(EDITOR’S NOTE: According to King County public records, the property was sold to Vancouver, B.C.-based investment company Bosa Properties.)
SEATTLE – Aug. 23, 2022 – CBRE announced the $17.5 million sale of a 0.61-acre site located at 2700 1st Avenue in downtown Seattle’s Belltown neighborhood, to a confidential buyer. The 26,640-sq.-ft. parcel is zoned for residential development up to 267 units.
Eli Hanacek, Jon Hallgrimson, Frank Bosl and Kyle Yamamoto with CBRE’s Pacific Northwest-based multifamily team represented the seller, Churchome.
The zoning allows for high-rise or mid-rise residential development with a maximum height of 145 ft. A feasibility study completed by Ankrom Moisan proposed two options. The first combined a 145-ft. residential tower with a podium structure for 267 total residential units. The second option was a mid-rise structure with 193 units. Both options included ground-floor retail space. Depending on the final development, the property could have unobstructed multi-directional views of Elliott Bay, the Olympic Mountains, the Space Needle and Lake Union.
“This is a trophy core development opportunity in an exceptional downtown location surrounded by major employers and amenities. Demand for new apartments remains strong in Seattle, as the region continues to see population growth,” said Jon Hallgrimson, vice chairman, CBRE.
The site is located along 1st Avenue between Cedar St. and Clay St. The location is at the intersection of the Belltown and Lower Queen Anne neighborhoods, putting it within blocks of Belltown’s restaurant scene, Seattle’s soon-to-be-revitalized waterfront, and Seattle Center. Numerous large tech companies have offices nearby.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.