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MULTIFAMILY NEWS
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Seattle Dev Site Purchased by Hong Kong Entity for $17 Mil

6/13/16

A high-rise, residential development site near Pike Place Market in Seattle has sold for $17.1 mil. The buyer, Create World America, is an international construction management firm based out of Hong Kong.

The 8.7k sf site is located at 1613 2nd Ave, on the southwest corner of Second Ave and Stewart St. The sale included air rights to allow for a large floor plate, and will have protected views from floors 14 and above. Create World America plans to develop the site into a high-rise residential tower.

Jim Klinger and Ross Klinger of Kidder Mathews represented the sellers, MJA Building LLC, an affiliate of Principal Real Estate Investors.

"Second and Stewart is a dynamic location, just one block from Pike Place Market, with spectacular views," said Ross Klinger, Vice President at Kidder Mathews. “With large units programmed, it has the potential to be either apartments or condominiums,” he said.






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