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Downtown Seattle Development Parcel Trades for $17.5 Mil

8/25/22

A 0.61-acre site in downtown Seattle’s Belltown neighborhood was acquired by an unnamed buyer for $17.5 mil. The 26.6k sf parcel, located at 2700 1st Ave, is zoned for residential development up to 267 units.

The zoning allows for high-rise or mid-rise residential development with a maximum height of 145 ft. A feasibility study completed by Ankrom Moisan proposed two options. The first combined a 145-ft residential tower with a podium structure for 267 total residential units. The second option was a mid-rise structure with 193 units. Both options included ground-floor retail space. Depending on the final development, the property could have unobstructed multi-directional views of Elliott Bay, the Olympic Mountains, the Space Needle and Lake Union.

The site is located along 1st Ave between Cedar St and Clay St. The location is at the intersection of the Belltown and Lower Queen Anne neighborhoods, putting it within blocks of Belltown’s restaurant scene, Seattle’s soon-to-be-revitalized waterfront, and Seattle Center. Numerous large tech companies have offices nearby.

Eli Hanacek, Jon Hallgrimson, Frank Bosl and Kyle Yamamoto with CBRE’s Pacific Northwest-based multifamily team represented the seller, Churchome.

“This is a trophy core development opportunity in an exceptional downtown location surrounded by major employers and amenities. Demand for new apartments remains strong in Seattle, as the region continues to see population growth,” said Hallgrimson.




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