In the news:
Boston developer buys Denny Triangle property
39-story apartment tower planned
Seattle Times business staff
A Boston-based real-estate investment company bought a development site in Seattle’s Denny Triangle on Tuesday and has applied for permits to build a 39-story apartment tower there.
An affiliate of General Investment & Development Companies (GID) paid $13.4 million for the 0.35-acre property at Eighth Avenue and Lenora Street, according to county records.
A two-story, 87-year-old building, now home to Cosmopolitan Motors, would be demolished to make way for the 380-unit apartment tower. The previous owner obtained a city land-use permit for the project, which would be just across Westlake Avenue from Amazon.com’s proposed three-tower high-rise office complex.
A GID executive did not return calls seeking information on when the project might break ground.
GID’s portfolio includes 20,000 apartments, 3.9 million square feet of industrial space and 1.2 million square feet of office space in 20 states, according to its website. Locally, it owns three apartment complexes on the Eastside.