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September 21, 2018
New York-based hotelier Masterworks Development Corp. paid $12.4 million in January for the former JPMorgan Chase Bank branch at 1405 Fifth Ave.
The site is on the northwest corner of Fifth and Union Street, facing Rainier Square.
As the DJC first reported in January, Masterworks also has a 100-year ground-lease agreement with the owner of 1409 Fifth, where Turgeon Raine jewelers is located.
Now Ankrom Moisan Architects has filed an early plan for a 16-story hotel on the combined properties, which total 13,800 square feet.
The site is zoned for construction up to 170 feet. Both the old low-rise retail structures will be removed.
The number of rooms isn't specified. Some retail will be included. No parking is required. Ankrom says there will be one or two levels below grade.
The developers will hold an open house on the project at 5:30 p.m. Thursday, Oct. 4 at Coterie Work Lounge, 1414 Fourth Ave.
Some documents call the project 5U, but that could just be a placeholder name. Masterworks both develops and owns hotels under various brands. It will be new to the Seattle market.