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About Triad Development

Strategy and Approach
Commitment to Community
Sustainable Development
Historic Preservation & the Arts
Affordable Housing
Core Values
Mixed-Use
Meet the Founders

STRATEGY AND APPROACH


Triad understands that simply building the asset is not enough - we must also build a sense of community. Our track record has proven that the attention to detail and high-quality resources that we devote to making every living space, work space, and public realm special and unique has been more than repaid through lower vacancy rates and higher tenant retention than nearby comparable properties.

Privately owned, Triad has the organizational flexibility to follow an entrepreneurial acumen. We're able to take non-traditional approaches to problems in order to find the right solution. In the same way, we're able to look at projects from a unique angle that often allows us to capitalize on opportunities that others might not recognize. From renovating 130-year-old warehouses to negotiating development plans with multiple community groups to salvaging the failed portfolio of another developer - there is no typical Triad project.

Triad also benefits by our ability to attract the best partners and consultants in the real estate industry. We're able to combine expert knowledge with hard-nosed common sense to create dynamic and successful properties that reward not only the bottom line, but also the community at large.

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OUR COMMITMENT TO COMMUNITY

"Triad is unique because they don't build houses, they build communities." ~ Vacaville Vice Mayor Clancy *

"They have interesting design, use good architects, and I think they have kind of a longer-term philosophy about their projects - they're not into it just for the short-term values."**

Community Outreach
With over 20 years of practice, Triad has learned that successful projects are the result of collaboration with all of the stakeholders within the community. Therefore, we conduct community outreach through a process that involves residents and queries them as to what elements the proposed project should include.

Triad's experience with the Downtown Vallejo revitalization project is indicative of our commitment to community involvement. While there was no requirement to solicit public input during the design phase of the General Plan Amendment, Triad realized that such input would be valuable for all parties involved.

We formed a Downtown Advisory Group and conducted over 200 hours worth of public meetings over the course of a year and a half. It is estimated that our engagement of the public during the design process added an additional year of design work. However, we recognize that as a very small price for the project enhancements suggested by the participants and the community support that aided us in the later stages of the process.

Giving Back to the Community
We believe it is perhaps a defining characteristic of our company to invest in the social well-being of an established community, primarily through charitable giving, untethered to any project Triad may be involved in. In the North San Francisco Bay area of California, for example, we have contributed hundreds of thousands of dollars over the past several years to organizations as deserving as Boys and Girls Clubs, many schools, non-profit Healthy Kids campaigns, Community Colleges, Habitat for Humanity, hospitals, land trusts, churches, the Humane Society, rehabilitation organizations, and local recreational, cultural and arts groups too numerous to mention. We believe the future of our society depends upon a strong local social fabric, and we will continue to be a leader in giving back to communities in our areas as much as we can.

Similar contributions of both time and money are made out of our Seattle office. In addition, Triad gives back to the community by making the Triad Urban Center, a conference center in downtown Seattle, available to anyone in the community at no charge. The Triad Urban Center allows us to encourage civic exchange and constructive dialogue by providing a meeting space where our neighbors can gather and share ideas.

Creating a Sense of Community
While it is important that we encourage communication and discussion with our neighbors during the planning and building phases of development and design and to construct developments that will facilitate the creation of community, Triad strongly believes that we can't stop there. Once a development has been completed, we strive to ensure that our residents or tenants are able to form strong ties within their community. For instance, in Kent, Washington a residential community known as Signature Point has gone above and beyond. By organizing monthly activities for the residents and their families, the leasing staff works to guarantee their residents will feel truly at home in their community.

One Tuesday a month, the leasing staff hosts a dinner night where everyone is welcome; Taco Tuesdays are especially popular. One Wednesday a month, the staff bakes cookies for the children to enjoy as they come home from school. One Friday a month, they host Kids' Night, entertaining the children while allowing parents to have 2 and a half hours to themselves. And there's even a monthly Resident Appreciation Breakfast. The basketball and volleyball tournaments organized in the community gymnasium also help foster a sense of community.

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SUSTAINABLE DEVELOPMENT
"Sustainability" has become one of those buzz words that most people conceptually support without necessarily reaching an understanding as to what it means. For us, sustainable development is the creation of compact communities that balance the often competing issues of the economy, the environment, and social equity.

We believe that mainstream America is becoming increasingly aware of the need for sustainable development and not only are we responding to that need, we are often leading the cause.

Sustainable development requires a patient and passionate effort to find the balance necessary to match existing and future community needs with revenues to achieve those needs. We believe that sustainable development can be achieved when disparate groups - concerned citizens, landowners, politicians, non-governmental organizations, economic developers; in short, almost everyone, works together through the visionary process.

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HISTORIC PRESERVATION & THE ARTS
On the 1st Thursday of every month, Seattle's leading art galleries host a gallery walk through Pioneer Square, one of Seattle's oldest districts well-known for its dedication to art and entertainment. It is also a district that showcases Triad's interest in preserving historic structures, while also supporting the arts.

Over the years, Triad has been involved, in varying degrees, with the full or partial rehabilitation/preservation of numerous buildings within this quirky, historic neighborhood. The OK Hotel is a perfect example. Listed in the National Historic Register and featured in the hit movie Singles, this building had seen its fair share of use by the time Triad bought it in 2000.

