Verde Esterra Park opened last May as one of the final pieces of a master development by Capstone Partners that also includes offices, a hotel, nearly 2,000 more multifamily units, and a community park.
The complex at 2808 Calder Ave. NE in Redmond next to Microsoft’s world headquarters is designed to be carbon neutral, similar to Capstone’s nearby 245,000-square-foot office that is leased to the software and technology giant.
The 634-unit Verde project uses LED lighting, energy efficient appliances, a larger-than-average number of electric-vehicle chargers, and recycled and locally sourced materials.
The project’s energy sustainability and high-density and walkable design next to job centers were key factors in earning the development a 2023 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals familiar with the market.
Verde eliminated nearly all carbon emissions from on-site fuel burning by using all electric systems for heating, cooling and ventilation, and vapor fireplaces that replace flames. The project’s only fossil fuel use — mostly barbeques — are offset by carbon credits enabled by purchasing power generated directly by wind, solar and hydroelectric providers in Washington, which has a statewide goal of generating 100% of its electricity through carbon-neutral sources by 2030.
About the Project: The two connected mid-rise apartment buildings that open onto a 3-acre park are part of the Esterra Park master-planned development that also includes the Microsoft office building, a 282-room Aloft/Element hotel by Marriott, and nearly 2,000 apartments.
Capstone is pursuing LEED Carbon Zero and LEED Gold certifications for Verde, which uses green energy sources and reclaimed wood and is steps away from Microsoft's headquarters and near the Overlake light-rail station.
The development operates 11% more efficiently than the Leadership in Energy and Environmental Design’s baseline for an average building, according to Capstone.
The development has a sauna and steam room, two-level fitness center, roof decks with grills, conference rooms and coworking spaces.
“We want to catalyze sustainability from conception to occupancy,” said Mike Hubbard of Capstone Partners, developer of Verde Esterra Park. “It’s not just about how we change the built environment; it’s about helping facilitate a change in human behavior and consumer demand."
What the Judges Said: “Esterra Park has been one of the most significant Seattle-area infill suburban redevelopment projects over the past 10 years," said Nathan Daum, the city of Shoreline, Washington’s economic development program manager. "Creating walkable, high-density urban mixed-use environments in the region's suburbs has been a significant source of housing creation in a region bursting with job growth in its urban centers."
They Made It Happen: Capstone principal Kirk Johnson and director Dave Otis led the Esterra Park project.
