[chris08876]

HB to sell BB6 high-rise project in what will be a $60M transaction

HB Management has sold an interest in BB6, two high-rise residential towers it plans at 2300-2326 Sixth Ave., for $31.25 million, according to King County records.

The sale was recorded Monday. On Tuesday, HB told Puget Sound Business Journal that it was selling the BB6 project to an unnamed Canadian apartment developer.

HB originally acquired the half-block Denny Triangle site in two 2015 transactions. It bought the larger north portion from Antioch University for $26.5 million, and bought the smaller south portion, a parking lot, from a family trust for $3.9 million.

Last fall, HB divided the block into two essentially equal halves via a boundary line adjustment.

The $31 million sale was an 89 percent share of the north parcel — meaning about 45 percent of the entire site.

BB6 received its land-use permit last November, and has applied for other phased permits. Plans show a party wall between the north and south towers (and their podiums and garages), making them potentially separate properties.

BB6 previously ran into tower-separation issues with Clise Properties, which is planning two 40-story residential towers at 2301 Seventh Ave., called Block V. Each project would occupy half of the block bounded by Sixth, Seventh and Bell and Battery streets.

BB6 would be on the west side, and Block V would be on the east side.

Clise was the first to get a master use permit — in April of last year — and HB was forced to narrow its towers to meet the city's requirement for a 60-foot separation from Clise's towers across the alley.

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https://www.djc.com/news/re/12114170.html