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Transactions - MAY 19, 2017

Oakpointe to develop $670m mixed-use community in Washington

by Released

The City of Covington has unanimous approved a 214-acre master planned mixed-use community to be developed by Oakpointe Communities and Presidio Residential Capital. The value of this project will exceed $670 million.

The project, LakePointe Urban Village, 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 in Covington, Wash., which is 30 miles from Seattle.

The centerpiece of the community 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.

Groundbreaking is expected to begin in early 2018.

 

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