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Old October 29th, 2014, 02:05 AM   #1
LCIII
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SEATTLE | 2031 3rd Ave. | 134m | 440ft | 36 fl | Pro

3rd and Lenora | 440' | 36 Stories
Martin Selig Real Estate on Tuesday unveiled early plans for a 440-foot-tall residential and office tower in downtown Seattle on a quarter block that the company bought last week.

The Seattle-based company paid nearly $16.9 million for the property at the northwest corner of Third Avenue and Lenora Street. Currently on the site are the Jewish Federation of Greater Seattle and two small commercial buildings.

Martin Selig, one of the city's most prolific commercial real estate developers, said the approximately 210,000 square feet of office will be at the base of the 36-story building with around 140 high-end apartments above. There will be two entrances, with people accessing the office space via Third Avenue and residents and their guests entering from Lenora. It will have five floors of underground parking.

The project timeline has not been set.

"I closed on the ground last Monday," Selig said, explaining it's early. The development team will start meeting with city officials in the coming weeks to set the schedule for the design review process. Perkins + Will is the architect, and Lease Crutcher Lewis the general contractor for the project that will cost around $150 million to construct.


Selig, who owns 19 office properties in downtown and the Lower Queen Anne neighborhood, said he's moving ahead with this and other projects because his nearly 3.5 million-square-foot portfolio is essentially full. The largest block of vacant space is around 50,000 square feet at the 645 Elliott building on the Seattle waterfront, and Selig said a lease "is pretty well signed." He declined to name the tenants.

In addition, Selig is planning a nearly 185,000-square-foot office project in Lower Queen Anne, and he is proposing some projects in Ballard.

The Third and Lenora development is Selig's second project with a residential use. He's also planning a 12-story luxury apartment building by Seattle's Olympic Sculpture Park.

For the Third and Lenora land, Selig paid the Jewish Federation nearly $8.5 million for its building, according to public records. Limited liability companies related to TRF Pacific of Seattle sold the other two parcels to Selig for a total of nearly $8.5 million. The total price per square foot for the land works out to $869. Some commercial developers have paid more than $1,000 a foot for land recently.

Last edited by desertpunk; October 29th, 2014 at 05:25 AM.
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Old October 29th, 2014, 02:13 AM   #2
LCIII
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Quote:
Originally Posted by geoffloftus View Post
Selig's trying to atone for that ridiculous black that he chose for the Columbia Center.

First pic

Last edited by LCIII; October 29th, 2014 at 04:05 AM.
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Old November 19th, 2014, 06:04 PM   #3
LCIII
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Design Review, Early Design Guidance meeting for a 31 story, 150 unit residential building with ground floor retail. Parking for 250 vehicles will be located below grade. Existing structures to be demolished.

Design review scheduled for Jan 6, 2015
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