Developable land in downtown Seattle is hard to come by, so interest in two sites about to hit the market will likely be high.
As part of its $1.6 billion addition, the Washington State Convention Center is working to get the city’s approval to develop a 29-story apartment tower and a 16-story office building, which are planned for where the convention center will construct two underground loading bays.
“We expect to sell these (sites) in 2018 and will begin providing information to potential interested buyers in the next month or so via the project website,” said Matt Griffin, principal and managing partner of Pine Street Group, the Seattle company that is overseeing the addition for the convention center.
This is similar to what the convention center did when it expanded in the 1990s. Seattle-based R.C. Hedreen & Co. struck a deal to swap some property with the convention center, leading to Hedreen developing the Grand Hyatt. The center selected a second company, Dallas-based Trammell Crow Co., to co-develop the portion of the addition at Seventh Avenue and Pike Street, where Trammell built the One Convention Place office tower.
Today the convention center is planning the 400-unit apartment tower at 920 Olive Way and the 585,000-square-foot office building at 1711 Boren Ave.
Seattle architecture firm LMN is designing these projects along with the 11-story addition, which will be built where the Convention Center transit station now operates at Pine Street and Ninth Avenue.
Proceeds from the development site sales will help fund the addition, though the project will be primarily financed by issuing bonds backed by the existing hotel/motel tax on rooms in King County.
Griffin said construction of the addition is scheduled to start in September. More about the addition will be in Friday’s Puget Sound Business Journal.
Marc Stiles covers real estate for the Puget Sound Business Journal.