Residents will soon be moving in to the new Madison Plaza Apartments in downtown Kent.
The 157-unit, seven-story building stands tall along 102 Madison Ave., with its red, gray, tan and white walls. The building sits on the corner of Madison Avenue and West Meeker Street, just east of Highway 167 and south of the accesso ShoWare Center.
“Kent is a great, growing downtown opportunity,” said Eugene Gershman, CEO of Redmond-based GIS International Group, the developer of the project, during an interview after the Monday, Sept. 19 grand opening. “We are always looking for projects near transportation hubs. Having Kent Station within walking distance and to have a park and ride literally next door to us is a great asset. This was a wonderful opportunity to build one of the exciting projects in the area.”
Crews broke ground on the project in mid-2020. The complex has five stories of apartments and two floors of parking for 157 vehicles. Madison Plaza features a fitness center and game room lounge area as well as bike storage and washing.
A 12,456-square-foot rooftop patio includes lounging areas, a turf and dog run, barbecues and views of Mount Rainier to the south.
Monthly rents range from $1,495 to $1,590 for 402-square-foot studio units; $1,635 to $2,132 for one bedroom units that range from 558 to 735 square feet; and $2,305 to $2,800 for two-bedroom, two-bath units that range from 878 to 1,147 square feet. The upper floors have the higher rates.
“It’s a wide demographic,” Gershman said about the renters the apartments will attract. “A lot of people are moving from out of town. We have a family from Florida. It’s younger demographics, younger families and professionals. The access to Seattle, Bellevue and Tacoma from here is very easy and that’s driving the growth here.”
About 10% of the units are pre-leased, Gershman said. The marketing of the units has started. The complex has 1,186 square feet of commercial space that’s been leased to Bothell-based DMG Dental Design.
The Madison Plaza project team includes award-winning architecture firm IHB Architects, financial and development partner DMG Capital Group, and Thrive Communities, which is responsible for leasing and managing the property.
The project received Built Green certification from the Master Builders Association of King and Snohomish Counties. In addition to certifying green homes, remodels, apartments and communities, the organization hosts a membership network of companies and individuals involved in the green building industry.
“We are thrilled to be a part of the opening of Madison Plaza,” said Jerry Hall, Interim Executive Director at Master Builders Association of King and Snohomish Counties. “This Built Green 4-star certified multifamily building plays a crucial role in fulfilling our region’s need for more housing choices.”
The developer applied to the city and received an eight-year multifamily property tax exemption, approved by the Kent City Council. The developer still pays taxes on the land value but not on the building valuation. The break saves a developer a few hundred thousand dollars a year since the company won’t have to pay building valuation taxes to schools, the city of Kent, the Puget Sound Regional Fire Authority, King County and other taxing districts.
City staff and officials said the idea behind the tax break is the developers use the tax savings to build better projects with more amenities and of higher quality. The applicants must meet certain criteria to get the tax break, including locating in a target area (downtown), the project must have structured parking and part of a ground floor must be for commercial use.
For more information about the apartments, go to madisonplazakent.com.
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