The Sleeper Has Awoken: Rich Reel to Start Developing

Everyone knows about Paul Allen and Vulcan, and most have heard about the Clise family's holdings in the Denny Triangle area, but few may recall Rich Reel and his stake in South Lake Union.

That is, unless, you can remember back to when the Commons were on the ballot. The last time we heard from Rich Reel, he was campaigning for the park so that he could develop around it—see this article from the May 16, 1996 edition of the Seattle Times (good read for nostalgia's sake):

Rich Reel, a South Lake Union property owner, is well aware of that as he campaigns for the ballot measure. He helped form the Westlake Business Coalition, a group of 50 property and business owners that has been donating time and services on behalf of the $50 million property-tax levy.

One of his properties fronts the west boundary of the proposed park and would probably be developed into apartments or condominiums within the next five years if the Commons is approved.

"Certainly I have a self-interest. I can't deny it," Reel said of his role in the Commons. "But I care very much about the neighborhood."

Reel's efforts may not have seemed to have paid off at first, but more than a decade later South Lake Union is once again getting more than its fair share of attention—not because of any measure on the ballot—but largely because of this guy and this woman:

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With the redevelopment of South Lake Union, led by Vulcan, Rich Reel has seen the value of his holdings sky-rocket. And now he's planning to act, reports the DJC($).

Rich's company Reel Management is teaming up with major players Nitze-Stagen (Starbucks Center) and Seneca Group (Seattle Central Library, WaMu Center) for a project on 9th and Republican which would make it neighbors with Veer Lofts, possibly blocking its views of Lake Union.

The site is 14,400 sq. ft. and zoned for construction of up to 85 feet (for now), and the company hasn't decided whether to go commercial, residential or mixed-use. The project is 3 to 5 years out, and its feasibility will depend on the state of the economy.

DJC says Reel and partners also own six other properties in South Lake Union, which include:

• A property at Ninth Avenue and John Street overlooking Denny Park
• Two properties on Dexter Avenue North, one across from KING Broadcasting and one across from the Holiday Inn Express Hotel
• A property at the northwest corner of Harrison Street and Fairview Avenue North.

Reel said he plans a residential high-rise on the Ninth/John property and has no immediate plans for the other three.

“I'd be happy to say I appreciate all that Paul Allen has done for the neighborhood,” said Reel. That almost goes without saying, Rich.