Home Finance Developer Westbank Spends $35MM on Three-Parcel Property in Downtown Seattle; 459-Unit Condo...

Developer Westbank Spends $35MM on Three-Parcel Property in Downtown Seattle; 459-Unit Condo Development Planned

Seattle, Westbank, QuadReal Property Group, King County records, Virginia Street, 300 Virginia, condo development, Henriquez Partners Architects
Rendering courtesy of Westbank

By Jack Stubbs

There have been a number of condominium projects shaping the Seattle skyline over the last several months, and Westbank, a Canada-based luxury residential and mixed-use real estate developer, recently acquired a site where it has a 47-story condo project planned.

On Friday, December 7th, the company spent $35 million, or approximately $1,834 per square foot, for a three-parcel property in downtown Seattle, King County records show. The seller was Virginia Street REIT LLC, an entity affiliated with QuadReal Property Group, which is a Canadian real estate investment development and management company.

The sale was for three parcels located at 300 Virginia St. that total 19,080 square feet, according to public documents. The three parcels, which sit at the corner of Virginia St. and 3rd Ave., comprise a surface parking lot sitting on just under half an acre.

According to Westbank’s web site, 300 Virginia is where the company is developing a condo project called First Light—designed by architect James KM Cheng—a new residential tower on its way to downtown Seattle. The development, which will include 459 condos above office space as well as street-level retail and a rooftop swimming pool, will hope to capitalize on its location in downtown Seattle.

“First Light is an elegant tower that will add style and grace to the Seattle skyline – as well as a floating rooftop pool offering one of the best sunset-watching vantage points in the Pacific Northwest,” Westbank’s web site states. Additionally, the building’s exterior will look to further activate the adjacent streetscape through the work of John Hogan, a Seattle-based artist.

“With First Light, John Hogan has been invited to use the canvas of the building to explore how light and glass can combine to create thousands of luminous sculptural moments throughout the project…including luminous glass veils that will cloak and enliven the building’s podium and its high-floor amenity levels,” the project description states.

Founded in 1992, Westbank developers a variety of high-rise development projects throughout Vancouver, British Columbia, Toronto and Seattle, among other locations. In addition to First Light—which is the company’s first project in Seattle—the developer also has another project planned for 1200 Stewart St. downtown, a 1,140,877 square foot development designed by Henriquez Partners Architects and slated for completion in 2021.