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January 24, 2013

Equity plans 39-story tower at 2nd & Pine

By JOURNAL STAFF

Equity Residential is planning to build a 39-story residential tower on a half-block site at Second Avenue and Pine Street, Seattle records show.

The Chicago-based company purchased the site at 204 Pine St. for $22 million in late July.

The proposal is for 400 apartments and 2,700 square feet of street-level commercial space. There would be eight levels of parking, half of it below ground.

Weber Thompson is listed as the architect.

The property sits west of the Macy's parking garage along a busy route between Pike Place Market and the downtown retail core.

Previous plans for the site faltered. A $250 million, 23-story development called 1 Hotel & Residences stalled after starting construction in 2007, and the property is now a parking lot.

The site's previous owner was the Starwood Capital Group of Greenwich, Conn. Starwood was a development partner with Paul Brenneke's Avalon Holdings, but bought out Brenneke's interest in the project in 2008.




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