July 1, 2019— Concord Pacific, the largest master-planned urban community builder in Canada, has purchased a 38,934 square foot half-block in downtown Seattle adjacent to Amazon’s headquarters for a mixed-use multifamily development in a joint venture with HB Management. The two-phased sale totaled a land value of $60 million. The seller and joint venture partner, HB Management, is a local developer and manager of downtown Seattle multifamily projects. Kidder Mathews commercial real estate broker, Ross Klinger, represented Concord Pacific in the transaction, and Paragon Real Estate Advisors represented HB.
The development site, Seattle House, is located at 2300-2350 6th Avenue in Seattle’s Denny Triangle neighborhood. A master use permit is in place for roughly one million square feet of buildable space. The development plans include two 45-story residential towers reaching 465 feet tall. Over 900 residences are entitled, although the final count and mix of units could change. In addition, there are extensive amenity spaces on the rooftops and in the 12-story podium, plus urban lifestyle-oriented retail for the street level of the building.
“Seattle House is one block south of the Amazon high-rise campus and three blocks south of the new Apple campus,” said Klinger. “Concord Pacific and HB Management envision a new vertical city model for the property. It will also bring much needed “For Sale” housing product and Concord’s much desired model contemporary urban living to the Seattle market,” he said.