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Permitted Site At 323 Bellevue Ave. E Sells For $3.7M

Permitted Site At 323 Bellevue Ave. E Sells For $3.7M
A rendering for the permitted site at 323 Bellevue Ave. E.

The 7,200 SF permitted development site at 323 Bellevue Ave. E. recently sold for $3.725M. Permits for the Capitol Hill-area property allow for a six-story, 43-unit multifamily structure with 14 below-grade parking stalls, ground-level amenity space and a rooftop deck. It can be developed as rental apartments or condos with units ranging from studios to two-bedrooms that average 420 SF.

The west-facing units will have unobstructed views of Elliott Bay, Lake Union and the Seattle skyline. South Lake Union and the central business district are within walking distance, as is the Link Light Rail Capitol Hill Station.

Sunrise D C LLC sold the site to Vekst Development LLC. The Colliers International team of Tim McKay, Dan Chhan and Sam Wayne represented the seller. Financing was provided by Mike Incrocci at Pyatt Broadmark Management LLC.

“The City of Seattle has already issued building permits for 323 Bellevue, so the offering was an opportunity for a savvy developer to skip the planning stage and jump right into construction,” McKay said in a statement. “Given the Mandatory Housing Affordability (MHA) requirements and fees likely to be implemented next year for new development, this immediate commencement was a major selling point for 323 Bellevue.”