Development News: Metro-Area Residential Development Projects Budding as Spring Hits Seattle
- Mar 24, 2014
By Alex Girda, Associate Editor
The Seattle development scene exploded recently, with no fewer than three major moves announced across the city. One of the fastest-growing tech markets of the past few years, Seattle is driven by serious activity in the downtown area and its overperforming South Lake Union neighborhood. Continental Properties, Murray Franklyn and The Onni Group this week either acquired important development sites or announced large projects in the city’s metropolitan area.
Continental Properties has announced the acquisition of a high-rise development site in downtown Seattle for a purchase fee of $16 million from seller Columbia West Properties. The Bellevue-based developer now owns a site that is entitled for a 400-foot residential tower, offering a possible 324 units. Given the company’s track record of developing multifamily properties, Continental will most likely use the 0.5-acre site to its allowed potential. According to The Puget Sound Business Journal, it is as yet unclear whether the units will be condos or apartments.
Another site recently traded hands when developer Murray Franklyn acquired a Bellevue property for a fee of $12 million. The property currently has an in-place development plan calling for 160 apartments, as well as a retail component of 10,500 square feet and an underground parking component that could accommodate 213 vehicles. The seller of the 0.6-acre property is an affiliate of Cantera Development Group, PSBJ writes.
South Lake Union is one of the engines driving Seattle’s emergence on the real estate scene. The Onni Group unveiled its plan of developing a two-building high-rise property that would bring about 1,085 residential units to the area, in the proximity of Amazon.com’s much-discussed new headquarters in the Denny Triangle. The plan also includes 44,000 square feet of retail and parking for 1,700 vehicles. The new plans are set to be reviewed by the city’s design commission this spring.