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December 4, 2013
Canadian investor buys Belltown site
By JOURNAL STAFF
SEATTLE — Victoria, B.C.-based pension and investment manager bcIMC bought a quarter-block site at Third and Virginia for $17.75 million, property records show.
Investco Financial Corp. is listed as the seller of three parcels at 2000 Third Ave.
http://www.djc.com/news/re/12060028.html
This lot has recently been granted construction permits for this 43-story residential tower that went on hold several years back.




Design proposal: http://www.seattle.gov/dpd/AppDocs/GroupMeetings/DRProposal3010644AgendaID2815.pdf

City planning report:
http://www.seattle.gov/dpd/AppDocs/GroupMeetings/DRReport3010644AgendaID2815.pdf
 

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2000 3rd Ave in Seattle skyline by LCCIII, on Flickr

2000 3rd Ave is the tall building on the left of this view but to the right of the Darth Vader (all black angluar) building. Its an outdated view of downtown from years ago so its missing lots of towers but at least its good for some height perspective.
 

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Canadian group buys development site in downtown Seattle

The British Columbia Investment Management Corp. paid $17.75 million for this nearly half-acre development site in downtown Seattle.


The British Columbia Investment Management Corp. paid $17.75 million for this nearly half-acre development site in downtown Seattle.

Marc Stiles

The British Columbia Investment Management Corp. paid $17.75 million on Tuesday for a nearly half-acre development site at Third Avenue and Virginia Street in downtown Seattle, public records show.

Seth Heikkila, a broker with Jones Lang LaSalle, said that Bentall Kennedy, a large real estate investment adviser whose U.S. headquarters are in Seattle, is representing the British Columbia pension fund, which invests on behalf of public sector clients.

The sale includes plans and permits for a 400-foot apartment tower along with the property, which is at the northeast corner of Third and Virginia, said Heikkila. It was unclear when construction might start. Gary Carpenter of Bentall Kennedy declined to comment Wednesday, and officials of the pension fund could not be reached.

Heikkila said it's his understanding that Bentall Kennedy has reworked the plans for the tower by removing some of the floors and increasing the floor-to-ceiling heights of the remaining stories. But, he said, he does not think there were any significant structural changes, and the tower should "be pretty similar" to what Ankrom Moisan Architects originally designed.

The seller was Investco Corp. of Sumner. In 2007, Investco had obtained the city’s OK to build a 43-story hotel and residential tower on the site that today is a surface parking lot. That permit expired in March, records show. Michael Corliss heads Investco, which was working with an affiliate, Seattle development company Tarragon, on the Third and Virginia project.

The property is next to a YWCA homeless shelter, and other social service agencies operate in the area. This did not depress interest, however. "Having those (agencies) adjacent to the property was not an impediment at all," said Heikkila, who brokered the deal with JLL colleagues David Young, Corey Marx and Matt Kemper.

"From that site you are just a few blocks from Amazon's expansion, and you have views of the water," Heikkila said.

This will be the second big apartment project Bentall Kennedy has worked on in recent years in downtown Seattle. Bentall Kennedy represented the Canada Pension Plan Investment Board and Multi-Employer Property Trust, which were Pine Street Group's financial partners on the 654-unit Via6 project.
 

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This got a shoring permit around January, a revised shoring permit a couple months ago, and a temporary (construction) electrical permit in July. I wouldn't have been surprised to see construction right after that. Hopefully they're just futzing around with the final details.

This would help anchor that fringe of the CBD, along with other projects. This is a gaping hole on Third right now.
 

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