Move along, nothing to see at this downtown Seattle high-rise site
Oct 27, 2014, 12:52pm PDT Updated: Oct 27, 2014, 5:52pm PDT
Even though construction fencing is up and equipment is onsite at a downtown Seattle high-rise development site, only preliminary work is occurring, the owner's representative said Monday.
But based on city permitting records, full-on construction seems imminent.
The owner, for instance, has received the construction permit for the 43-story apartment tower that the British Columbia Investment Management Corp. (bcIMC) is planning north of the Bed, Bath & Beyond store at Third and Virginia.
bcIMC, which bought the property late last year for $17.75 million, is one of Canada's largest institutional fund managers. It manages more than $114.0 billion (CAD) of assets for public-sector pension plans and other clients.
The bcIMC representative, who asked not to be named, said there's no construction start date for the tower, which he said will have 433 apartments. Crews from Sellen Construction are just doing "really preliminary" work that will expedite building of the tower once the owner decides to build the tower.
The city OK'd the project in 2007, before the Great Recession. In November 2013, the city issued the construction permit to bcIMC's local representative, Bentall Kennedy, just ahead of bcIMC's acquisition of the property.
This spring, the city gave the project team a permit to install a construction power system, and two weeks ago Sellen got a noise variance to pour "high-strength concrete" for an electrical duct bank in the street right-of-way.
The Third and Virginia property is three blocks from Amazon.com's future high-rise campus. It's also near two other large projects now under construction, a 40-story luxury apartment development at 204 Pine St., and a hotel and apartment development at First and Stewart.
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