By Jack Stubbs
Seattle’s South Lake Union neighborhood has experienced no shortage of development activity in recent months, and a transaction recorded last week indicates that interest in the area remains.
On Friday, November 30th, Vancouver, British Columbia-based real estate developer Arbutus Properties acquired three separate properties in Seattle—as part of three different transactions totaling $20.1 million—where the company is planning a 44-story tower. The sellers of the three properties were BB Barden LLC based in Camano Island, Washington, Hayes-Woodson LLC based in California, and John Ahlers based in Seattle.
The buyer did not requests for comment about the transactions in time for the publishing of this story.
The sale was for three parcels located at 1370 Stewart Street, 108 Yale Ave. N., and 110 Yale Ave. North. The first parcel contains the Mariner Building, which is a 5,600 square foot office building constructed in 1971, and the second parcel comprises a commercial parking lot sitting on 4,200 square feet. The third parcel also includes a parking lot.
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 above commercial space and four levels of underground parking with 220 stalls.
Arbutus Properties focuses on properties throughout Canada and the Western U.S., and the hope is that the 44-story tower will serve as an iconic project in the city of Seattle. “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.
The hope is that the design of the project and its planned amenities will capitalize on its location in the city’s active South Lake Union neighborhood. “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 including a south facing roof-top patio. Anticipated amenities that residents can enjoy include a state-of-the-art fitness room, concierge services and 5000 square foot rooftop patio and lounge area offering spectacular views of the city and water.”