A redevelopment site in Seattle’s Belltown neighborhood that is fully entitled for 287 residential units is once again changing hands. This time, the site – which is currently home to a historic apartment building and associated retail – was acquired by Greystar Development for $29 million. King County public records show that the site was sold by nationwide construction firm Toll Brothers.
The property, located at 2302, 2306 and 2316 Fourth Avenue, is currently home to The Franklin Apartments, a historic property built in 1918 offering 40 residential units. According to previous reporting by The Registry, the site was developed at the time as an investment property for real estate developer Frank M. Jordan. Architects George Lawton and Herman A. Moldenhour designed the building in a Georgian Revival style.
The property last traded in 2019, when it was acquired by Toll Brothers, for $24.8 million. Prior to the acquisition, the property was owned by TeamRise, which submitted plans to redevelop the site in 2015. Shortly after, the property received a historic landmark designation, and in 2018, the City approved the redevelopment plans.
Plans for the site include a 24-story residential tower that would rise directly next to the original three-story building. The project has been named Fourth & Bell Tower and would reach about 274,750 square feet. As well as its entitled 287 apartment units, the project also calls for 204 parking spaces and about 8,700 square feet of retail space.
While Greystar has not yet made any announcements on whether or not it will pursue the entitled design, the company has already developed a number of apartment buildings across Seattle. Down the street from the property, Greystar also owns The Residences at Rainier Square, which is located at 1340 4th Avenue. At 58 stories high, the building is the tallest residential tower in Seattle, boasting a mix of one-, two- and three- luxury units, with rental rates ranging in price from $3,900 to $22,000 per month.
As well as Seattle, Greystar owns and operates properties across the globe. In the United States alone, the company has completed 158 development projects, with an additional 108 in the books.