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June 13, 2016

Hong Kong firm buys site near Pike Place for residential tower

Images by Hewitt [enlarge]
The site is at 1613 Second Ave., on the southwest corner of Second and Stewart.

Atlanta-based Wood Partners had planned a 39-story apartment tower with 177 units.

Create World America, an international construction management firm based in Hong Kong, paid $17.1 million for a site near Pike Place Market where it wants to build a luxury residential tower.

The 8,748-square-foot site is at 1613 Second Ave., on the southwest corner of Second Avenue and Stewart Street. It is across Second Avenue from the 40-story apartment tower being built by Turner Construction for Equity Residential.

“Second and Stewart is a dynamic location, just one block from Pike Place Market, with spectacular views,” said Ross Klinger, vice president at Kidder Mathews, in a news release. “With large units programmed, (the tower) has the potential to be either apartments or condominiums.”

The Puget Sound Business Journal reported that Create World CEO Lili Lu said she will build condos because her company has clients in China who want to buy homes in Seattle. Lu said up to 40 percent of the units could be sold to Chinese nationals.

Klinger said the original plan was for larger units — “north of 1,200 square feet” — but the sizes could be scaled down.

Kidder Mathews represented the seller, MJA Building LLC, which is an affiliate of Principal Real Estate Investors.

The sale included air rights to allow for a large floor plate. The building will have protected views above the 14th floor.

Last fall, the DJC reported that Atlanta-based Wood Partners was planning a 39-story apartment tower on the site that would cantilever more than 14 feet over the adjacent Broadacres Building, starting at the tower's 16th floor. The design by Hewitt architects called for 177 units, 2,800 square feet of ground-floor retail, and parking for 145 vehicles on 10 levels, including four above grade.

A representative from Hewitt declined to comment on the project.

Klinger said Andersen Construction Co. has been involved in preliminary work. He didn't know the schedule, but said “it could happen very fast because drawings are advanced.”

Kidder Mathews broker Jim Klinger also worked on the deal.

Create World America Construction Management, a subsidiary of the Create World Group, was incorporated in 2014.

Create World is also developing a residential tower on Northeast 10th Street in Bellevue.