Pike Motorworks

LOCATION

Seattle, WA

PROJECT TYPE

Mixed Use Development

PROJECT RANGE

$10-$50 Million

SERVICES PROVIDED

Construction Draw Review (Hard & Soft Costs)

COMPLETION DATE

January 28, 2016

Client Testimonial

“The Wolff Company can count on Fulcrum to provide timely and thorough analyses on our developments and investments. Their attention to detail is excellent and has made them a valuable resource for our team.”
–Greg Van Patten Vice President of Development The Wolff Company

PROJECT DESCRIPTION

This 323,786 SF project is a seven-story podium structure comprised of two buildings (North Building and South Building) over a common three-story, below-grade parking structure located at 714 East Pike Street in Seattle, Washington. Levels P3, P2, and P1 are comprised of parking areas within 67,643 SF; Level 1 (L1) is comprised of retail and amenity spaces within 17,270 SF; and Levels 2 – 7 (L2 – L7) are comprised of residential spaces within 176,468 SF (net). Rooftop amenity spaces (L8 and L8 (PH)) are provided. There are 260 residential units provided including six (6) Live/Work, 33 studios, 78 open one-bedroom, 107 one-bedroom, and 36 two-bedroom unit types. The below-grade parking garage (Levels P3, P2, and P1) provides 185 parking spaces. The project was completed early 2016.

“The opportunity to finance a 23-floor, high-rise condominium tower in an urban setting presented several complex challenges to our bank, one of which was having an experienced lender representative looking out for our best interests. The engagement of Fulcrum was one of the best decisions our bank made at the time. Reports were always timely, risk issues identified, and thorough reviews of each construction draw drew praise from the relationship manager and senior management. As a result, we would not hesitate to engage Fulcrum for future work and would highly recommend you to our peers.”

Edward Celaya

Mutual of Omaha Bank

“I would like to thank you for all of your hard work, your expertise, and your positive outlook throughout the Linq project. Fulcrum’s contribution to the success of Linq has not gone unnoticed or unappreciated. We will miss Fulcrum’s leadership in the monthly job walks and pay application reviews; however, we will do our best to keep the spotlight on the contractors to finish the job in the professional, thorough and safe manner in which Fulcrum has helped to institutionalize.”

David J. Codiga

Caesars Entertainment

“Just wanted to thank you again for your work and help in navigating thru the First United Methodist Church. Specifically, your “catch” of the delta between the electrical percentages complete at 35% and the other MEP subcontractors at 85% was monumental.

As a result of your help, we recognized this challenge early and were able to convince the electrical subcontractor to add more workers, work longer hours and expedite materials to allow them to catch up and keep the project on schedule. Once again, thanks! It is a pleasure working with you.”

Jim Pittman

JTM Construction

“I’ve worked with Fulcrum and found them to possess a level of expertise necessary to monitor very complex construction projects. I have the utmost confidence in Fulcrum’s work. On the ‘project-of-all-projects,’ the Fulcrum team went above and beyond the call of duty, using every means at their disposal to protect our interests on a very difficult project with many competing stakeholders involved.”

Brent Parsons

Academy Bank

“Please know that I have been very pleased with the services provided by Fulcrum, and I recommend by Fulcrum for third party inspections.”

Skip Szymanski

Housing Authority City of Santa Barbara (HACSB)

“I know you know how thorough Fulcrum is…here is yet again what they bring to the table. Makes for better sleeping wouldn’t you say!”

Andrew Oexmann

JP Morgan Chase

“Thank you for Fulcrum’s diligent and detailed review of costs incurred. Great!”

David Weislogel

JP Morgan Chase

“I have found Fulcrum to be one of the highest quality consultants in my marketplace. They can be counted upon to produce concise reports from volumes of data, on-time.”

Steven D. Strehlow

Alliance Bank of Arizona

“Fulcrum has been an invaluable resource, and it would definitely be worth talking to Fulcrum to get some background on the project if you haven’t already.”

Christian Lunt

JP Morgan Chase

“Fulcrum is in fact part of the team by virtue of JP Morgan being our lender. Fulcrum has my commitment that I will provide a recommendation for you on future projects. You all have been tremendous to work with.”

Clay Iman

Wood Partners

“As part of a low-income housing tax credit transaction involving the rehabilitation of a 143-unit, mid-rise apartment building in Oakland, California, Fulcrum provided a much needed service on behalf of the lender. The organizational skills, attention to detail, and ability to resolve the natural and needed tension between the architect and general contractor all contributed to the success of this project. And, as one of the general partners, I was also impressed with Fulcrum’s ability to value engineer many aspects of the renovation, including material selection and the scheduling and staging of the work. The bottom line is that Fulcrum is very good at what they do, and I would highly recommend Fulcrum for any construction management assignment.”

Rick Toney

Realty Advisors

“I appreciate your thoroughness and follow up on this project…..I will definitely use you again if I need an inspecting architect, and I will recommend you internally for more work as well.”

Leslie O. Andren

Bank of America, Commercial Real Estate Special Assets Group

“It’s a pleasure to work with all the Fulcrum people.”

Michelle Walker

Principal Real Estate Investors

“I just wanted to thank you for your thoroughness on your review of the pay apps that I witnessed last week. We are all trying to keep our eye on the ball; however, Fulcrum’s detailed nature really helps me sleep better on costs associated with this project. The team’s sense of humor also helps the process along.”

Cheryl Kondra

Caesars Entertainment

“I can say that JBG has been quite pleased with Fulcrum’s performance at Wardman West — Fulcrum’s on-site process and thoroughness of the reviews has been on target and educated and has not exhibited some of the trivial, superfluous communications I have experienced on other projects. We look forward to dealings in the future.”

Joseph Babarsky

The JBG Companies

“Rutan & Tucker, LLP represented a large commercial lending institution during the foreclosure process on two mixed use buildings in the Greater Los Angeles Area. As a part of this process, Rutan retained the services of Fulcrum to complete a Comprehensive Property Condition Assessment Report (involving many specialist consultants) and perform Expert Witness Services. Fulcrum presented us with a clear and informative document, which was then submitted to the court as support evidence in our case. The case proceeded to trial, where Fulcrum provided expert witness testimony to the court and assisted us in securing a favorable outcome for our client. I would not hesitate in recommending Fulcrum for such services in the future.”

Penelope Parmes

Rutan & Tucker, LLP

“I have no problem telling it like it is. Fulcrum has always been there when needed, and are always on top of their game. I wish other consultants had half the ability that Fulcrum has. It would make our lives so much easier.”

Skip Allen

JPMorgan Chase

“We used Fulcrum on multiple projects, and truly value their expertise. Not only do they protect our interests as a lender, but our clients also benefited from various cost efficiencies suggested by Fulcrum’s knowledgeable staff.”

David Skoien

CapitalSource

“Fulcrum has always provided us excellent advice and counsel along with wonderful client service. I really enjoy working with them.”

Ryan Berschneider

Cottonwood Management, LLC

“Thank you for Fulcrum’s diligent and detailed review of costs incurred. Great!”

David C. Weislogel

JPMorgan Chase