Positioned in the heart of Downtown Seattle, this 0.45-acre development site offers a rare opportunity to deliver a transformative project in one of the Pacific Northwest’s most established urban cores. The site spans a total of three parcels and sits within one of the region’s largest employment centers. Strong surrounding household incomes and a deep renter base continue to support long-term residential demand, as residents have immediate access to more than 330,000 jobs and 60.6 million square feet of office space.

The property sits in a highly walkable, amenity-rich areas of downtown, just minutes from the Seattle waterfront, one of the city’s most important economic and lifestyle anchors. Submarket fundamentals are compelling, with rents up 24.6% since 2021 and demand continuing to outpace new supply. Together, these dynamics reinforce the appeal of new multifamily and mixed-use development in the Downtown Core.

The site is zoned Downtown Mixed Commercial and falls within the Belltown Urban Center Village Overlay, offering exceptional flexibility for a range of high-density development strategies. This zoning framework supports multiple execution paths and allows investors to align development plans with evolving capital markets and demand trends across residential, hospitality, and retail uses.

Three distinct development concepts further highlight the site’s unique potential:

• Option 1:

  A conventional multifamily program with 140 residential units across a mix of studios, one-bedroom, and two-bedroom layouts, along with 1,920 square feet of retail and 68 parking stalls.

• Option 2:

  An 18-story mixed-use tower with 119 residential units, 207 hotel keys, amenity space, street-level retail, and 121 below-grade structured parking stalls, creating a diversified urban income profile. Notably, the City of Seattle previously approved and issued Master Use Permits for development across two of the three parcels in 2022 (3022614-LU).

• Option 3:

  The highest-density residential scenario, featuring a 400-foot tower with more than 400,000 square feet of residential area, 353 residential units, and 219 parking stalls, including 24 dedicated to retail use.

Collectively, these scenarios demonstrate the site’s exceptional scale, zoning and entitlement flexibility, and ability to support a range of institutional-quality multifamily and mixed-use outcomes. Located in a prime Seattle neighborhood with durable economic drivers and strong urban housing fundamentals, this development site is a great opportunity to capitalize on one of the city’s most dynamic and supply-constrained development environments.