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April 5, 2019
Concluding a deal that was announced last year, Cornish College has sold a corner property at 1000 Virginia St. to Holland Partner Group and Japanese financial partner NASH for $22 million. King County recorded the sale on Tuesday.
With Weber Thompson, Holland is planning a 45-story, 435-unit apartment tower, which will have some retail/commercial space and underground parking for about 261 vehicles.
Brokers were not announced. The deal was worth about $1,528 per square foot. Cornish acquired the 14,400-square-foot property in 2011 for $3 million. The old warehouse building, now used for classrooms, will be removed.
The 1000 Virginia tower will share the block with Holland's planned 44-story tower at 2019 Boren Ave., which will have about 426 units, ground-floor performance space and classroom space above for Cornish, plus offices for Cornish and/or other tenants. There will be about 370 underground parking stalls.
That project, also designed by Weber Thompson, is further along in design review. Holland assembled that larger corner site last year by paying $24.4 million to Cornish, Bellwether Housing and Recovery Cafe.
NASH and Holland previously partnered on Westlake Steps, which they sold in 2017 for $324 million.
Brian Miller can be reached by email at email@example.com or by phone at (206) 219-6517.