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October 01, 2014

Whoa, Nellie - Apartment developer buys site from Cornish College for 400-foot tower

Puget Sound Business Journal

Marc Stiles

Cornish College of the Arts this week sold a half-acre site next to Amazon's future campus to an apartment development company that's planning a 396-unit apartment project.

Records show that GID Development Group paid $16 million for the Seattle site at Ninth Avenue and Lenora Street. Across the street at 2030 Eighth Ave., construction is under way on another 40-story GID apartment project.

GID has applied to the city for permits to do the shoring and excavation work for the Ninth and Lenora project, which will be 400-feet tall with nearly 7,800 square feet of street-level retail and 234 stalls of underground parking. The plan, according to project architect Weber Thompson, is to design the tower to complement a triangular-shaped park that the city is planning next door at Lenora and Westlake Avenue.

Founded 100 years ago by piano teacher Nellie Cornish, the college owns other property in the area where it's headquartered. The school has emerged as a real estate player in one of the hottest real estate markets.

This spring Cornish started construction of a 20-story tower with dorm rooms and classrooms at 2025 Terry Ave. It's scheduled to be done next fall. In addition to housing Cornish students, the building will house students at nearby City University, which will lease dorm rooms from Cornish.

Kidder Mathews real estate broker Tim Foster, who marketed the Ninth and Lenora property for Cornish, said GID was the second group to take a run at the property. He wouldn't name the first. Foster marketed the property with Jeff Huntington and Lloyd Low, now with JLL. Tim O'Keefe of CBRE represented GID in negotiations.

GID is a privately held company. The two Seattle towers are GID's first in the Puget Sound region. The 54-year-old company has acquired or developed more than 60,000 residential units and 15 million square feet of commercial space, according to the GID website.

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

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