The combination of neglect and damage from the Nisqually Earthquake necessitated significant renovation work in order to preserve the OK Hotel. Triad hoped to further encourage local artists in the area by devoting some of the units in the rehabilitated OK Hotel to be artist suites while allotting all of the other units to be affordable apartments.

Due in part to our involvement in this historic district, we are keenly aware of the need to be particularly sensitive to the surrounding historic structures when designing buildings and open space. Pioneer Square is not the only location where we are involved in preservation activities:
In the Belltown area of Seattle, we renovated another tired, old hotel into an energetic community designed for students of the Seattle Art Institute.

On the Seattle waterfront, we renovated the 100 year old Pier 70 and a block away we converted an old salmon cannery into a mixed-use structure of office, athletic club, mini-storage and Bible College.
In the lower Queen Anne area of Seattle, we renovated the Northwest Work Lofts, a series of three buildings completed during the great depression, and have preserved much of the space for artists and other members of the creative class.

In Downtown Vallejo we are spending almost $6 million to convert a historic Beaux Arts Theater into a 500-seat Performing Arts Center. Upon completion of the project we have agreed to sell the Center to a local arts foundation for $1 and the assumption of debt of $4 million for a net contribution of almost $2 million.

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MIXED-USE DEVELOPMENT
Over the past 22 years, Triad has developed just about every product type except gas stations and heavy industrial (although we have converted both to other uses) and in so doing we have learned valuable lessons not only about the marketplace and what works well together, but also about ourselves. With a history of tackling a wide-range of unique projects, it was only natural for Triad to undertake mixed-use buildings.
Here in Seattle, we converted a heavily polluted former munitions factory adjacent to the Ballard Locks into 130,000 square feet of independent retail and mini-storage. Now, the building enjoys an effective vacancy rate below 5% and is home to an incredibly diverse mix of tenants including a day spa, coffee shop, health club, photographer, children's clothing store, book store, cooking school, climbing gym and gourmet food retailer.

Triad has worked hard to attract tenants that have a 'synergistic' appeal for the collective and mutual benefit of all the businesses located within the Market Street Center.

Since the completion of our project, no fewer than six new developments have sprouted up at the western end of Market Street. By taking a risk on a polluted site, Triad created the catalyst for an entire neighborhood's revitalization.

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WE'RE COMMITTED TO AFFORDABLE HOUSING
Very few people realize (even within the development community) that Triad is one of the largest affordable housing providers headquartered in Seattle. The reason this fact is so often overlooked is because we are a for-profit developer and a majority of our low-income units are outside of Seattle.
Approximately half of Triad's apartment portfolio offer rents at 60% of the Adjusted Median Income or less. Another quarter are offered at between 60% and 80% AMI, filling some of the tremendous need for workforce housing.

Many of our affordable units were not initially developed by Triad, but rather were purchased out of bankruptcy and saved from default. Triad was able to preserve the affordability covenants and prevent recapture for the respective tax credit investors while addressing significant problems at the site resulting from years of neglect and limited resources.

Locally, we recently rehabilitated the OK Hotel into 44 affordable housing units using Low Income Housing Tax Credits. Upon completion, it was the first time that the building had been occupied above the ground floor since the early 1970's.

One of our rental communities in Kent, Washington, called Signature Pointe, is a good example of how we strive to make even our affordable developments feel like resorts. Because of its roots in property management, Triad had many good ideas of what a first-class multifamily community should look like. The 42-acre project put all of Triad's theories to the test. To accommodate the needs of their residents, Triad provided an array of facilities including an on-site day care. Now, nearly twenty years after its completion, Signature Pointe is still one of the Northwest's top suburban multifamily properties. It is not uncommon to hear many of the residents of the community comment to newcomers that living at Signature Pointe isn't like living in an apartment complex - it's like living in a resort.

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CORE VALUES
Despite our success and size, Triad has maintained the feel of a small family company. Over the years, our founders have developed a set of five core values that they believe have enabled Triad to produce projects that are recognized by both customers and competitors as high-quality and innovative. Every Triad employee understands that they are expected to reflect our core values in every aspect of their job. We will be problem solvers - and we are not afraid to think outside the box when necessary.

• We will not give up. We will persevere.
• We dream and will use our vision to create quality projects.
• We connect with the community.
• We will execute.
• We do all of the above with integrity.

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MEET THE FOUNDER
Fred Grimm, Chief Executive Officer
Since starting the company in 1984, Mr. Grimm has overseen the daily operations of Triad and the development of over $1 Billion in commercial real estate. Outside of Triad, Mr. Grimm shares his years of development experience as a frequently requested public speaker. Mr. Grimm graduated with honors (Order of the Coif) from the University of Washington School of Law in 1981 and holds a BA in Business Administration from the University of Puget Sound where he graduated Magna Cum Laude. Mr. Grimm is very engaged in the community and serves on boards of several local charities and non-profit organizations. He has a particular focus on education (Trustee for the University of Puget Sound; creator of a college scholarship program funded by the Fred and Margaret Grimm Foundation) and youth (Boy Scouts of America; Metrocenter/YMCA). Mr. Grimm lives in Seattle with his wife and two daughters and spends much of his free time coaching their soccer and basketball teams.

 

Footnotes:
*Janis, Amanda (2006, February 25). "Firm Footing" The Reporter, D1-2.
**Sean Quinn, City of Fairfield Director of Planning and Development

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