Development Site Near Amazon’s Denny Triangle Project Trades Hands in $14M Deal
- Oct 27, 2014
A development site in downtown Seattle’s Denny Triangle traded hands for a hefty per-square-foot price. Williamsburg Court LLC traded the property for $690 per square foot, or a total of $14.3 million. The site currently houses an apartment building, an attached commercial building with two tenants and a parking lot and includes two adjacent parcels listed as 1820 Terry Ave. and 1007 Stewart St., a total of 20,760 square feet of land in one of the most coveted areas of the city.
According to a recently issued press statement, the deal also includes some development rights, and current permitting in effect for the development site would allow for a 21-story office-and-retail tower that could total as much as 365,000 square feet of space. Marc Cunningham, vice president of investments in Marcus & Millichap’s Seattle office, represented the seller.
Cunningham noted that “employment opportunities and companies wanting to locate in downtown Seattle are fueling demand for more residential and office space.” Cunningham also referenced the impact of the nearby Amazon office development project that will add 3.3 million square feet of office space just a few blocks away from the development site.
The development site has proximity to Lake Union, the Space Needle and the Cascade Mountain Range. Some of the latest additions to Seattle’s real estate market are also located nearby, with the 400-foot-high Aspira tower located directly across the street from 1820 Terry Ave.