(EDITOR’S NOTE: The seller of the development site was Miami-based Cresent Heights, which worked through the approval process and obtained a Master Use Permit from the city of Seattle to develop a 39-story, two-tower residential project with 900 rental residences.)
Seattle, Wash. (August 7, 2019) – A multifamily development site, located at 1901 Minor Avenue in Seattle, Washington, has been purchased by Concord Pacific, a Canadian residential developer, for $72 million. Kidder Mathews commercial real estate brokers, Ross Klinger and Tim Foster, represented Concord Pacific in the transaction.
The site is in Seattle’s Denny Triangle neighborhood, close to the offices of Amazon, Facebook, Google, HBO, Seattle Children’s Hospital, and the expanding Convention Center. It has Master Use Permit approval for two high-rise residential towers over a large podium.
As part of a long term commitment to building vertical neighborhoods in Seattle, Concord Pacific, one of North America’s largest urban residential developers, purchased the site at Minor Avenue and Stewart Street, following its first foray, Seattle House, a mixed-use project adjacent to Amazon’s Spheres at 6th and Bell. This new acquisition marks the group’s second commitment to embrace the energy and growth in Seattle.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 55 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.