Last phase of $20 million luxury Tri-Cities apartments begins. There’s already a wait list
The first wave of openings at a $20 million luxury apartment complex along the Columbia River filled up earlier this month within a few weeks of opening.
The $6 million phase of 30 one- and two-bedroom units received its occupancy permits June 10.
“We have an exciting product,” said Jed Cazier, the construction manager for Cedar and Sage “We have a lot of professionals and engineers who have come in, and I’d like to see them stick around.”
The second phase of The Tides at Willow Pointe in north Richland along Battelle Boulevard will be complete in about six months — and the company already is taking applications for those 26 units.
The third — and final phase — phase just broke ground. That $7.5 million project will open up 70 more apartments.
Construction on the luxury complex that began about a year ago is being developed by Idaho-based Dave Gintz, owner of Weyerhauser Apartments LLC that bought the undeveloped 5-acre site in 2018. The company is not connected to the Weyerhaeuser timber company.
Cedar and Sage in Suncadia is the builder on the Willow Pointe Apartments.
All the units in The Tides are one- and two-bedroom units with 700 to 900 square feet and include stainless steel appliances and full-size washers and dryers.
They rent for an average of $1,400 for a one bedroom and $1,600 for two bedrooms.
The fair market rent for a one-bedroom apartment in Benton County in 2021 is about $824 a month and about $1,020 for a two bedroom, according to the Housing and Urban Development department.
At the beginning of the project, Gintz told the Herald they considered including studio and three-bedroom apartments.
However, there has been a significant demand for two-bedroom units because since the COVID pandemic many people have want at-home office space, Cazier said.
Cazier added that the apartments are particularly appealing for people who work at Hanford, for related contractors and at Pacific Northwest National Laboratory.
He said the complex offers high-end amenities and also is attractive to those who come in on contracts that may last just a couple years.
In addition to having beer on tap and a coffee bar, The Tides will have a clubhouse, sauna, pet washing and grooming station, bike repair station and Amazon parcel lockers. Those will be open with the completion of the second phase.
Plus, being a riverfront property, kayaks and paddleboards will be available for residents to check out.
Cazier said The Tides already is keeping a waiting list — or pre-leasing list — of those who want to move into future units and have applied at livethetides.com.
With an increase in price of materials and lumber, the development unexpected costs to rise another $250,000.
Lumber costs jumped from $349 for a thousand board feet last in spring 2020 up to $874 in January. Prices have since dipped $648 — but that’s still nearly double what it was.
He said the hope is that with lumber prices starting to drop, when it comes time to purchase the materials the expenses will have evened out.
“We are hoping to hit the sweet spot for price, but we haven’t seen it translate to purchase price yet,” Cazier said.
This story was originally published July 26, 2021 at 5:00 AM.