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Arbutus Properties Dives Into Seattle Market With 44-Story Development In SLU

Vancouver, B.C.-based Arbutus Properties dives into the Seattle commercial real estate market with 44-story project at 1370 Stewart St. in South Lake Union.

Arbutus Properties recently announced plans to build a 44-story project at 1370 Stewart St. in South Lake Union.

The 21,125 SF project will include studio, one- and two-bedroom apartments and may include commercial space. It is the Vancouver, British Columbia-based company’s first development in Seattle.

“We’ve been planning to expand into Seattle and waiting for the right opportunity — this key South Lake Union site is challenging, but it gives us the opportunity to be very creative while also being responsive to the surrounding community,” Arbutus Properties President Jeff Drexel said in a statement. “With Vancouver as our headquarters, Seattle is a natural expansion market for us and we’re excited to explore additional opportunities in and around the Seattle area as its strong population growth continues.”

Perkins+Will is the architect, and Timbercreek is the financial partner. The building is slated to break ground in late 2020.

Arbutus is currently building a large mixed-use project in Saskatoon, Canada, which spans 420 acres and includes 2,500 single-family homes, townhomes and multifamily units. It also features 1M SF of commercial development space.