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June 13, 2016

Chinese builder buys site, plans for 26-story apartment in South Lake Union

Puget Sound Business Journal

Marc Stiles

A Chinese real estate developer, active in downtown Bellevue and Seattle, has staked a claim in South Lake Union, where it's proceeding with plans to build an apartment tower.

Create World America recently paid $16.25 million for the Seattle property at 427 Ninth Ave. N., and hopes to start building the 242-unit project in October, Create World CEO Lili Lu said Monday. The property is across the street from office buildings that Amazon (Nasdaq: AMZN) leases.

Create World is building a two-phase apartment and condo project in downtown Bellevue at 10230 N.E. 10th St., by the post office, and last week the company said it will develop a 40-story condo by Pike Place Market.

The company's recent moves in Seattle are the latest example of how real estate investments by Chinese individuals and companies are accelerating.

Create World acquired the property at 427 Ninth Ave. N. from Beverly Hills, California-based Wilshire Capital Partners. The company paid $5.85 million for the site in late 2013 and spent several years getting permits for the 26-story project.

Lu said that another Chinese company, Modern Land (China) Co., is working with Create World on the South Lake Union project, which Lu said will cost around $120 million. VIA Architecture designed the tower to have mid- and high-end apartments. The contractor has not yet been selected for the project, which also will have space for retail shops or a restaurant at the base. The project will have a 70-stall underground parking garage.

Brokers from real estate services company Kidder Mathews brokered the deal, with Skip Whitney of San Francisco and Dave Speers of Seattle representing the seller and Holly Yang and Sophia Wong of Bellevue negotiating for Create World.

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

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