New hotel will be located just steps from Pike Place Market
SEATTLE—June 29, 2017—Marketview Place, LLC, a partnership of Stellar Holdings, Inc. and Seattle Properties, announced they are in the process of planning and designing a boutique hotel at the southeast corner of First Avenue and Pike Street, across the street from the entrance to Seattle’s famed Pike Place Market. Marketview Place, LLC has owned the property since 1986. The 14-story project will also include three additional levels of residential in exchange for a $1.1 million contribution to the city’s affordable housing fund.
The site is in an area that is undergoing significant transformation with the expansion of the Pike Place Market, an increased focus on improving the Pike/Pine corridor, the revitalization of the Seattle Waterfront and the planned First Avenue streetcar.
Spectrum Development Solutions will be representing Marketview Place during the design and application phase.
“The hotel is exceptionally located in downtown at the “front door” of the Pike Place Market, which attracts more than 10 million residents and visitors a year,” said Hal Ferris, principal of Spectrum. “The redevelopment will provide significant benefits to the neighborhood including an opportunity to enhance the pedestrian experience at the entrance of the Market and increase the vitality of Pike Street and First Avenue.”
The sixth floor will have a restaurant and bar with an open terrace that offers sweeping views of Elliott Bay, the Seattle waterfront and the Olympic Mountains. Other features include a rooftop deck and retail space at the street level.
Development is anticipated to begin in 2019 with completion of the project in 2021. A hotel operator has not been selected.
The team includes architecture firm Ankrom Moisan.
About Stellar Holdings
Stellar Holdings is a local family-owned real estate firm, led by Founder and CEO Lars Jonsson, with a diverse global portfolio.
About Seattle Properties
Seattle Properties is a commercial real estate investment firm founded in 1981 in Seattle by Douglas Buck.