Hiller