Vancouver, BC-based Westbank Corporation, one of Canada’s leading luxury residential and mixed-use real estate development companies, just finalized the purchase of thee lots in Seattle that are intended for its iconic two building, 30-story project at 707 Terry Avenue. The purchase price, according to public records that Westbank paid for the parking lot where the buildings will be constructed, was $11.4 million. Another $3.2 million was paid in 2016 for a smaller lot on the same block. The total combined development site is now roughly 29,000 square feet. The seller was the non-profit, Charles and Emma Frye Free Public Art Museum.
According to a report from the Daily Journal of Commerce, the project is expected to break ground in January of 2018, and it will take approximately three years to complete. Westbank received in September of 2016 approval from the Seattle Design Review Board approval to proceed with the project.
The 707 Terry Avenue development will feature two, slightly tilting 30-story buildings, linked by a glass bridge at the top of the structure that will appear to burst out of the ground in a sleek combination of glass and metal curtain delivering a victorious form that will transform Seattle’s cityscape forever. The development comes as a result of the museum’s attempt to expand its sources of revenue.
“It’s the responsibility of the Trustees to ensure the Museum’s continued viability as a cultural and intellectual center on First Hill and as an anchor institution for future generations,” said David D. Buck, president of the Frye Board of Trustees and principal in the law firm of Riddell Williams, in a prepared statement last year. “Increased residential density will generate more visitors and supporters for the museum. Our active engagement with the project developer will help guide responsible development in our neighborhood.”
The proposal would eventually deliver 486 residential apartment units with retail frontage on the base of the building. The development would also provide six levels of below-grade parking, some of it designated for the Frye Museum.
Two main features of building would be the glass bridge floating between the two towers. It will have no columns, and it will feature nuanced lighting that would make the link visible, but only subtly so. The second feature is a facade made from a perforated pattern that mimics the images of the museum’s salon walls.
The Seattle office of Perkins + Will is the architect on the development.