Residential Twin-Tower Site Near Large Tech Firms Has Go-Ahead
Concord Pacific, an urban residential developer, purchased the site at Minor Avenue and Stewart Street following its first foray, Seattle House, a mixed-use project adjacent to Amazon’s Spheres at 6th and Bell.
SEATTLE—A twin-tower multifamily development plot located at 1901 Minor Ave. is in Seattle’s Denny Triangle neighborhood near the offices of Amazon, Facebook, Google, HBO, Seattle Children’s Hospital and the expanding convention center. The site has been purchased by Concord Pacific, a Canadian residential developer, for $72 million.
The Minor Avenue property has master-use permit approval for two high-rise residential towers over a large podium. As part of a long-term commitment to building vertical neighborhoods in Seattle, Concord Pacific, an urban residential developer, purchased the site at Minor Avenue and Stewart Street following its first foray, Seattle House, a mixed-use project adjacent to Amazon’s Spheres at 6th and Bell. This new acquisition marks the group’s second commitment to embrace growth in Seattle.
Kidder Mathews commercial real estate brokers, Ross Klinger and Tim Foster, represented Concord Pacific in the transaction.
“With over 40,000 in in-migration moving to the region every year to chase the high-paying tech jobs and only about 10,000 units being delivered, we expect to continue seeing strong interest for well-located Seattle/Eastside developments sites,” Klinger tells GlobeSt.com.
Seattle absorbed more new apartments than almost every other market in the nation in first quarter 2019, according to a report by RealPage. About 3,400 more Seattle apartment units gained new renters in the first three months of 2019, a fruitful period that marked an end to the slowdown of winter and helped to make up for the minimal progress logged in fourth quarter 2018.
Only one other market in the nation, New York-White Plains, outpaced Seattle’s robust first quarter absorption with demand for 3,976 units. However, with nearly 1.9 million conventional apartments, the New York market is five times larger than Seattle’s.
After two quarters of absorption falling short of new supply volumes, Seattle had a reversal of this pattern, as demand in first quarter surpassed completions. Supply remains elevated, with roughly 3,000 units added every quarter for the past year, well ahead of the 10-year average for this market, said the RealPage report.
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