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Clise Sale Is Off…For Now

Ben Kakimoto — Fri, 25 Apr 2008 18:58:29 +0000

Clise Properties has taken its 13-acres in Denny Triangle off the market due to the global credit market downturn. Clise received 15 offers and conducted 60 tours with the most serious offer coming from a Dubai-based real estate development company.

Clise is expected to put the properties back on the market once the financial markets improve.

More info: SeattlePI and Seattle Times

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Insignia Towers – Clise Property

Ben Kakimoto — Wed, 07 Nov 2007 20:08:19 +0000

The old Teatro Zinzanni block between 5th & 6th Avenues and Battery & Bell has been sold to Embassy Development of Vancouver, BC. Though this isn’t exactly earth shattering news, it does express a commitment by Embassy to develop the site.

The proposed development, called Insignia Towers Condominium (website), is big – encompassing two 41-story condominium towers with 643 units. Construction on the first tower is expected to begin next spring with a 2010 completion date. The second tower is expected to start around spring 2009. Each tower will have a lengthy construction timeline – 29 months.

Interesting quote from the developer in the DJC: “Most of the condos will be two-bedroom or two-bedroom with dens. Prices in the first tower will start at $750 a square foot, and are intended to be affordable to downtown workers making a ‘decent wage.’ “

Since when is $750/sf considered affordable. What exactly is a decent wage for downtown workers?

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Midtown Seattle Developments

Ben Kakimoto — Tue, 16 Oct 2007 21:53:39 +0000

Over the next few years Seattle’s “Midtown” district may experience a spate of new construction activity from several new high-rise developments under proposal. Midtown is roughly the area where Denny Triangle, Belltown and the Retail District converge. One of the projects in particular will provide a refreshing change to Seattle’s skyline.

1. Escala: 30-story upscale condominium. Developer: Lexas Companies.

2. Pagoda Tower: 40-story hotel/condo with 200 hotel rooms, 200 condos, part of a 1/2 block $900 million development. The 500′ project includes a 9-level hotel, a 30-level condominium and ground-floor retail space. Developer: Multi Capital / Hummingbird Advisors.

3. Heron Tower (5th & Stewart): 46-story 5-star hotel/condo with 190 hotel rooms and 175 condos, part of a 1/2 block $900 million development. Construction is slated to start either 2nd Qtr of 2008 or 2009. Developer: Multi Capital / Hummingbird Advisors. Architect: Ismael Leyva Architects of New York.

Multi Capital is the financial backer for the 45-story Trump Tower Philadelphia project currently under construction.

Heron Tower Rendering:

The project has new renderings from those posted below. Click here to see the latest renderings.

Renderings courtesy of Ismael Leyva Architects.

4. 2105 6th Ave: Two 24-story apartment towers with 600 units. Construction is expected to start in early 2009 with a late 2010 completion date. Developer: Pine Street Group. Architect: GGLO.

An Early Design Review meeting has been scheduled for Tuesday, October 30th at 5:30 PM at Seattle City Hall in Room L280 ~~the Bertha Landes Room.~~

5. 7th at Westlake: 45-story office/condo tower with 365 units on the upper floors. Developer: Clise Properties.

6. The Martin: 23-story condo tower with 172 units. On hold. Developer: Vulcan.

There’s another project proposed at the corner of 3rd & Virginia (where the directional arrow points to in the above map) for a 43-story apartment/hotel tower with 430 apt units and 40 hotel rooms. Originally expected to be completed in 2009, it may be delayed as there was a recent land use application for one of the parcels to be used as parking for up to two-years.

Time will tell if there will be sufficient buyer demand for over a 1,000 upper-end units in the Midtown district, especially considering the 1000s more being developed or proposed in the Retail, Denny Triangle, 2nd Ave/Market , Denny Way and SLU districts.

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Clise to Sell Denny Triangle Property

Ben Kakimoto — Sat, 16 Jun 2007 00:39:29 +0000

The Clise family, a major land owner in the Denny Triangle area, has put nearly 13 acres up for sale. With the recent zoning changes, this large swath of land is prime real estate for redevelopment. The parcels have a capacity of 13 million square feet of development which could exceed $7 billion in investments.

- Seattle Times article & this one

- Seattle PI article

- PSBJ article

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Sneak Peeks 2

Ben Kakimoto — Fri, 14 Jul 2006 05:07:58 +0000

Sneak Peaks 2 takes a look at several proposed projects. None of these are certain and may never come to fruition. Nevertheless, it’s a chance to see what’s may lie in Seattle’s future.

5th & Bell (site of Teatro Zinzanni):

Project consists of two 32-story towers on top of an 8-story base with plans for 640 residential units, 34,000 sq ft of retail space and 1,063 parking spaces. This project’s proposed completion is 2010.

2nd & Pike:

The proposed project is a mixed-use 35-story building with 200 residential units, retail and below-grade parking.

420 Queen Anne Avenue N:

This proposal is to develop a mixed use six-story building with approximately 1,800 sq. ft. of ground floor retail, 23 residential units of floors two through five, and below-grade parking for approximately 28 vehicles. Not sure if this is a condo or apartment building.

715 E. Pine St:

Proposed for the BMW Seattle site in the Pike/Pine Corridor. The project is 6-stories with 208 residential units, 50,000 sq ft of commercial space and parking for 190 vehicles.

809 Olive Way:

This 27-story project is ~~an apartment not a condo. So, why add it here? It’s~~ proposed for the site across the street from Olive 8 to the east thus blocking Olive 8 in with Qwest Plaza on the west side. Not sure if it’s an condo or apartment.
8th & Pine:

Not much is known about this project, but the zoning changes allow for a 45-story condo/hotel project (180 condo units). One of the partners is Vancouver, BC-based Executive Hotel & Resorts and the other is the CEO of Zones. If constructed, the 8th & Pine building will overshadow Olive 8 on the south end, completely boxing in Olive 8.

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7th at Westlake

Ben Kakimoto — Sat, 20 May 2006 23:39:45 +0000

Part of the grand revitalization of the Denny Triangle neighborhood, the 7th at Westlake project is a 31-story high-rise. The first 16 floors will be reserved for office space, with 184 residences starting on the 17th floor. The building will be neighbors with 2200, Enso, Escala Midtown and the Cosmopolitan.

Currently, residential plans are for studio, 1 bedroom, 1 bedroom + den, and penthouses. Interesting to note, there are currently no plans for 2 bedroom units.

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