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.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 55 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.
About the Seattle House Team
Concord Pacific and Seattle’s HB Management have partnered to develop Seattle House in the center of Seattle’s downtown tech hub. Concord Pacific is the largest urban master planned developer in Canada and is most known for defining the city skylines of Vancouver and Toronto. They have also marked London’s business center with the development of the Fosters + Partners designed, Principal Tower. This iconic tower at Principal Place, also encompassing the UK Headquarters of Amazon, marks the north end of The Square Mile with The Shard to the south. HB Management brings its years of local experience developing a variety of mixed used developments and managing residential buildings in the Seattle King County community. Seattle House will be a new model for urban living and will represent the culmination of the partnership’s years of experience in the refinement of building homes in global cities.
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