Site Near Pike Place Sells For $16 Million, 400-ft Tower Planned

construction

The Seattle skyline is about to welcome its newest addition – a 400-foot residential tower that is planned for the development site at 2nd Avenue and Virginia Street that Bellevue’s Continental Properties bought for $16 million on Thursday.

According to an article in the Puget Sound Business Journal, it is unknown whether the 324 residential units will be condos or apartments, and there is no definite timeline for construction, yet. Continental Properties also built the Metropolitan Tower Apartments at Seventh and Westlake, and the Cosmopolitan Tower Condominiums at Ninth Avenue and Virginia. According to the PSBJ article, the site, which is one block east of Pike Place Market and is at the highest point in Belltown, is one of the last prime development sites downtown.

Amazon to Move in on Clise Properties Downtown

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.

Belltown Condo Building Sells

The long unfinished condominium project, Volta, on 1st and Bell Street in Belltown, was resold to Connell Real Estate & Development of New Jersey this month.  The Volta complex was repossessed after the developer defaulted on a construction loan.  Lender East West Bank put the property on the market for sale earlier this year. The 34-unit building sold for $8 million.  See the full Seattle Times report here.