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Norwestern LLC, a Bellevue-based development company, has acquired a building at 3031 Western Avenue in Seattle for $5.3 million. The property sits next to Seattle’s Olympic Sculpture Park and is slated to be replaced with a 13-story, 120-unit luxury apartment tower, according to the parties involved in the transaction.
The buyer, an entity affiliated with Bellevue-based Synergy Construction and Development, intends to pursue a ground-up multifamily project on the site. Synergy has been active in the region, having completed nearly a dozen projects around Seattle, and is now extending its presence to this Western Avenue location. The acquisition marks a change in ownership for the site, which was formerly held by Martin Selig Real Estate and sold through a receiver.
Norwestern and its affiliates have outlined plans to deliver the new apartment building using modular construction methods. Synergy has selected Rex Modular to execute the build, with the project cost estimated at approximately $40 million. The use of modular components is expected to shape both the construction process and delivery timeline, though detailed scheduling and phasing were not disclosed.
Cushman & Wakefield brokered the sale, with a team comprising Tim McKay, Byron Rosen, Dan Chhan, Jacob Odegard, Matt Kemper and Dylan Roeter. The brokerage team arranged the disposition of the existing building and transfer to Norwestern LLC, providing transaction support around the site next to the waterfront-adjacent Olympic Sculpture Park.
Design responsibilities for the planned tower will be shared between firms based in Seattle and New York City. Seattle-based Axis Architecture and Design is part of the design team, working alongside New York City-based Danny Forster & Architecture. The collaboration is expected to shape the look and layout of the planned 13-story structure, although specific design details and unit mix were not described.
With the site now in new hands and a modular apartment project on the drawing board, the Western Avenue parcel is positioned for transition from its current building to higher-density multifamily use. Information on project financing, construction start, anticipated completion date, and leasing strategy was not provided in the initial announcement.
The post Bellevue’s Norwestern Plans 13-Story Modular Luxury Apartments by Seattle’s Olympic Sculpture Park appeared first on CRE Market Beat.
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