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Holland pays $24.4M for Boren tower site

As expected, Holland Partner Group has acquired land in the Denny Triangle for its planned residential high rise at 2019 Boren Ave. N.

Holland and Cornish College announced the project last fall. The new tower will go on the northeast corner of the block, where Lenora Street meets Denny Way.

King County recorded the three deals on Thursday. All parties used LLCs.

Cornish sold its parking lot at 2031 Boren to Holland for $8.3 million. Cornish acquired the 7,200-square-foot property in 2008 as part of a larger deal worth $2.6 million.

Bellwether Housing sold its parking lot at 2025 Boren to Holland for $8.3 million. It had owned the 7,200-square-foot property since 1994, when it paid $325,000.

Both deals were worth $1,152 per square foot.

The third lot to the south, at 2019 Boren, was sold by Recovery Cafe to Holland for $7.8 million. It had acquired the property in 2009 as part of a larger deal worth $5.3 million. The latest deal was worth about $1,083 per square foot.

Weber Thompson is designing 2019 Boren, which is projected to have 44 stories, 426 units, 5,200 square feet of ground-floor performance space, 2,300 square feet of classroom space for Cornish, and 53,000 square feet of offices for Cornish and possibly other tenants.

Holland and Weber Thompson are also planning a second high rise on the southwest corner of the same block, at 1000 Virginia St. It will have 46 stories, 435 apartments and underground parking for 285 vehicles. Holland will buy that site from Cornish, and demolish an existing two-story warehouse structure, aka the Centennial Lab, which the college uses for educational purposes. That sale is expected to close next year. The first design review is in September.

By: Brian Miller

http://www.djc.com/news/re/12113214.html

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