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GlobeSt.com UPDATE: Brenneke JVs with Starwood for Second & Pine

SEATTLE-Having partnered with Barry Sternlicht's Starwood Capital Group Global and acquired the other half of the block, Portland-based developer Paul Brenneke is set to break ground this summer for a $200-million residential-over-retail development between Macy's and the Pike Place Market.

By Brian K. Miller | Updated on January 24, 2006

SEATTLE-Paul Brenneke’s $200-million high-rise residential-over-retail project at Second Avenue and Pine Street in Downtown Seattle should break ground this summer and be largely complete by mid 2008. The Portland, OR-based developer’s financial partner is Barry Sternlicht’s Starwood Capital Group Global LLC. Their Joint Venture is AvStar LLC.

The plan for Second and Pine calls for a 23-story limestone-clad tower covering one-half block and housing condominiums, an all suites condominium-hotel, an upscale restaurant, an athletic club and a day spa. Brenneke and Starwood also have acquired the Macy’s parking garage that sits on the east half of the block. Now a nine-story parking garage with bare concrete walls, Brenneke says the plan is to skin the entire building and re-tenant and expand the retail at the base of the garage to complement the new tower and the greater retail district. A retail venue of up to 50,000 sf also is being considered for the top of the parking garage, says Brenneke.Portland-based Sienna is the architect.

All told, the project will encompass 110,000 sf of retail, 88 “City Suites” (condo-hotel units), 115 pure condominium units and seven penthouse town homes. About 30,000 sf of the retail would be on the 26-foot-tall street level of the parking garage, which fronts Third Avenue across from Macy’s, and the remainder will be on the lower levels of the new tower.

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