Seattle’s skyline may one day be altered by a 16-story, 246-room hotel and residential complex at 1520 5th Avenue, but it will have to be with a new development team. Kidder Mathews has taken on the role of marketing the sale of an approved project by ARZ Global nestled in the heart of Seattle’s Central Business District. The asking price is $30 million.
At its core, the 1520 5th Avenue development seeks to strike a delicate balance between hospitality and residential amenities. Standing at 16 stories, this project combines distinct elements that may one day transform this parcel into a landmark property. The street-level façade is dedicated to inviting lobbies and retail spaces, casting an inviting aura along 5th Avenue. Above this base, a 246-room hotel promises a sophisticated retreat for Seattle visitors. Ascending further skyward, a residential tower offers apartment and condominium living options.
One of the project’s standout features is its location within Seattle’s Central Business District and retail epicenter. Positioned along 5th Avenue, it sits at the crossroads of Pike and Pine Streets, hoping to contribute to the vibrancy of the central city locale. The development is planned to encompass an array of retail, restaurant, hotel, and residential spaces, forging a synergy between commerce and living.
The development’s geography offers easy access to several of Seattle’s iconic landmarks. Within walking distance, residents and guests can immerse themselves in the bustling Pike Place Market, savor the beauty of Seattle’s dynamic waterfront, and explore the Amazon Seattle campus. Furthermore, it is a short walking distance from the expanded Seattle Convention Center, which can provide a broad spectrum of activities and engagements. Close proximity to the Nordstrom flagship store, the bustling Retail Core, the Theatre District, and a plethora of performing arts venues are all part of the appeal of this location.
By positioning the hotel podium as the project’s focal point, the development pays homage to neighboring structures, including the Coliseum to the south and the O’Shea building to the north, according to the property’s marketing documents. The plan is that the development assimilates into its surroundings while infusing a contemporary and dynamic spirit into the historic block.
The 154,691-square-foot planned project has been brought to market by Dave Speers, executive vice president and shareholder of Kidder Mathews in Seattle. While there’s no deadline for offers, the marketing documents indicate that offers will be considered as they are received. According to the property flyer, the master use permit of the property is still pending.