By Jack Stubbs
Plus Investment USA Inc., an entity affiliated with Pinnacle Plus Investment LLC in Bellevue, has plans to construct a condo tower on Second Avenue in downtown Seattle.
Plus Investment USA did not respond to calls for comment about the planned project. However, according to the web site for the project (1516 Second Avenue), the developer plans to construct approximately 450 to 500 new homes centered on Second Avenue between Pike and Pine Streets. Designed by HEWITT, the project will look to demonstrate careful place-making and serve as a gateway and destination centered around historic buildings and Pike Place Market.
The web site indicates that further details about the project design will be coming soon. No project plans associated with the site at 1516 Second Avenue have yet been filed with the city, and it is not yet clear when construction on the project would begin.
The project plans for the new condo tower mark the latest chapter for the site—which is home to the Chromer Building—in the heart of the city’s downtown core. Local developer Urban Visions acquired the property for $11.75 million in 2013 and in 2016 went through an entitlement process with the city to develop a 15-story, 154,000 square foot office project on the site. According to Urban Visions’ web site, the nearly 20,000 square-foot lot would allow for a 480-foot residential tower under Seattle’s zoning code.
And in early June 2018, Plus Investment USA acquired the 4-story Chromer Building, which was formerly occupied by Amazon, for $32.5 million, or approximately $511 per square foot, from Urban Visions.
The property occupies a prominent location in the downtown core, sitting just four blocks from the Convention Center and two blocks from Pike Place Market and Westlake Park. Additionally, the property is approximately one mile from access to Interstate-5 and Washington State Route 99.
Plus Investment, Ltd. directs and manages U.S. investments for Plus Investment Holding Group, an international investment services company that owns and operates companies with a primary focus on servicing China’s rapidly growing luxury marketplace. It is involved in global capital management, finance, aviation acquisition and leasing and real estate development, including the first Sotheby’s International Realty franchise in China, which is a vital part of their new luxury lifestyle platform, according to the company’s web site.
Plus Investment is also developing an eight-story, 110-unit apartment complex (designed by MZA Architecture) in Seattle’s South Lake Union neighborhood located at 1170 Republican Street. The residential project was most recently reviewed at an Early Design Guidance meeting in January 2017.
Along with the in-the-works projects in downtown Seattle, the developer is also planning to expand its portfolio on the Eastside. According to the company’s web site, Plus Investment USA also has significant plans in the works in downtown Bellevue to develop a luxury, mixed-use Class A 4-tower project called Elev8—located at 10833 NE 8th St.—that will include 350 condos, 423 apartment units and 1,698 parking stalls.
There are a couple of other large-scale in-the-works developments set to shape downtown Seattle in the coming months. Skanska USA is developing 2+U, a 38-story, 665,000 square foot tower currently under construction at 1201 Second Ave. Set for completion and tenant move-in in the middle of 2019, the project has been a long time coming. Building permits for the development were granted in 2016 and initial excavation began in 2017, while various tenant improvements will be added to the building throughout 2018.
When fully complete, 2+U will also include 18,000 square feet of street-level, retail and floorplates that measure between 18,000 and 30,000 square feet. Some of the building amenities include tenant event spaces and view decks, bike storage and service stations, a fitness and yoga studio, valet services and electric vehicle parking stations, and high-touch concierge-style property management.
Urban Visions also has plans in the works for the 36-story Marion Project located at 801 3rd Ave., which was approved at a second Early Design Guidance meeting in early May 2018. The development includes a new 36-story commercial building that will include 34 floors of office space (comprising 820,000 square feet), six levels of below-grade parking and retail uses at ground level.