Belltown Mixed-Use Development Site
19,440 SF Mixed Use Development Site Zoned DMC 440
Marketing description
This 0.45-acre Downtown Seattle development site spans three parcels in one of the region’s largest employment centers, with access to more than 330,000 jobs, 60.6 million square feet of office space, strong household incomes, and a deep renter base that supports long-term residential demand.
Located in a highly walkable, amenity-rich area near the Seattle waterfront, the site benefits from compelling submarket fundamentals, including 24.6% rent growth since 2021 and demand that continues to outpace new supply. Zoned Downtown Mixed Commercial within the Belltown Urban Center Village Overlay, the property offers exceptional flexibility for a range of high-density residential, hospitality, and retail development strategies.
Three potential development scenarios range from conventional multifamily to mixed-use and high-density residential tower scenarios.
Investment highlights
- Rare Large-Scale Seattle Development Opportunity with Flexible Zoning: Spanning approximately 0.45 acres, the property offers a rare urban infill opportunity in Seattle with the scale to support multiple development strategies, including multifamily, mixed-use, and high-density residential. Zoned Mixed Commercial, the site provides significant height and density potential, creating strong optionality for investors seeking to maximize its highest and best use.
- Premier Downtown Location: Located on a prime arterial in Downtown Seattle, the property offers exceptional access to major employers, retail centers, cultural amenities, and the revitalized Seattle Waterfront. The site also boasts a 100 Transit Score, a 99 Walk Score, and is just one block from the Amazon Spheres.
- Podium Development Opportunity: Recent feasibility studies support a highest-and-best-use scenario for an eight-story, 140-unit multifamily development with a 1:2 parking ratio, ground-level amenity space, and retail.
- Strong Rent Growth & Occupancy: Asking rents in the submarket have increased 24.6% since 2021, and nearly 60% of occupied housing units within three miles of the property are renter-occupied, indicating continued upside and future revenue growth.
- Affluent Surrounding Demographics: The surrounding area benefits from strong household incomes, with average annual salaries of approximately $191,707 within three miles and $198,350 within five miles. Median household income is also strong, reaching $141,021 and $145,148, respectively.
- Demand Continues to Outpace New Supply: Despite an active development pipeline over the past decade, only 170 units delivered in the first quarter, down 89.1% year over year. Seattle's urban core has also recorded positive annual absorption in nine of the past ten years.
- Proximity to the Seattle Waterfront: Located less than one mile from the 1,543-acre Seattle Waterfront, the property sits within walking distance of one of the region's most important economic engines, which generates $33.4 billion in total business output, supports 174,950 jobs, and accounts for $10.5 billion in employee compensation.
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