An unnamed New York investor has bought the site of a hotel/residential project on Fifth Avenue in Downtown Seattle for $16M. Currently it's the home of the Seattle Icon Grill (pictured), but plans for the property call for 395 residential units and 151 hotel rooms. Douglaston Development initially proposed the project, and along with its architect, Perkins + Will, recently submitted it to the city, reports the Puget Sound Business Journal. The timetable for the development hasn't been finalized. [PSBJ]
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