A Conversation with Kristi Tripple of Rowley Properties

If you have driven through Issaquah, then you have seen properties owned and operated by Rowley Properties. Whether they are commercial, mixed-use, or residential, the Rowley family has been involved in the development of Issaquah for four generations. For the most recent episode of Housing Matters, I spoke with Kristi Tripple, who is the Vice President of Community Development for Rowley. If her name or face looks familiar to our readers, it’s because she has spent a great deal of time testifying before various committees on housing-related issues over the last number of years.

Our discussion covered many topics, including community development, housing policy, and the history of Rowley Properties.

Given the length of time Rowley Properties has been in Issaquah, the family ownership has seen many changes in environmental regulations, permitting, and building materials. The building that is Rowley’s headquarters took one week to get its permits cleared when the building was originally constructed in the 1970s. The first apartment building from the 1970s… two weeks.

Kristi highlighted the stark contrast in our regulatory environment using permitting as an example:

“We looked at doing a comprehensive neighborhood stormwater project. It was in active permitting for seven years. So, 14 different jurisdictions with oversight of that permit, including the city of Issaquah. When we started actively permitting with the city in 2018, it was around $6 million. By the time we were ready to pull construction permits for approval in 2025, that cost was exponential. And it's sad because we're not able to build that. Because that would have allowed us to be more efficient with the land and be able to build more housing, more commercial office space, because it's really important to build where development belongs.”

This illustrates the frustration many builders and developers have in Washington state. Between the purchase of a property and when a shovel is put in the ground can take years. During that time, the developer must sit on that loan and that property while waiting out the regulatory process.

Over the last number of years, Kristi has joined RHAWA and other housing and development organizations in Olympia during legislative sessions.

With the slew of new housing policies coming from the state legislature over the last six or seven years, real estate professionals knew they had to work to be a part of the solution. The key was educating legislators and trying to impress on them how the policies they were considering would truly affect everyday housing operations and development.

“When you own land and you have a responsibility to the community, you also have a responsibility to share your voice, and I think as citizens and as businesses, we need to do that because our elected leaders—super smart, work hard, have support, but not everybody can know everything. And you can't be all things to all people, and so, if we can help educate or share stories that maybe help result in better policy, that's the right thing to do.”

With the unfortunate passage of the rent control bill, Engrossed House Bill 1217, I asked Kristi how she envisions a policy like rent caps, in conjunction with many of the other bothersome housing policies, will affect the future of residential and commercial growth in Issaquah and the rest of the state.

“Over the past several years, our plan had been to develop a 200-plus multifamily property here on the valley floor because our community needs more housing. Once we were going to get the pump station done, build that property, but we were also very hesitant because every year, with the threat of rent control, was a year that we didn't feel comfortable building, because it is very expensive to develop. It takes a lot of time. And then if you care about your property in your community, you want to make sure that one, you can sustain that property, you can sustain the housing.”

Rowley Properties has owned a great deal of their holdings for over fifty years, as they wanted to be a part of community growth and stay in the community. The newly passed rent control bill exempts newly built properties from the rent control law for the first twelve years of occupancy, but if a company like Rowley Properties is in it for the long haul to grow and change with the community, 40+ years of caps after the exemption has expired is something tough to consider when running a business and considering future growth.

For my full interview with Kristi Tripple, check out the Housing Matters podcast wherever you get your podcasts. If you prefer your podcast with video, check out the RHAWA YouTube Channel for full video of every episode of Housing Matters, along with a lot of other great rental housing industry content.