Seattle-based developer Vulcan Inc. has purchased another South Lake Union property, this time one that has received an entitlement to build a 24-story residential tower containing 292 units. The site was purchased from San Francisco-based MacFarlane Partners for $28.5 million, public records showed Thursday.
Senior Managing Director Kenny Dudunakis and Associate Directors Ben Johnson and David Sorensen from Berkadia Real Estate Advisors in Seattle represented the buyer in its acquisition of the property located at 901 Harrison, at the southeast corner of the intersection of Ninth Avenue North.
It’s been remarkable to see the growth in South Lake Union, especially over the last 36 months
According to Johnson and Sorensen, transactions in South Lake Union involve a very competitive process with large international players, due to the high demand of the neighborhood. Sorensen said that Vulcan is known to be extremely active in its market.
“Anytime they’ve stepped up to the plate, it’s been enticing to the seller,” Sorensen said. “It’s exciting to see local developers come out, put shovels in the ground and build beautiful projects, like they have and are going to continue to do. It’s amazing to see our skyline come into shape.”
“It’s been remarkable to see the growth in South Lake Union, especially over the last 36 months,” added Johnson.
The project proposal, designed by the Portland-based architecture firm Ankrom Moisan, states that it will be a valuable addition to the diverse and developing community in South Lake Union’s neighborhood. Street-level experiences will activate the near 7,800 square feet of retail space and the main entry plaza on the corner of Ninth Avenue and Harrison Street will create an outdoor gathering space. Live/work units along Ninth Avenue will have landscaped patios, and private terraces on the fifth floor will also provide additional outdoor living spaces.
Lori Mason Curran, the investment strategy director for Vulcan, says that the developer has not yet decided whether it will continue forward with the approved project, make changes to the design or propose an entirely new project.
A report by Dupre + Scott Apartment Advisors shows that Vulcan has nearly 2,100 units that are anticipated to be delivered into Seattle’s housing market by 2020.