San Francisco’s Stanford Hotels Corp. is buying a downtown Seattle
development site for a whopping $16.75 million dollars! According to the
Puget Sound Business Journal,
the price that the Hotel folks are forking over is significantly less
than the $30 million that the previous New York Group had paid for it
back in 2007 (and has since lost in foreclosure) but is also almost
twice the offer another company previously offered for the lot. The lot
is located at 1903 Fifth Avenue, across from the Westin Seattle, and
Stanford has declined to comment on any future plans for the lot at this
time. According to the PSBJ, Stanford is also planning a 15 story hotel
at 300 Terry Ave N in South Lake Union. There were a number of offers
for the property which was originally listed in 2012 at $7.5M, but the
finally selling price clearly indicated that Seattle is a highly sought
after marketplace for development sites.
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