Seattle — Landmark Properties has acquired an eight-parcel development site in Seattle’s University District. A group of undisclosed sellers sold the fee-simple assemblage, which was rezoned for greater density and taller buildings in 2017, for $39 million or $950 per-square-foot. Tim McKay, Dan Chhan and Sam Wayne of Colliers International represented the sellers in the disposition.
Landmark Properties plans to begin construction on two 25-story residential towers and one seven-story mid-rise building in 2021. The project will sit on a combination of 11 parcels of land, including the recently purchased eight-parcel site. The 500,000-square-foot, 1,600-bed community will be named The Standard at Seattle. The site is situated three blocks from the University of Washington and half a block from the future U District station of Sound Transit’s Link Light Rail.