Job growth and affordability fuel surge in Tri-Cities apartment development
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- Tri‑Cities developers have about 1,800 apartment units in development or planning.
- Elite Construction & Development plans about 1,300 apartment units in the next six years.
- Tri‑Cities average home price is $485,000 while average wages are $73,500.
Trini Gribay recently swapped titles at Elite Construction & Development, his Pasco firm that develops apartment complexes.
He’s now chief development officer, a change he said signals a clear focus on advancing apartment and other high density development in the Tri-Cities and beyond.
Elite is one of a dozen or so apartment developers who collectively have about 1,800 units in development or in the planning stage in the Tri-Cities, affirming continuing interest in building here.
Garibay said strong demand coupled with the reasonable cost to build in the Tri-Cities keeps him bullish. He said Elite has plans for about 1,300 units in the next six years, with two projects in development.
One is at Kennewick’s Zintel Canyon and the other at Richland’s Badger South.
Anthony Maui, community planning director for the city of Kennewick, confirmed there are several projects in review. The city is updating its comprehensive plan to comply with state mandates to encourage development of all types of housing, including units for rent.
“We are seeing a greater need,” he said, referring to demand for housing. “Apartments are how you accommodate that.”
“What isn’t happening in Pasco at the moment?” asked Craig Raymond, Pasco’s deputy director for community and economic development. His department is focused on single family and town home applications, but several blend both single family homes and apartments
“Across the board there seems to be a lot going on” he said.
As work wraps up on some projects, more are coming along.
New starts include Havenridge, a 195-unit complex starting to take shape along Highway 395 in south Kennewick, and Badger View, a 72-unit complex on Grapeview Street in Richland’s Badger South.
Apartments remain an important housing type in the Tri-Cities, where the average home price far exceeds the average wage, making renting the more affordable option.
The average home price is $485,000, which requires about $150,000 in household income.
The average Tri-Cities job pays about $73,500 per year, according to a recent report from the federal Bureau of Labor Statistics.
Washington Employment Security counted 146,587 jobs in the Tri-Cities in May, a gain of nearly 6,000 in just 12 months.
The apartment vacancy rate stood at 7.9% this spring. Asking rents in the Tri-Cities averaged $1,700 per month for high-end properties, $1,424 for mid-level ones and $1,228 for older ones, according to a quarterly market report by CoStar and published by The Management Group.
Breaking ground
- Havenridge was one of the larger projects to begin when it broke ground at 4303 Zintel Canyon in Kennewick earlier this year. It also promises to be one of the most visible since it stretches between Ridgeline and Hildebrand on the south side of Highway 395. The 195-unit project is being developed by Evergreen Housing Development
- Badger Heights Apartments, on Grapeview near Reata Road, is a 72-unit project that broke ground in June. Elite Construction is building it on behalf of Fourth Avenue Capital.
Opening soon
- Encore, a 55+ project at The Resort at Hansen Park, begins leasing this month. It is part of The Management Group’s larger collection of apartments clustered around a recreation center at South Columbia Center Boulevard and 10th Avenue in south Kennewick. The neighborhood will have 600 units when complete, with the final 200 now in development.
- JAD Apartments, 1866 Jadwin Ave. in Richland, has started signing up tenants, with units advertised to be ready in October. SRM of Spokane is the builder behind the $14.2 million project.
Under construction now
- The Bob, 703 Columbia Park Trail near the Steptoe roundabout in Richland, is a 192-unit complex by SRM Development of Spokane.
- Innovation Center, 2940-3940 Salk Ave., Richland, is a 144-unit project being built south of Pacific Northwest National Laboratory.
- Copper View, Belmont Boulevard, near Desert Sky Elementary in West Richland, will have 264 units.