It’s no secret that properties on South Lake Union have become a hot commodity with big names like Amazon moving in; and this week, yet another National apartment developer has initiated plans for a large complex in the area. Greystar Real Estate Partners, who manages the largest multifamily portfolio in the nation and manages on a national and local level, has put the paperwork in with city planners to build just across from Boren Ave N, directly across from Amazon headquarters.
The proposal is for a seven story 290 unit building, and will fill half a block on Boren, in between Republican & Harrison St. Currently two older buildings and a parking lot sit on the proposed apartment site. According to the Seattle Times, this will bring the apartment units in South Lake Union up to 2,000, with 900 units still in the construction phase.
There have been rumors circulating that Amazon is looking into purchasing some of the Clise family’s properties in the Denny Way triangle. The deal has been kept very quiet and few knowledgeable Real Estate sources have even heard explicit details on how much they’re planning on sweeping; if they’re planning to purchase at all. Amazon is quickly growing out of their South Lake Union headquarters, and is said to need an additional 2 million square feet over the next five years. With the company expanding in a tight knit area like SLU, moving into a different neighborhood would make sense, as it can be difficult to purchase connecting properties and prices will have skyrocketed because seller’s know they’re in high demand. The Clise properties are near Amazon’s South Lake Union campus, in areas like Queen Anne, Capitol Hill, and Belltown. Sweeping up larger properties in other neighborhoods would certainly gentrify the area; Amazon has totally changed the vibe of South lake Union, with new swanky restaurants, and high end amenities.