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June 17, 2016

Hong Kong firm buys site for SLU high rise

Seattle Daily Journal of Commerce

Create World America, a Hong Kong-based developer and construction management firm, acquired a high-rise development site in South Lake Union for $16.25 million.

The sale took place on May 26, according to King County records.

The seller was Wilshire Capital Partners, a real estate investment and development firm based in Beverly Hills, California.

Wilshire had purchased the site at 427 Ninth Ave. N. for $5.85 million in 2013. Wilshire lined up a master use permit for a 26-story apartment tower after acquiring the 14,400-square-foot site.

Commercial real estate firm Kidder Mathews brokered the off-market sale, which it said was completed in 23 days.

Kidder Mathews China Services brokers Dave Speers and Skip Whitney represented Wilshire. Holly Yang and Sophia Wong, also with Kidder Mathews China Services, represented Create World America.

The city of Seattle rezoned the neighborhood in 2013 to allow taller buildings. "This will be the first high-rise residential project in the South Lake Union technology hub," said Speers in a statement.

The tower, designed by Via Architecture, would have 244 units, 3,800 square feet of retail and underground parking for 96 vehicles.

Create World has at least two other projects in the works locally.

The developer recently paid $17.1 million for a site at 1613 Second Ave. near Pike Place Market, where it plans to build a luxury residential tower.

Create World is also planning a two-building residential complex at 10230 N.E. 10th St. in Bellevue.

© 2016 Seattle Daily Journal of Commerce. All rights reserved.

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