SEATTLE-Lowe Enterprises Investors (“LEI”), a leading investment manager, and Alecta, Sweden's largest mutual pension company, have formed a joint venture to develop a high-rise residential building in the First Hill area of Seattle. The venture plans a 24-story condominium tower with approximately 169 for-sale units at the fully-entitled site at 1321 Seneca.

The property will be the first high-rise residential building developed in the First Hill neighborhood since 1982 and among the first in the downtown Seattle area since 2008.

“Centrally located in downtown Seattle overlooking the business district, First Hill is a diverse residential neighborhood that is home to some of the world's most respected medical, education and research institutions,” said Andy Sands, SVP of Lowe Enterprises Investors. “The combination of employment, transportation and amenities make Seattle's 'first' neighborhood one of the most desirable.”