Back to Press Room

In the News

December 26, 2017

South Lake Union tower development site next to Amazon HQ hits the market

Puget Sound Business Journal

Marc Stiles

It seemed odd two years ago when a data center developer started planning a residential high-rise next to Amazon.com's headquarters.

The developer, H5 Capital, now is selling the site that is nearly fully permitted for the residential project.

The plan is for a 41-story building at 121 Boren Ave. N., where the 13 Coins restaurant operates. The 24/7 restaurant will close Dec. 31 after 50 years in business and is moving to a new space in Pioneer Square.

The site is one of the last ones available for high-rises in South Lake Union, said Dave Speers, one of the Kidder Mathews brokers that H5 hired to market the property for sale.

Speers and colleagues Ross Klinger and Tim Foster say H5 Capital will sell the site with a full master-use permit approval for a tower with 433 residential units, which could be apartments or condominiums. The buyer also could incorporate a hotel into the project, the brokers said.

Beverly Hills, California-based H5 Capital hasn't yet obtained the master-use permit, but most of the work to get the permit has been done. The city has signed off on the tower design, a major milestone for any high-rise project.

The site is next to the Seattle Times building, which also houses an H5 data center. H5 Capital went through the permitting process for the residential tower to show would-be developers what's possible, Klinger said.

There is no asking price for the property, and brokers are looking at offers as they're received, Klinger said. It was unclear how many offers had been received as of Tuesday, when the brokers could not be reached.

The area around 121 Boren Ave. N. is a hotspot for development. Several large projects are planned and one big one is already under construction just to the east. There, three towers with a total of around 1,125 multifamily residential units are getting built.

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

©2017 American City Business Journals. All rights reserved.

Back to top