2nd & Stewart

Moran & Company is pleased to announce it has been retained as the exclusive listing agent for 2nd & Stewart, a high-rise multi-family development site located in the heart of Downtown Seattle, Washington. The opportunity is to acquire a fully entitled downtown development site with some of the most sought after unobstructed views in Seattle.

2nd & Stewart is a 12,950 sq. ft. site located in the heart of downtown Seattle in the Market District. It is within half a block of the Pike Place Market to the west and two blocks to Westlake Center and Downtown Seattle’s retail core to the east. To the south (within four-blocks) are Benaroya Hall, the expanded Seattle Art Museum and over 21 mm sq. ft of core Class-A office space in Seattle’s Central Business District. To the north is the vibrant Belltown neighborhood, which contains a multitude of fashionable restaurants and shops focused on 1st and 2nd Avenue.

Development Options

• “As Is” 240’ Multifamily Development: 1915 Second Avenue is fully permitted, planned and spec’d (100% construction documents) for a 24-story 170-unit multifamily development with 208 parking stalls. Average unit size is 967sf. Building amenities include Club Room, Wi-Fi Café/Library, Fitness Room, Wine Lockers and Tasting Room and expansive Rooftop Party Room. The current permits and plan are vested under the prior zoning. The proposed project as designed is “construction ready.”
• Revised 240’ Multifamily Development: A modified unit plan that achieves a smaller average unit size but still utilizes the existing entitlements and building envelope has been explored by the owner and its architect. The revised multifamily development plans are for a 24-story 220-unit multifamily tower with a 769sf average unit size. Retained building amenities in this plan include the Fitness Room and the expansive Rooftop Party Room. Construction on a revised development could start “immediately” by commencing work under the current unchanged Phase 1 Permits (site work and garage) while the Phase 2 tower permits are updated.
• New 400’ Multifamily Development: The site has subsequently been upzoned to 400’. The owner and the architect have explored redesigning the project to take advantage of the additional height and further enhanced view opportunities. Building areas in a redesigned 400’ tower total 300,000sf of residential space.
• Assemblage and Twin Tower Development: Although 1915 Second Avenue represents a significant development in its own right, there is an apparent opportunity to combine the site with the Columbia West Property site located immediately to the north. The resulting combined site of 32,390sf would afford a buyer to achieve significant construction economies and the opportunity to achieve a truly iconic twin tower mixed-use development at the center of Seattle’s market district.