Home Commercial Arbutus Properties Spends $7.3MM for Office Building at Site of Planned 44-Story...

Arbutus Properties Spends $7.3MM for Office Building at Site of Planned 44-Story Tower

Arbutus Properties, Perkins+Will, South Lake Union, high-rise development, Denny Triangle, design review meeting
Image courtesy of Arbutus Properties

By Jack Stubbs

The junction of South Lake Union, Denny Triangle and Capitol Hill represents the intersection of three of Seattle’s fastest growing neighborhoods, as well as the ongoing transition from mid-rise to high-rise development.

Vancouver, B.C.-based Arbutus Properties, along with Perkins + Will, is endeavoring to transform an entire city block at this pivotal gateway, with a 44-story tower planned for the site.

On March 18th, Arbutus Properties—via an entity named Denny & Eastlake LP—spent $7.3 million to acquire a parcel located at 1314 Denny Way, which is directly adjacent to where Arbutus’ tower development is in the works. The seller of the property was Richard S. Adatto based in Seattle, public records indicate.

The parcel—which is bounded by Stewart St., Denny Way and Eastlake Ave. E.— includes a 5,152 square foot office building that was constructed in 1921. The property is directly adjacent to I-5, just a few blocks east of Denny Park, and roughly one mile south of South Lake Union.

The recent $7.3 million transaction represents the latest chapter in Arbutus’ endeavor to transform the area through the large-scale development. In December 2018, the company spent just over $20 million to acquire three parcels located at 1370 Stewart Street, 108 Yale Ave. N., and 110 Yale Ave. North.

According to project plans filed with the city, Arbutus Properties is planning a 44-story tower on the triangular site, which is bounded by John St., Stewart St., and Yale Ave. North. According to the project plans, the development—designed by Perkins+Will—will ultimately include 340 apartment units, four levels of underground parking with 220 stalls, along with a state-of-the-art fitness room, concierge services and a 5,000 square foot rooftop patio and lounge area.

Arbutus Properties focuses on developing properties throughout Canada and the Western U.S., and the hope is that the 44-story tower will serve as an iconic project that capitalizes on its prominent location in the heart of the Emerald City. “Our Seattle project is located a block away from I-5 Highway on Stewart Street and when complete will create an iconic ‘gateway’ structure and landmark for the City,” the company’s web site states.

In December 2019, Arbutus and architect Perkins+Will received feedback from the West Design Review Board for half of the project, a 15-story office building located at 1305 Stewart Street. Ultimately, the board asked the design team to return for an additional design review meeting that would provide more details about the tower would impact the pedestrian realm, and how it would be integrated with the adjacent residential tower at 1370 Stewart Street.

Moving forward, Arbutus Properties’ website reflects that the hope that the various design elements of the project will appropriately correspond with the neighborhood in its immediate vicinity. “Inspiration of the building design located on this unique triangular site reflects a spinnaker on a sailboat similar to vessels plying Lake Union and Elliot Bay…the two-story podium of the building will include ground-level retail and a two-level restaurant.”