Seattle-based Vulcan Inc. purchased two parcels in Seattle’s Belltown neighborhood on the southwest corner of Fifth Avenue and Lenora Street for a total of $22.9, according to Lori Mason Curran, the developer’s investment strategy director.
One of the properties, located at 421-423 Lenora Street, is a 6,480-square-foot parcel and the other is 9,720 square feet, located at 2019-2021 Fifth Avenue. Mason Curran says the developer is now working to purchase the property between the two recently acquired properties in order to potentially build a residential project. “We don’t have any plans yet. Loosely speaking, we would anticipate if we were able to assemble the entire site, by getting that piece in the middle, then we would build a residential high-rise tower,” said Mason Curran.
It’s just a great residential location
If the middle property is acquired, the entire site would take up half of the half city block, which is approximately half an acre. “The other half of that half block is owned by another entity that bought it fairly recently, I believe back in January of last year,” said Mason Curran. “So that is not something that would be available, I would imagine.”
According to Mason Curran, the appeal to the site was all about its location. “It’s close to the new Amazon towers, entertainment, shopping, a few minutes walk to South Lake Union and the core of downtown, and lots of restaurants in the area. It’s just a great residential location.”
Vulcan Inc. has just under 1,900 residential units in the pipeline that are scheduled to be delivered by 2019, according to Dupre + Scott Apartment Advisors. A few of these projects include a 570-unit project planned for 2309 South Jackson Street, and a 384-unit planned for 1255 Harrison Street. Last Friday, the local developer broke ground on Yesler Terrace Block 2, which will provide 195 units to Seattle Housing Authority’s Yesler Terrace redevelopment project. This project, located at 123 Broadway Avenue, is scheduled to be completed by February 2018.