Oakpointe Communities and Presidio Residential Capital have received unanimous approval from the City of Covington to develop LakePointe Urban Village, a 214-acre master planned mixed-use community that will include a 850,000 square-foot regional entertainment and lifestyle center, a 130-key hotel and up to 1,500 single-family and multifamily residences in the growing community of Covington, Wash., approximately 30 miles from Seattle. Groundbreaking is expected to begin in early 2018.
The centerpiece of the community, designed by KTGY Architecture + Planning, will be a peninsula extending into a 20-acre lake with retail shops, restaurants, single-family and multifamily homes, a pavilion park, open space and trails. The developer is currently in lease discussions with a variety of prospective tenants including major retailers, a multiplex theater, restaurants, outdoor cafés and coffee shops, wine bars and breweries, soft good retailers, and specialty and boutique retailers.
“LakePointe is extremely unique as it is a social focal-point that serves as a retail center, urban park and residential community centered around a beautiful 20-acre lake,” says Paul Lucatuorto, principal at Presidio Residential Capital, a San Diego-based real estate investment company. “There will be nothing like this project in the region.”
With a main street that allows for vehicular and pedestrian traffic, LakePointe will feature contemporary buildings with some eclectic and traditional design elements to give the community a sense of timelessness.
"LakePointe will offer a welcoming streetscape and approachable storefronts that connect with pedestrians and offer places to gather and relax, decorative awnings, meandering walkways, works of art, fountains, landscaping and architectural lighting elements, which all contribute to the ambiance and an enriched customer experience,” says Simon Perkowitz, principal of KTGY’s Retail Studio in Irvine, Calif.