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Real Estate
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A cyclist rides by a courtyard and retail storefronts in the Pleasant Beach Village development on Lynwood Center Road on Bainbridge Island.Summertime will see more of Pleasant Beach Village blossoming in Lynwood Center on Bainbridge Island, along with the start of construction on the Phase 2 residential component of the revived development.

There’s still unoccupied space in the row of four commercial buildings on the east side of Lynwood Center Road, but the building at the south end of the row — across the street from established businesses such as the Treehouse Café and Lynwood Theatre — soon will be filled by The Marketplace at Pleasant Beach.

Eric Andersen is managing that project and will operate a coffee shop called The Boathouse that will anchor one end of the 2,700-square-foot market. Andersen is well known on the island from the years he spent running the espresso stand at Town & Country Market on Winslow. read more »

 
Real Estate

The housing rental market is one of the sectors of the economy where the impact of the military presence is evident in Kitsap County. Local property management companies say that due to a shortage in military housing in general, there’s usually strong demand for rentals. The most popular single-family homes — three-bedroom, two-bathroom properties renting for under $1,000 a month — have remained in demand during the downturn as well.

Unlike the real estate market in general, the rental market has remained fairly balanced, and vacancy rates are low.

“We don’t have renters waiting in line, but demand has been steady for the past few years,” said Brett Huff of Port Orchard-based Kitsap Property Management, which had six vacant rentals in mid-May out of the 175 it manages. read more »

 
Real Estate

The past year has not brought much good news for the commercial real estate market. But some commercial property brokers and managers are seeing a positive trend.

“I feel we’ve reached the bottom in both (commercial and residential) markets,” said Matt Smith, president of The Rush Cos., which includes a commercial division. “The office market is starting to slowly pick up and the retail market remains fairly flat.”

Rush develops and manages commercial properties in a wide area that includes Gig Harbor and Kitsap. Smith said medical space continues to be the market leader while the multi-family housing market is also strong in Kitsap due to the military presence. read more »

 
Real Estate

Sedgwick Professional Building in Port OrchardThe BJC Group has completed extensive renovations at the Sedgwick Professional Building in Port Orchard. The project at 2021 Sedgwick Road was completed in three phases in an effort to minimize disruptions to the tenants, Fischer Distinctive Dentistry and the Coldwell Banker Bain real estate office. read more »

 

The developer of SEEfilm Bremerton Cinema hopes the 10-screen movie theater at the corner of Fourth and Park avenues will open in mid-June.The new 10-screen movie theater is nearly ready to open, and the developers hope to soon finalize a deal to bring in a restaurant in at the complex that also includes a three-level parking garage.

The SEEfilm Bremerton Cinema, with its prominent marquee at the corner of Fourth and Park avenues, is hoping for a mid-June opening.

Developer P.J. Santos of Seattle-based Lorax Partners said he expects a lease to be signed — possibly by the time the cinema opens — with a restaurant that will be located at the corner of Fourth and Burwell.

Jimmy John’s, a sandwich shop franchise, has signed a letter of intent to locate in the complex, but the eatery wouldn’t be ready to open until near the end of the year. read more »

 
Interview

Mike EliasonMike Eliason has served as the government affairs director for Kitsap County Association of REALTORS for nine years, and as association executive for more than seven years. The trade organization has about 525 members. Formerly a licensed real estate broker, Eliason has worked in the industry for more than two decades and recently was selected to the state association’s strategic planning task force. KPBJ met with Eliason to talk about issues facing the local real estate industry today.

KPBJ: Your membership reflects the market, in a way. How have your numbers changed?

Eliason: Five years ago at peak, we were over 1,000 members. Last year, we had 550, compared to 525 this year. read more »

 
Real Estate

An artist's rendition of Harrison Medical Center's new orthopaedic hospital is displayed at the groundbreaking May 17 in Silverdale.Harrison Medical Center has begun construction of a new orthopaedic hospital at its Silverdale campus, and the $23.5 million facility is expected to be finished by the end of next summer.

A few hundred people, many from the medical community, were on hand for the May 17 groundbreaking ceremony for the three-story, 54,000-square-foot building that will connect to the existing medical center at the corner of Myhre Road and Ridgetop Boulevard. read more »

 
Interview

Teresa OsinskiNew home construction has been in limited demand during the past few years, with remodels dominating the builders’ project lists. However, things are starting to shift as several indicators show a positive change. That includes the slight increase in the number of new home permits — 64 issued in unincorporated Kitsap County during January through April this year, 12 more than the same period a year ago.

Kitsap Peninsula Business Journal sat down with Teresa Osinski, executive vice president of Home Builders Association of Kitsap County, to discuss the latest local trends in home building and issues that impact the industry. The HBA represents about 300 members including contractors and other professionals associated with the industry. read more »

 
Real Estate

The mostly empty retail center in the 4200 block of Wheaton Way in Bremerton includes large buildings that once housed anchor tenants Lowe's, Albertson's, Rite-Aid and Kmart. The property owners said they hope to bring in some new tenants in the near future to fill some of the vacant commercial space.Some big commercial spaces that have long been vacant — and there are plenty of such sites around — may be getting new tenants in the not-too-distant future.

One of the largest and most noticeable empty places is the 4200 block of Wheaton Way in Bremerton, where a vast parking lot stretches in front of buildings that used to house Lowe’s, Albertson’s, Kmart and — until a month ago — a Rite-Aid store. read more »

 
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