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October 1, 2015

Denny Triangle site sold for $53M

By JOURNAL STAFF

SEATTLE — An entity managed by Ian Gillespie, founder of Westbank Projects Corp. of Vancouver, B.C., has purchased a block at 1200 Stewart St. in the Denny Triangle for $52.8 million, property records show.

Westbank recently unveiled plans to build two 38-story towers with 892 residential units above a two-story podium and underground parking for 970 vehicles on the site.

The block sold for approximately $965 per square foot.

In 2007, Lexas Cos. came forward with a plan to develop two 36-story condo towers. By 2009 that plan included a 250-room hotel. But the project was put on hold during the recession.

The architect is Henriquez Partners Architects of Vancouver, B.C. Tiscareno Associates filed for the original master use permit, which expires in August 2016.

PFS Studio of Vancouver, B.C., is the landscape architect.




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