Video: Local developers find silver lining in housing downturn

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WOODINVILLE, Wash. - We all know about the recent downward trend in the housing market, but instead of calling it quits, one Woodinville development is finding another way to roll with the punches. 

Woodinville Village is going to be a 24-acre project that's a mix of residential, office and retail spaces.  All of those markets are cyclical.  While housing is down a bit, office and retail are up. 

Construction on Woodinville Village is pressing forward, albeit a little more slowly than originally anticipated.  Market conditions have caused delays in the projected opening dates of their four condominium complexes.   

"So rather than build the whole project at once, you build it in pieces to match demand," said Mike McClure, MJR Development. 

The 20 remodeled condominiums known as "The Village" should be complete by July.  A second bank of condos are projected for September, with the other two to follow as conditions warrant. 

When complete, Woodinville Village will be a mix of residential, wineries, offices and retail.  While the residential market has caused a slight downshift, the demand for offices is up. 

"The office market is hot right now," said McClure.  "It's actually better than it was three to four years ago, so we've accelerated that component of the project. Retail, there's also high demand for retail."  

The wine industry is also hot.  The Village will eventually revolve around four production wineries whose construction has also been delayed.  Right now, DeLille and Brian Carter Cellars are still signed on.  The owners of Brian Carter Cellars say delays have actually helped their small business gather the strength it needs to launch into the future.  

"Brian and I are still very optimistic, as are our investors," said Mike Stevens, Brian Carter Cellars.  "We're looking forward at growing the concept actually and maybe expanding our original ideas."
There has been a lot of interest in the residential portions of the project.  The condos should be open by July.  Model units will be ready for tours in June.