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September 19, 2022
Nine months after a near-identical deal on the same street, Da Li Properties has sold an Uptown life-science development site at 112 Fifth Ave. N. to LPC West and Intercontinental Real Estate. King County recorded the $42 million sale on Friday.
There were no brokers, says Da Li, in a deal worth about $1,546 per square foot. Da Li nearly doubled its money during the short hold. The three parties began discussions in March. The buyer of record was 112-130 5th Ave Development WA LLC.
LPC West and Intercontinental also partnered last December in the 222 Fifth deal with Da Li. There, too, the price was $42 million, but it came with well-advanced plans from Gensler. And a master use permit soon followed for that life-science building, which is now under construction. (That's the former McDonald's corner.)
At 112 Fifth, Da Li assembled that corner site, at John Street, last December for about $21.7 million. Only last month did it file a preliminary 190,000-square-foot plan, though with no architect attached. The DJC was unable to confirm a new architect before deadline with LPC West, which is based in Los Angeles but has a very active Seattle office.
For its part, Da Li recently moved its office to its fairly new Koda condominium tower in the International District. There, says the company's Kevin Hsieh, individual sales have risen to nearly 60% of the units. Sales are “not going as quickly as we want,” he admits. But two restaurants will soon open in the building: Crzy Monk and Meet Fresh, a dessert specialist.
But with the new proceeds from the 112 Fifth sale, he adds, “We have capital to deploy. We're still actively looking. Our main goal is to develop. It's so hard to find opportunities”
Likely the next project ahead is Da Li's partnership with the Moriguchi family at 500 S. Jackson St. There, Weber Thompson's 29-story, 343-unit apartment plan is awaiting its next meeting with the International Special Review District board.
Then, south of the site it just sold, Da Li has the Fat City building under contract, says Hsieh. The old apartment plan there at 508 Denny Way has been stalled for years. Hsieh expects a new office or life-science plan will enter design review this fall, with the final choice of architect still TBD. The land sale should come in the middle of next year, he says.
The developer is still mulling its commercial property on Capitol Hill. It's now home to Noren Sushi and other small tenants.
Brian Miller can be reached by email at firstname.lastname@example.org or by phone at (206) 219-6517.