Home Finance Developer BB6 Completes Two-Part Transaction, Buying Denny Triangle Site for $21.25MM

Developer BB6 Completes Two-Part Transaction, Buying Denny Triangle Site for $21.25MM

By Meghan Hall

In August of last year, a sought-after parcel at the site of the Sixth and Battery Building in Seattle’s Denny Triangle was sold by Seattle-based HB Management for $31.25 million. At the time, the sale marked the first half of a transactional arrangement between HB Management and BB6 Seattle LP, an entity associated with a Canadian development company. Now, the sale of a second parcel, located at 2326 6th Ave. for $21.25 million rounds out the deal. The sale of the property was completed June 28, according to King County public documents.

The first sale recorded in the fall of last year was for a parcel located just adjacent to the 2326 6th Ave. property, at 2300 6th Ave., and included the 64,800 square foot Sixth and Battery office building, which was originally constructed in 1950. The most recently acquired site is currently developed with a surface parking lot.

According to HB Management’s website, the firm had proposed two, 41-story towers with a 12-story podium at the sites. The project, which is called Seattle House, would also include 500 units per tower, 300 parking stalls and 12,000 square feet of retail. The units would be a mix of residential and extended-stay, and the development will also include rooftop amenity spaces, dog runs, and outdoor barbecue areas, among others. Plans for the complex indicate that the Sixth and Battery building — formerly home to Antioch University — will be demolished to make way for the new development.

The project has been underway for some time, and the project worked its way through the Design Review process in 2015 and 2016. According to the City’s website, the project is in the midst of obtaining a Phased Project Permit. The timeline for the remaining approvals and constructions is unclear.

The properties are located within two blocks of three Amazon office towers and is walking distance to the Central Business District, South Lake Union and Belltown neighborhoods. The Westlake and 7th Ave. Light Rail Station, as well as several bus stops are also within a few blocks of the development site. 

HB Management is also working on several other multifamily projects throughout the city of Seattle, including 307 Broadway, a 152-unit complex on the edge of Belltown, and Centerline, a 235-unit apartment complex located at 6505 15th Ave. NE. In addition to apartment building development, the firm also provides real estate advisory and management services throughout the Puget Sound.

Several sizeable multifamily projects are also slated for completion nearby in the coming years, including Onni Towers Phase One and Two, which will bring a combined 1,328 units to South Lake Union in the winter of 2020 and 2021. 1200 Stewart Street, owned and to be developed by Westbank Projects Corporation, is expected to be developed into a 1,050-unit complex and is located in the Denny Triangle. Anticipated project delivery is November 2020. 

Multifamily development in Seattle continues to surge, with Kidder Mathews reporting a 15.34 percent increase  in development between 2018 and 2019. As of the first quarter of 2019, there were 28,677 units under construction across the city of Seattle, and while vacancy ticked up slightly to 5.5 percent at the end of the first quarter, the multifamily market is expected to continue to remain stable in the coming months.