SEATTLE—GlobeSt has learned that Dimension, one of the most popular new high-rise apartment buildings in downtown Seattle is coming to market, with an expected asking price for more than $100 million. Developer, Wood Partners, shared the news with GlobeSt exclusively.
Dimension, which opened in the fall of 2014 on the corner of Cedar and 3rd in Seattle's Belltown neighborhood, is now over 80% leased after just seven months on the market, the developer said. The sale begins Wednesday, and CBRE is the broker.
“Dimension is the best example to date of what our team can produce through an integrated approach to development, where we engage marketing, design and operations in a process of research and development, much like many of the top companies developing products outside of our industry,” said Frank Middleton, Western region development director for Wood Partners. “This approach has clearly met local demand for the experience of being connected to something genuine, local, creative and cultural – a scarce yet valuable recipe in multifamily development.”
Dimension, designed by Seattle-based Hewitt Architects, is comprised of European-style studio, one- and two-bedroom apartments with stunning views of downtown Seattle and the Puget Sound. Dimension is located within walking distance to major technology employers Amazon.com and Microsoft. What makes the building stand out is the Ground Floor Project, a cultural program geared at infusing the arts, music, food and other cultural elements of Seattle into the community. The Ground Floor Project is an unusual connection between the residents of Dimension and the facilities inspired by the physical form of the building itself, which was evolved through collaboration with the neighborhood and some of the region's most well-known artists and musicians, according to Middleton.
“Seattle is a market where we saw tremendous opportunities to connect with the unique side of a city that is quickly evolving into one of the greatest success stories of this generation,” said Jonathan Yarnold, SVP of marketing for Wood Partners. “Through a combination of big data and personal interaction with cultural luminaries in Seattle, we concluded that the most valuable product would respond to downtown residents' desires for self-actualization, self-expression, and making a contribution.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
