Talon gets permits for Parkplace, signs big tenant for project

The redevelopment of Parkplace in downtown, to be renamed Kirkland Urban, has completed the design review process and has received building permits to begin construction.

The redevelopment of Parkplace in downtown, to be renamed Kirkland Urban, has completed the design review process and has received building permits to begin construction.

Negotiations between the property owners, Talon Capital, and prospective businesses for leases in the new development, are underway, with Tableau announcing Wednesday that they had signed a lease for for three floors and 92,000 square feet within the “Urban North” part of the redevelopment. Tableau is currently located across the street from Parkplace at 4th Avenue. They also signed a lease for 110,000 square feet of office space in a new building  being constructed directly across the street from its current headquarters in Seattle.

Natalie Price, spokesperson for Talon Capital, said that they are discussing possible leases with several other businesses, but no deals have been completed yet.

“There are still discussions and hoops to jump through,” she said. “You just never know with these deals. I’m assuming that things will move forward but there are a lot of moving parts and a lot of partners in the deal.”

The first phase of the redevelopment is expected to begin this year, with most of the businesses in the section of the site moved out and relocated. One of the last businesses to remain, Parkplace Cinema, showed its final movie earlier this week.

The first phase of redevelopment will include the demolition of 505 Parkplace Center where Todd’s Crab Cracker is located and the building across from the QFC, where an underground parking lot will be installed. Three new buildings will then be constructed, two office and one residential featuring 190 apartment units. Each business will have its own storefront.