By Jack Stubbs
Seattle’s Denny Triangle neighborhood is no stranger to new and in-the-works redevelopment opportunities, and a three-part land sale this week confirms that trend.
Vancouver, Washington-based Holland Partner Group, a residential developer that operates across the Western U.S., on Thursday, July 26th acquired three adjacent parcels of land in Seattle’s Denny Triangle neighborhood for a combined $24.4 million, according to King County records, where it has plans for a 426-unit mixed-use development in the works.
The buyer acquired the three adjacent parcels along Boren Ave, which total around half an acre, from three different entities, according to public documents. Holland acquired the first parcel located at 2025 Boren Ave. from Bellwether Housing, the largest non-profit affordable housing provider in Seattle; the second parcel, located at 2031 Boren Ave., was purchased from Recovery Cafe, a community organization that helps individuals recover from homelessness; and the third parcel, located at 2031 Boren Ave., from Cornish College of the Arts.
Holland Partner Group did not respond to calls for comment about the transaction in time for the publishing of this story.
The developer does have plans in the works for a 44-story project located at 2019 Boren Ave, and the project site is comprised of the three recently-acquired parcels, according to the submitted design review proposal. The project was approved by the downtown review board at an Early Design Guidance meeting on February 20th, 2018. The project—which architect Weber Thompson is designing as the primary gateway element for the adjacent Cornish College of the Arts—will include 426 market-rate residential units; a 7,600 square foot multi-use black-box theater with 200 seats and a gallery space for Cornish on the first floor; and 45,000 square feet of commercial office space across three floors that Cornish might also occupy for administrative, instructional and studio space. Additionally, the project also includes a 4,750 square foot ground-floor residential amenity space and 350 below-grade parking stalls.
Founded in 2000, Holland Partner Group creates and manages luxury apartment communities in key U.S. markets, according to the company’s web site, and operates across residential development, construction, investments and redevelopment. Holland owns in partnership over 15,000 residential units and manages approximately 25,000 units for its partnerships and third parties. Currently, the firm has almost 7,000 residential units under development and construction within the Washington, Oregon, California, Arizona and Colorado markets.
Some of the company’s other Seattle assets include the 18-story 236-unit Coppins Well complex in First Hill and Dimension, a 26-story 298-unit luxury apartment complex built in 2014 and located in Belltown. The company also manages properties further afield in the Puget Sound region, with assets in Renton, Issaquah and Bothell.
The company made a significant investment in Seattle’s residential market at the end of last year. In mid-December 2017, in partnership with New York-based Blackstone Group, Holland spent $325 million to acquire the 325-unit Westlake Steps and Marina SLU for $170 million ($523,077 per unit) and the 317-unit One Lakefront Apartments for $155 million, or roughly $488,959 per unit.
