By Jack Stubbs
On Thursday, December 27th, a group care home building located in Seattle’s ever-active South Lake Union neighborhood sold for $17.3 million, King County records show. The buyer was Trammell Crow, and the seller was Safe Haven Associates, a community psychiatric clinic based in Lake City north of Seattle. The seller acquired the property for $792,000 in 1996, according to public documents.
The two-story property, located at 1930 Boren Ave., is a Group Care Home building that totals 16,520 square feet, according to public documents. Built in 2003, the property sits on just under half an acre.
Located within the Denny Triangle area of South Lake Union at the corner of Denny Way and Boren Ave., the property occupies a prominent location in Seattle. The building is just one mile northeast of the city’s downtown core and is also proximate to the Amazon Spheres. The building is also roughly one mile from access to Interstate-5.
The area around Denny Triangle in South Lake Union has seen a substantial amount of transaction and development activity over the last few months. In mid-August, Vulcan Inc. announced that Google would occupy Block 36, the developer’s 12-story office building that is underway as part of a larger four-building project. The project—located at 625-630 Boren Ave. North—is part of Lakefront Blocks, a mixed-use office campus developed for Google. When complete in 2019, the development will ultimately include 638,000 square feet of office space, 11,500 square feet of retail and 149 market-rate units.
Elsewhere, in late September, Canada-based Onni Group of Companies spent $78.85 million to acquire a half-block site in downtown Seattle from Clise Properties—located at 2301-2331 7th Ave.—where a two-tower, 638-unit development is planned.
And in late November, a 44-story tower that Holland Partner Group is developing—located at 2019 Boren Ave.—was approved at a Design Review Recommendation meeting. The project, which is adjacent to Cornish’s Raisbeck Performance Hall, is a 395,565 square foot mixed-use development that will ultimately include 393 residential units and 369 below-grade parking stalls.