Home Finance Onni Group Returns After Two Years to Buy South Lake Union Parcel...

Onni Group Returns After Two Years to Buy South Lake Union Parcel in Seattle for $27.1MM

Onni Group of Companies, South Lake Union, Seattle, King County, H5 Capital

By Kate Snyder

After walking away from a deal on the property two years ago, Onni Group of Companies recently returned to buy a parcel in Seattle’s South Lake Union neighborhood that has been approved for a 41-story apartment building.

According to King County public records, Onni Group purchased the parcel at 121 Boren Ave. North for $27.1 million from H5 Capital. The sale was recorded on Sept. 30. Onni Group intended to buy the property for $25 million in 2020 before walking away and citing “unforeseen, unprecedented and material consequences of the COVID-19 pandemic” in legal documents, according to The Registry’s previous reporting.

H5 Capital was at the time working to entitle the property for a residential building. The parcel had already gone through Seattle’s design review process, and according to project documents, the proposed tower can accommodate 432 apartment units and parking for 246 vehicles, according to previous reporting from The Registry. H5 Capital opted to sell the property with entitlements as the firm, which operates normally as a data center owner and operator, does not typically redevelop multifamily property.

A 1,800 square foot retail area is also included in the plans, and will be located on the ground floor. The lot size was listed as just over a third of an acre, according to marketing documents from Kidder Mathews, which was brokering the deal for H5 Capital.

Onni Group, based in Vancouver, British Columbia, has been active in the South Lake Union neighborhood in recent years. The firm also owns a hotel, Level South Lake Union, located just across the street from the recently bought parcel on Boren Avenue, according to the company’s website.

The firm is also in the process of developing 935,951 square feet of office space in two buildings at the former Seattle Times building site at 1120 John Street. The company’s website also shows that it’s in the process of leasing retail space in the same neighborhood at 1120 Denny Street, Seattle.