02/28/2024
π£ Big, big, big news, everyone! π£
The site we've set our sights on in First Hill is absolutely one-of-a-kind. It not only looks and feels like the perfect home for The PEV Collective, but in our eyes, it was practically made for usβa hub for all things PEV, poised for success as a community cultural center that will foster wonderful relationships and memorable experiences.
Today, I had the pleasure of hearing back from the leasing agent, who shared some exciting news. After reviewing our business proposal submitted nearly two weeks ago, the landlord has expressed interest and is now open to engaging with us regarding space at Ovation for The PEV Collective. Needless to say, we're thrilled about this opportunity!
However, the proposed space isn't quite what we had in mind for The PEV Collective to truly thrive and achieve the impact we envision for Seattle. Understanding the retail landscape in downtown Seattle is crucial here. While other areas in the city are seeing vacancy rates of two to four percent, downtown Seattle is experiencing record-high vacancy rates of 12.7% for retail spaces.
The COVID-19 pandemic has reshaped consumer behavior in unprecedented ways, affecting everything from where and how people work to how they shop and dine. The projections for retail space returning to pre-pandemic levels are uncertain, as consumers and businesses continue to adapt to new norms.
Business owners are increasingly turning to online and pop-up shop models, offering community-involved and educational sustainable productsβbecause that's what consumers want. Meanwhile, brick-and-mortar stores are struggling to fill long-term leases as vacancies persist.
The PEV Collective's business model is perfectly poised to meet these changing demands, offering a hub for green energy, sustainable movement, and a diverse educational and innovative experience for the community. We're not just fostering Seattle's unique culture; we're creating a space large enough to meet all our needs.
With our hearts filled with gratitude, we've responded to the leasing agent with a concise but firm message. The retail spaces at Ovation have been empty since day one, and the type of tenants the landlord seems to be seeking are few and far betweenβlikely out of reach for Seattle retail. We're hopeful that the leasing agent will convey this information back to the landlord and recognize the immense value The PEV Collective would bring to the property and the community.
Ovation Towers in First Hill was completed in 2022 and consists of three retail spaces, with the largest being 3000 square feet. This extraordinary opportunity awaits us, and we're ready to seize it!
This is the time to engage. This is the time to really imagine yourself at The PEV Collective, because it is closer than you think. It is right in front of us. I implore each of you to take a drive by the property and envision what will be.
Seattle's hub for P.E.V. repair & unique dining. Join us for a wrench & dine experience!