Tower 12 Explained

Tower 12
Alternate Names:Tower 12 Apartments
Status:Completed
Address:2015 2nd Avenue
Seattle, Washington
Groundbreaking Date:[1]
Opened Date:May 2017
Cost:$75 million[2]
Floor Count:34
Parking:336 parking stalls
References:[3] [4]
Map Type:Seattle WA Downtown
Building Type:Residential
Architectural:392feet
Architecture Firm:MG2
Main Contractor:PCL Construction
Developer:Continental Properties
Unit Count:314 apartments

Tower 12 is an apartment building in Seattle, Washington. The 34-story, 392adj=midNaNadj=mid skyscraper has 314 apartments as well as 7000square feet of ground-level retail space.[5] It is located at the northwest corner of 2nd Avenue and Virginia Street near Pike Place Market and Victor Steinbrueck Park at the southwestern edge of the Belltown neighborhood.

The project's name, Tower 12, is a reference to the "12th man", a nickname for fans of the Seattle Seahawks football team.[6]

History

The 2nd & Virginia site was formerly proposed as part of a $67 million condominium project in the early 1990s called "One Pacific Towers", which would have had two 27-story towers with 145 units in each, that was later cancelled.[7] In 2008, developer Justen Company submitted proposals to build a 39-story, 234-unit condominium building on the same site, part of a two-tower project spanning Virginia Street,[8] [9] but did not move further on into the design review process.[10]

Bellevue-based developer Continental Properties bought the quarter-block property and master-use permit in March 2014 for $16 million, and announced plans to build a 324-unit residential building on the site using the previously-approved master-use permit.[11] Initially planning to build condominiums,[12] Continental instead opted to build apartments (later named "Tower 12") because of the higher value and lower risk involved.[6]

Construction of the building began on March 27, 2015 and the building opened on May 1, 2017.[1] [6] The building was topped out in August 2016.[13] Tower 12 was completed in mid-2017 and acquired by Weidner Apartment Homes for $225 million in October.[14]

Notes and References

  1. March 27, 2015 . PCL Construction to Build 400-foot-tall Downtown Seattle Apartment Tower . . May 10, 2016 . May 11, 2016 . https://web.archive.org/web/20160511045515/http://www.pcl.com/news-and-media/news-releases/pages/pcl-construction-to-build-400-foot-tall-downtown-seattle-apartment-tower.aspx . live .
  2. 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 .
  3. Web site: Emporis building ID 310782 . https://web.archive.org/web/20160422091259/https://www.emporis.com/buildings/310782 . dead . April 22, 2016 . Emporis.
  4. Web site: Tower 12 . . May 10, 2016 . May 13, 2016 . https://web.archive.org/web/20160513043304/http://mg2.com/work/tower-12/ . live .
  5. News: February 10, 2016 . Continental's Tower 12 ahead of schedule . . May 10, 2016 . May 26, 2016 . https://web.archive.org/web/20160526184107/http://www.djc.com/news/co/12086179.html . live .
  6. News: March 27, 2015 . Continental starts Belltown apartments named for 12th Man . Seattle Daily Journal of Commerce . May 10, 2016 . June 10, 2016 . https://web.archive.org/web/20160610003845/https://www.djc.com/news/re/12076046.html . live .
  7. News: Craig . Jerry . June 18, 1990 . Luxury condos back on scene . 1 . Seattle Daily Journal of Commerce.
  8. News: February 15, 2008 . Real estate tower proposed at 2nd and Virginia . . May 10, 2016 . June 9, 2016 . https://web.archive.org/web/20160609231035/http://www.seattletimes.com/business/real-estate-tower-proposed-at-2nd-and-virginia/ . live .
  9. News: July 3, 2008 . Two 440-foot high-rises proposed at 2nd & Virginia . . May 10, 2016 . June 10, 2016 . https://web.archive.org/web/20160610001009/http://www.seattlepi.com/business/article/Two-440-foot-high-rises-proposed-at-2nd-Virginia-1278388.php . live .
  10. Web site: Permit & Complaint Status: Project #3007605 (2015 2nd Ave) . . May 10, 2016 . May 11, 2016 . https://web.archive.org/web/20160511045030/http://web6.seattle.gov/DPD/permitstatus/project.aspx?id=3007605 . live .
  11. News: Stiles . Marc . March 20, 2014 . Development site near Pike Place Market sells for $16 million . . May 10, 2016 . June 2, 2016 . https://web.archive.org/web/20160602111144/http://www.bizjournals.com/seattle/blog/2014/03/development-site-near-pike-place-market-sells-for.html . live .
  12. News: Porter . Lynn . October 24, 2014 . 2nd & Virginia tower will start as condos, but could be apartments . Seattle Daily Journal of Commerce . May 10, 2016 . June 10, 2016 . https://web.archive.org/web/20160610000313/https://www.djc.com/news/re/12071187.html . live .
  13. News: August 26, 2016 . Tower 12 tops out in Belltown . Seattle Daily Journal of Commerce . August 28, 2016 . August 27, 2016 . https://web.archive.org/web/20160827191340/http://www.djc.com/news/co/12092441.html . live .
  14. News: Miller . Brian . October 30, 2017 . Weidner pays $225M for Tower 12, likely setting a record price per unit . Seattle Daily Journal of Commerce . subscription . October 12, 2022.

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