SEATTLE-A prime 19,440-square-foot development site located at the edge of Seattle's CBD has changed hands. The site, adjacent to the Belltown neighborhood, is expected to become a 400-foot high rise apartment tower with ground floor retail.
The buyer of the $17.75-million site was British Columbia Investment Management Corp. The seller of 2000 Third Ave. was Investco.
Jones Lang LaSalle's Capital Markets managing directors David Young and SVPs Corey Marx and Seth Heikkila represented Investco in the transaction.
“Seattle is one of the country's top markets for STEM employment, which is creating a demand for housing particularly among millenials who desire a more urban lifestyle,” says Young. “The proposed plans to build apartments with open floor plans and high quality amenities within walking distance of employers, shopping and entertainment will be very attractive to prospective tenants, especially with the impending arrival of Amazon's expansion of its corporate headquarters, which is more than three million square feet and just blocks from the site.”
Located in Seattle's central business district, 2000 Third Avenue is connected to the city's most dynamic neighborhoods including Belltown and South Lake Union. It offers panoramic views of Elliot Bay, the Olympic Mountains, Lake Union, and Downtown Seattle.
This isn't the only multifamily planned for the area. In nearby Auburn, WA, as GlobeSt.com previously posted, two downtown blocks recently sold for projects that will also add apartments and retail space. Teutsch Partners LLC, of Seattle, paid nearly $1.75 million for the parcels within the city's downtown redevelopment district, adjacent to the Sound Transit station. The developer hopes to start construction next fall on up to 200 apartments and related retail.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
