Home AEC Onni Group Spends $78.75MM for Two-Tower Development Site in Downtown Seattle

Onni Group Spends $78.75MM for Two-Tower Development Site in Downtown Seattle

Seattle, Onni Group of Companies, Clise Properties, Early Design Guidance, Block V, Denny Triangle, Holland Partner Group
Rendering courtesy of Graphite Design Group

By Jack Stubbs

In a transaction that closed on September 27th, Vancouver, Canada-based Onni Group of Companies spent $78.85 million for a half-block site in downtown Seattle where a two-tower, 638-unit development is planned. The seller of the property was Seattle-based developer Clise Properties.

Neither the buyer nor the seller responded to calls for comment about the transaction in time for the publishing of this story.

The recently-sold property, located at 2301-2331 7th Avenue in the Denny Triangle Area of downtown Seattle, was for two separate parcels sitting on roughly one acre, according to public documents. The first parcel includes a 6,500 square foot garage/service repair building built in 1936, and the second parcel includes a 25,900 square foot commercial parking lot.

It is not yet entirely clear what plans Onni Group has for the recently-acquired property and no new project plans have been submitted to the city. In July 2015, Clise Properties submitted a land-use application for a two-tower development located at 2301 7th Ave. The project calls for two 40-story towers comprising 638 residential units, 10,500 square feet of retail space, roughly 175,000 square feet of office space and 747 below-grade parking stalls, according to the submitted project proposal. The development, for which permits were issued in April 2017, is being designed by Graphite Design Group.

The recently-sold property, called Block V, occupies the block adjacent to where another two-tower mixed-use development is planned. On August 27th, BB6 Seattle LP, an entity associated with a Canadian development company, spent $31.25 million, or approximately $482 per square foot, to acquire the 6,400 square foot Sixth and Battery Building from Seattle-based HB Management.

HB Management has a project in the works located at 2300 6th Avenue adjacent to the 6th and Battery Building. According to the company’s web site, the mixed-use development will include two 41-story towers (comprised of 500 residential units per tower), 12,000 square feet of street-level retail and 300 parking stalls. Called BB6, the project is being designed by VIA Architecture and was most recently reviewed at a Design Review Recommendation meeting in April 2016.

Founded in 1965, Onni Group has constructed over 12,000 new homes, owns and manages more than 6,200 rental apartments and has built more than 9.5 million square feet of office, retail and industrial space nationwide, according to the company’s web site. Operating in cities such as Los Angeles, Seattle, Chicago and Toronto, the company has an additional 24 million square feet of space in different phases of development.

Locally in Seattle, Onni Group earlier this year received positive news about another in-the-works project. In mid-May 2018, a two-tower development located at 1120 John St. that Perkins+Will is designing was approved at an Early Design Guidance meeting. Adjacent to the former Seattle Times office, the development, which includes one 16-story structure and one 17-story structure connected by a sky bridge, will include 940,000 square feet of commercial office space, almost 54,000 square feet of retail space, 22,120 square feet of open space,  and 1,200 below-grade parking stalls.

Denny Triangle has seen no shortage of development activity in recent months. In early September 2018, Vulcan’s 44-story 5th and Lenora project located at 2025 5th Ave.—which will ultimately include  463 residential units, 3,300 square feet of street-level commercial space and 315 below-ground parking stalls—was granted approval at a Design Review Recommendation (DRR) meeting. And in mid-July, Vancouver, Washington-based Holland Partner Group acquired three adjacent parcels of land in Seattle’s Denny Triangle neighborhood located at 2025 Boren Ave. for a combined $24.4 million where the company has plans for a 44-story, 426-unit mixed-use development in the works. The development was most recently approved at an Early Design Guidance meeting in late February 2018.