Lowe, Alecta Form JV to Develop Seattle-Area High-Rise
- Oct 28, 2013
Lowe Enterprises Investors and Alecta, Sweden’s largest mutual pension company, have formed a joint venture to develop a 24-story condominium building in the First Hill area of Seattle, Wash.
“This project marks the beginning of an important relationship between Lowe Enterprises Investors and Alecta,” Brad Howe, LEI’s co-CEO, told Commercial Property Executive. “LEI’s continuing strategy is to identify investment partners with whom it can pursue unique real estate opportunities that will benefit from LEI’s strength as both an investor and an operator with the hands-on ability to create value in the properties it acquires.”
Located at 1321 Seneca, the planned tower will include 169 units and be centrally located in downtown Seattle overlooking the business district. Additionally, it is close to the vibrant Pike/Pine Triangle, which includes a wide variety of restaurants, shops, galleries and clubs. The First Hill streetcar line, to be completed in mid-2014, is just two blocks from the property and will enhance the area’s connection to neighboring communities, employment areas and entertainment venues.
LEI affiliate, Lowe Enterprises, will serve as developer for the project with construction expected to begin in mid-2014.
According to Andy Sands, LEI’s senior vice president, 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.
“Over the past 10 years, First Hill has become increasingly popular as a residential community and also as a dining and retail district,” Sands told CPE. “Its close proximity to downtown, diversity of experiences and residents, and the maturity of the overall urban environment all make this a highly desirable community.”
LEI has made numerous commercial and hospitality property acquisitions in the area, most recently acquiring and renovating the Red Lion Hotel on Fifth Street in Seattle. Lowe Enterprises is also a joint venture partner and operator of Suncadia Resort in Cle Elum, Wash., and Sunriver Resort in Central Oregon.