Challenge

The development team planned to construct the largest, most complex mixed-use development in Seattle’s history and do so in a (at the time) non-residential neighborhood between the downtown core and South Lake Union. The team faced two considerable challenges: (1) The prospective buyers would have to believe in the 20-year vision for the neighborhood and yet fully value the offering today to meet proforma goals and (2) Rising competition in preferred, more established neighborhoods threatened to provide attractive alternatives during the project term. How could the developer sell a unique product type in an unproven neighborhood while still achieving full value for its homes?

Solution

Instead of relying on more typical location-design-view marketing platforms commonplace in the market, Realogics, working with bireM, led a team that helped establish a new market category of service-residential. The collective brands that included the Pan Pacific Hotel and Whole Foods Market were aligned and 2200 quickly became known as “Where Service Is An Address”. The unique brand positioning was promoted via dynamic advertising, public relations and events. To develop local appreciation, dozens of high-profile press releases were engineered by the project team in out-of-town publications such as The Wall Street Journal, The New York Times as well as numerous local media (print, radio and TV). Special cross promotions with top-tier brands like Seattle Magazine, Winston Wachter Art Gallery, Roche Bobois and Bang & Olufsen endorsed the project with product placement and cross-associative values to produce model homes and impressive events on an otherwise limited budget.

The marketing campaign attracted thousands of visitors to the 2200 Sales Center that was seamlessly integrated within the 11,000-sq. ft. South Lake Union Discovery Center and helped convey the impressive vision for the 50+ acre area slated for redevelopment. The combination of effective messaging and evidence of both media and market endorsements helped create the will to believe amongst would-be buyers.

Results

The marketing and sales team achieved record historic pre-sales success selling 90% of the 261 homes within the first month, 10% above proforma and an entire year ahead of schedule, which saved $500,000+ in the marketing budget. In addition to its individual success, 2200 became recognized as the harbinger for the entire South Lake Union neighborhood. These results were honored with 18 regional and national awards including top honor “Attached Community of the Year” by the National Association of Home Builders (“The Nationals” – NAHB).. Stacy Jones was also recognized as “Marketing Director of the Year” for the Pacific Northwest and silver finalist nationally in 2006.