Chinese real estate developer Create World America recently purchased the property at 427 9th Ave. N in South Lake Union for $16.25 million. They bought the property from Wilshire Capital Partners, who originally paid $5.85 million in late 2013, and spent the last few years acquiring permits for a 26-story apartment building.
Now Create World America will be taking over the project, and hopes to begin construction in October of this year. CEO Lili Lu told the Puget Sound Business Journal that the project should cost approximately $120 million, and is a joint effort with another Chinese company, Modern Land Co., and VIA Architecture.
This 26-story apartment building is conveniently situated across the street from the complex of buildings currently leased by Amazon, and will feature mid- and high-end units. In addition to the residential apartments, there will be an underground parking garage with 70 spaces.
This recent purchase is just one of Create World America’s moves into the Seattle area, with a two-phase project for apartments and condos in downtown Bellevue and a 40-story Pike Place Market condo project.
Featured photo source: BizJournals.com, rendering from VIA Architecture