Kiara (building) explained

Kiara
Status:Complete
Building Type:Residential
Address:970 Denny Way
Seattle, Washington
Start Date:2016
Opened Date:September 2018
Cost:$94 million[1]
Owner:Pontegadea
Architectural:435feet
Roof:400feet
Floor Count:40
Architecture Firm:Weber Thompson
Developer:Holland Partner Group
Unit Count:461 apartments
Parking:374 parking stalls
References:[2] [3]

Kiara (also known as 970 Denny Way) is a residential skyscraper in Seattle, Washington. The 40-story, 435adj=midNaNadj=mid tower has 461 apartments and was completed in 2018. It is first skyscraper in the South Lake Union neighborhood and is one of the few highrise buildings outside the traditional boundaries of Downtown Seattle. The building is located at the intersection of Denny Way and Terry Avenue, near the headquarters of The Seattle Times and the Cornish College of the Arts. Kiara is owned by Pontegadea, who acquired the building in 2022.

Design and features

Developer Holland Partner Group contracted architecture firm Weber Thompson to design a building that reflected both the industrial origins of the neighborhood (as seen in the six-story brick podium) as well as the high-tech future (as seen in the tower's glass exterior). The building will feature a 374-stall parking garage, as well as 188 bike spaces, and amenity spaces such as an outdoor porch and rooftop deck. The podium will house 15100square feet of retail space.[3] [4] [5]

The building's penthouse is 3000square feet and has a monthly lease of $19,265.[6]

History

Holland Partner Group announced plans for a 40-story residential skyscraper on the site in December 2014,[7] and purchased the site in March 2015 for $20.1 million.[8] The design was approved by the city of Seattle in December 2015,[9] allowing for construction to begin in January 2016 with the demolition of a three-story warehouse on the project site that was built in 1927.[5] [10] [11] The building was opened on September 1, 2018.[12]

Kiara was sold by Holland in 2020 to Oxford Properties, a Canadian real estate investor, for approximately $320 million.[13] Spanish investment firm Pontegadea, owned by Amancio Ortega, acquired the building in December 2022 for $322.2 million. Oxford stated to the Seattle Daily Journal of Commerce that they intended to invest the proceeds in other types of properties, including those in the Seattle area.[14]

Notes and References

  1. News: Rosenberg . Mike . March 10, 2017 . Record construction frenzy sweeps downtown Seattle; more building to come . The Seattle Times . limited . March 27, 2017 . May 15, 2021 . https://web.archive.org/web/20210515211228/https://www.seattletimes.com/business/real-estate/record-construction-frenzy-sweeps-downtown-seattle-with-more-building-to-come/ . live .
  2. Web site: Emporis building ID 1247291 . https://web.archive.org/web/20160423035205/https://www.emporis.com/buildings/1247291 . dead . April 23, 2016 . Emporis.
  3. Web site: 970 Denny . . May 9, 2016 . June 28, 2022 . https://web.archive.org/web/20220628034337/http://www.weberthompson.com/project/kiara/ . live .
  4. News: August 14, 2015 . Holland wants SLU tower design to reflect industrial past, tech future . . May 9, 2016 . June 28, 2022 . https://web.archive.org/web/20220628034337/https://www.djc.com/news/re/12080674.html . live .
  5. News: Levy . Nat . January 11, 2016 . Holland ready to start another 40-story tower, this one in SLU . Seattle Daily Journal of Commerce . May 9, 2016 . April 25, 2016 . https://web.archive.org/web/20160425015914/http://www.djc.com/news/re/12085187.html . live .
  6. News: Westneat . Danny . July 13, 2018 . Another 'Manhattan moment': Seattle's new $19,265-a-month apartment . The Seattle Times . July 13, 2018 . July 14, 2018 . https://web.archive.org/web/20180714040320/https://www.seattletimes.com/seattle-news/another-manhattan-moment-seattles-new-19265-a-month-apartment/ . live .
  7. News: December 15, 2014 . Two high rises up for design review . Seattle Daily Journal of Commerce . May 9, 2016 . June 5, 2016 . https://web.archive.org/web/20160605103921/http://www.djc.com/news/re/12072837.html . live .
  8. News: Stiles . Marc . March 18, 2015 . Apartment developer pays $20M for site in Seattle's 'bulls-eye' for new skyscraper . . May 9, 2016 . June 2, 2016 . https://web.archive.org/web/20160602062712/http://www.bizjournals.com/seattle/blog/2015/03/apartment-developer-pays-20m-for-site-in.html . live .
  9. News: December 29, 2015 . DPD OKs Holland apartment tower . Seattle Daily Journal of Commerce . May 9, 2016 . May 8, 2016 . https://web.archive.org/web/20160508161253/http://www.djc.com/news/re/12084861.html . live .
  10. News: Fesler . Stephen . August 19, 2015 . A Territorial Perspective: 970 Denny Way . The Urbanist . May 9, 2016 . June 4, 2016 . https://web.archive.org/web/20160604081202/https://www.theurbanist.org/2015/08/19/a-territorial-perspective-970-denny-way/ . live .
  11. Addendum to the Final Environmental Impact Statement for the South Lake Union Height and Density Alternatives EIS prepared for 970 Denny Way (Master Use Permit No.: 3018935) . November 30, 2015 . 1 . PDF . Seattle Department of Planning and Development . May 9, 2016 . June 4, 2016 . https://web.archive.org/web/20160604110121/http://web6.seattle.gov/dpd/edms/GetDocument.aspx?src=WorkingDocs&id=480547 . live .
  12. News: De La Rosa . Shawna . November 19, 2018 . Kiara Seattle Apartments Opens In South Lake Union . . February 18, 2020 . February 19, 2020 . https://web.archive.org/web/20200219040214/https://www.bisnow.com/seattle/news/mixed-use/kiara-seattle-apartments-opens-in-south-lake-union-95104 . live .
  13. News: Miller . Brian . July 16, 2020 . Toronto investor buys SLU tower for $320M . Seattle Daily Journal of Commerce . December 19, 2022.
  14. News: Miller . Brian . December 15, 2022 . A bit more about that $322M Kiara sale . Seattle Daily Journal of Commerce . December 19, 2022.

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