Lennar Multifamily Communities LLC, a subsidiary of Miami-based Lennar Corporation, has submitted plans with the city for another large residential project in Seattle, this time in the downtown neighborhood, according to city records. The developer was unavailable for comment.
The 32-story twin high-rise towers, housing a total of 550 units, is located at 1101 Eighth Avenue. Bounded by Seneca Street to the north, Eighth Avenue to the east, Spring Street to the south, and Seventh Avenue to the west, the proposed project shares a city block with Seattle’s Town Hall and is within close proximity to Interstate-5. A request for an alley vacation has been submitted for the south portion of the alley, between Town Hall and Spring Street. The design team will be presenting the proposed project to the city’s design review board on October 19.
We’re one of the fastest-growing cities in the nation, and Downtown Seattle is at the epicenter with growth outpacing that of the Puget Sound region
“Seattle is one of the best cities in which to live, work or start a business,” said Mayor Ed Murray in a prepared statement. “That is also why it’s one of the nation’s fastest-growing cities. Not only is downtown our fastest-growing residential neighborhood, its population now swells to over a quarter million each workday.”
According to Downtown Seattle Association’s (DSA) 2016 Downtown Economic Report, residential development is in the midst of unprecedented growth. Since 2010, 73 new residential building added 11,415 units to downtown’s inventory. As of December 2015, 25 more building were under construction or were about to break ground, representing another 5,086 units scheduled for completion by the end of 2017, says the report. Residential buildings that have been built since 2010 represent a nearly 44 percent increase in downtown’s housing inventory. The report states that between 2010 and 2017, 17,330 will be delivered into Downtown Seattle’s housing market. This number does not include an additional 22,000 units that are in the predevelopment stages, most of which do not yet have an anticipated completion date.
“It makes perfect sense that Seattle tops many lists as a favorite city,” said DSA President & CEO Jon Scholes. “We’re one of the fastest-growing cities in the nation, and Downtown Seattle is at the epicenter with growth outpacing that of the Puget Sound region.”