Snoqualmie, WA (PRWEB) January 23, 2012
The 12,917-square-foot center officially opened January 21, 2012 and is operated by the YMCA of King County. Wallace Properties financed and managed construction of the community center. Washington Trust Bank provided the financing.
Originally conceived more than 25 years ago, the $4.7 million project was made possible in part due to a creative financing structure implemented by Wallace Properties that included a lease/lease-back agreement with the City of Snoqualmie. The agreements enabled Wallace Properties to ground lease the city-owned property during construction, bringing private development skills and efficiencies to the design and construction process.
The lease/lease-back agreement shifted any risks associated with construction delays and cost overruns from the city to the developer, Wallace Properties. At completion of construction, the City has an option to terminate the ground lease for the amount of the project budget. Wallace delivered the LEED Silver building ahead of schedule and on budget.
“We were proud to be part of this project and help bring the YMCA Community Center to the City of Snoqualmie,” said Kevin Wallace, President of Wallace Properties. “The lease/lease-back structure is a smart delivery method that enables cities to add essential facilities with a private developer and a specific budget, limiting the construction, budgetary and other risks associated with these projects.”
Kevin Wallace formerly served on the YMCA Eastside District Board and chaired the organization’s Partners With Youth Campaign.
GLY Construction has built eight new community YMCAs and renovated many more, including the Downtown Seattle headquarters. Steve Hoffmann, GLY principal-in-charge of the Snoqualmie project notes that “GLY is proud of our long-term relationship with the YMCA that goes back over 40 years. For us, it’s all about teamwork and we enjoyed partnering with Wallace Properties, Lance Mueller, the Y and the City of Snoqualmie. Together, we achieved our mutual goal of providing a quality community gathering and recreational space that Snoqualmie residents can enjoy for many years to come.”
The building is located in Snoqualmie Community Park and includes a cardiovascular workout room, family-sized gymnasium, multi-purpose room, teen center, meeting rooms, family changing rooms and showers.
The YMCA will operate the facility at no cost to the city for 40 years. The community center will be open to citizens of Snoqualmie as well as people who live in other areas of the Snoqualmie Valley. Included in the agreement with the YMCA is free use of the teen center and community meeting room for all Snoqualmie citizens, regardless of membership.
About Wallace Properties Inc.
Based in Bellevue, Washington, Wallace Properties, Inc. is a full-service commercial real estate firm that seeks to provide the highest quality in development, sales, leasing and property management services. By employing a team approach, which utilizes the specialized expertise of each team member, the company provides effective solutions to meet the continually changing real estate environment. As a result of its long standing professionalism and commitment to the community, Wallace Properties has earned its reputation as an institution of trust and integrity.