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SEATTLE-Locally based developer Security Properties is planning to begin site work late this year, or early next, for a 40-story apartment tower in the Denny Triangle area, immediately north of the Downtown core. Seattle city planners approved the estimated $90-million project late last week.

To be called Kinects, the 440-foot tower is slated for a lot on Minor Avenue between Stewart and Howell streets. The building would have 6,000 sf of street-level restaurant and retail space below 340 studio, one and two-bedroom apartments.

The company’s construction manager Craig Kolbitz tells GlobeSt.com that its master user permit for the project will vest in about 10 days assuming nobody appeals last week’s approval. Actual construction is expected to get underway in the spring and be completed approximately two years later.

Bumgardner Architects produced the design for Kinects, which calls for a slightly wedge-shaped design that will have the building wider at the top than at the bottom. Some units would be earmarked for low and moderate-income renters.

Security Properties says it has the necessary debt and equity financing in place to construct the project and will seek a LEED Silver certification from the US Green Building Council. Security is currently redeveloping the old QFC site on 24th Avenue in Seattle’s Ballard neighborhood and is in the early planning stages for another high-rise residential tower at 815 Pine; and previously developed the Epicenter in Fremont.

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