From todays DJC.
February 26, 2019
54-story tower planned in Denny Triangle
Early plans are for 477 residential units over offices, parking and ground-floor retail.
By BRIAN MILLER
Journal Staff Reporter
Back in 2012, an LLC associated with local real estate investor Perday bought the vacant former Watermark Credit Union building, at 800 Stewart St., for about $13.4 million.
Now the owner and architect Weber Thompson have filed a preliminary plan to redevelop the 13,555-square-foot corner with a 54-story mixed-use tower. The Denny Triangle site is now zoned for construction up to 550 feet.
Weber Thompson describes a mostly residential tower with about 477 units on the top 43 floors. Below that would be four levels of offices (totaling about 53,352 square feet), four levels of structured parking and probably some amount of ground-floor retail.
Perday says it owns mid-rise office buildings in Seattle and apartment buildings with over 2,200 units in Seattle, Cheney, Spokane and the Idaho panhandle. It does not appear to have any track record as a developer.
Prior owner Schnitzer West opted not to develop 800 Stewart St. under the old zoning.
Information about 800 Stewart I found on the permits site:
From PASV Authorization:
"The project is a mixed-use tower. The street level will
include both residential and office lobbies and
associated back of house. The project will include
approximately 6 levels of below grade parking (221
parking stalls +/-) and 4 levels of above grade parking
(109 parking stalls +/-). The project will also include
approximately 4 levels of office (53,352SF +/-) and 43
floors of residential (477 units +/-). There will also be
an R-1 amenity level (interior & exterior) with R-2&3
mechanical spaces above. The project will be Type I
Todays PSBJ has an article about the tower:
Little-known developer plans skyscraper as its first Seattle project
By Marc Stiles – Staff Writer, Puget Sound Business Journal
Feb 27, 2019, 2:42pm PST
An obscure Seattle real estate company called Perday plans knock down its five-story headquarters building in the Denny Triangle neighborhood to build a 550-foot mixed-use residential tower.
Located in the midst of Amazon.com Inc.'s expanding campus, Perday's project at 800 Stewart St., was listed on the city's Early Outreach for Design Review Projects Blog Monday. The next day, the team submitted to the city a development pre-application, which outlines the plan for 53,325 square feet of office and 477 residential units.
The homes will be apartments, project developer J.P. Harlow said Wednesday. Harlow is a senior vice president for Lincoln Property Co. (LPC), which is working as the fee-developer of the tower.
The 800 Stewart project is Perday's first high-rise development, according to Harlow, who said Perday has built garden-style apartments in secondary and tertiary markets like Henderson, Nevada and Spokane and nearby Cheney.
Perday is led by founder and President Shawn Boday, who could not be reached. Perday's website states he has more than a dozen years' experience in real estate investing. He graduated from the University of Washington with a computer science degree and worked in web development, opening his own company and later buying his first investment property with a partner.
Boday's LinkedIn profile states he is CEO of Accretive Technology Group as well as a Perday partner. Accretive is a web company that operates in 800 Stewart. It had 250-plus employees in early 2016, according to the company website.
Public records show that Boday bought the roughly third-of-an-acre 800 Stewart corner lot just over six years ago for $13.4 million, or $989 a foot. Development company Schnitzer West, which built two office towers on the block, was the seller.
Dallas-based LPC, the project's fee-developer, opened an office in Seattle last year when it also bought the 501 Eastlake Office Building, paying $58.75 million. Development and construction are the company's core business. It worked with Starwood Capital Group on Starwood's redevelopment of much of the Macy's Seattle flagship store, which was turned into office space for Amazon.
Perday and LPC have hired Seattle architecture firm Weber Thompson to design the 800 Stewart skyscraper. "We are moving full-steam ahead," said Harlow, who thinks the team will apply to the city for early-design guidance in the next few months. He said the team has not named a general contractor and added Perday does not yet have an equity partner for the development.
Harlow said that LPC "heard through the grapevine" that Perday wanted to develop 800 Stewart and submitted a proposal to manage development of the project for a fee.
LPC manages and leases 400 million square feet of commercial property and 212,000 multi-family residential units for clients worldwide. In the Northwest the company owns and/or manages nearly 50 buildings in the Seattle and Portland metros.