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September 15, 2014

Miami builder turns up the heat with Seattle acquisition in white-hot Denny Triangle

Puget Sound Business Journal

Marc Stiles

A company called Crescent Heights is the latest to stake a claim to a development site in the Denny Triangle area of downtown Seattle.

On Friday, Miami-based Crescent Heights paid two different sellers a total of $18.5 million for much of the block at the northwest corner of Minor Avenue and Stewart Street. The company is planning to build either a high-rise condo or apartment project there, said Tim Foster, a Kidder Mathews commercial real estate broker who represented the Fassio family, the seller of one of the properties.

The Fassios sold a parcel at 1921 Minor Ave., where a small office building stands. To the south, Crescent bought a larger property that's now a surface parking lot from Cassieford Co. Together the properties total just over six-tenths of an acre. The purchase price works out to $660 a square foot.

Demand for property is high in the Denny Triangle where some large commercial real estate projects, including Amazon.com's future campus, are under construction. More projects are planned in the area.

Crescent has built condominium and apartment projects, office buildings and hotels in major urban and coastal cities across the country, according to its website, which shows a Seattle project would be the company's first in the Puget Sound region. Company officials could not be reached Monday.

Nearby the Crescent site a hotel/office project called Hill7 is under construction. Also planned nearby are a hotel/condo project called Daola Seattle, an office/residential project called Tilt49 and a 21-story office tower.

For the full story, go to Puget Sound Business Journal .

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