The 600 Wall site is located directly between Belltown and South Lake Union, two thriving neighborhoods in Downtown Seattle. The 10,700-square-foot, high-rise site had a master use permit for 400 residential units with six levels of underground parking at the time of the sale. Kidder Mathews commercial real estate brokers, Ross Klinger, Jim Klinger, and Tim Foster, represented the seller in the transaction.
Master Use Permit
From a marketing and development perspective, this property faced two major challenges:
- One partner wanted to sell and one partner wanted to remain in the development.
- In order to provide adequate parking for the small, triangular site, it was necessary for the development to employ a mechanized parking system; relying on this type of system was pioneering in Seattle and made it harder to market the project to local buyers.
Kidder Mathews put together a worldwide marketing campaign focusing on developers in cities where mechanized parking is the norm such as San Francisco, New York, London, and numerous cities in China. The successful campaign reached China’s largest home builder, Vanke. After a visit to Seattle by China’s president, Xi Jingping, the deal was announced by Seattle Mayor Ed Murray on a trip to China. Upon completion, it will be the first high rise in Seattle with a mechanical parking configuration. In October of 2016, Kidder Mathews closed the sale for $19,200,000.