December 19, 2018
SLU investor expands site for $2.5M
The owner of a corner parcel in South Lake Union, where an eight-story office building was proposed for 235 Ninth Ave. N., has added another 3,600 square feet to the site.
King County recorded the $2.5 million sale on Monday. The seller was a family group that had owned the neighboring property at 221 Ninth for decades.
The buyer was Ninth Avenue Partners LLC. Brokers were not announced. The deal was worth about $694 per square foot for the land, which has a 70-year-old one-story warehouse.
Last year, Ninth Avenue Partners purchased the 14,400-square-foot northeast corner of the block, at Thomas Street, for $9 million.
The owner canceled the first scheduled design review meeting in March. At the time, B+H Architects was designing the project, which was to have 96 underground parking spaces. Ignition Capital and Heartland were also associated with that earlier proposal.
Not much is known about the ownership group, which is represented by Kirkland technology executive Lincoln Popp. He was formerly with Microsoft and Luxoft. LinkedIn currently lists him as CEO of Lumedic, a blockchain-biotech startup, which has its office address in one of the old warehouse buildings at 235 Ninth.
No new plan has been filed for the now larger site.
Separately, two residential high rises are planned for the south end of the block: Greystar's 28-story tower at 200 Eighth Ave. N.; and Pillar Properties' 28-story tower at 820 John St.
