Kiara (building)

Kiara (also known as 970 Denny Way) is a residential skyscraper in Seattle, Washington. The 40-story, 435-foot-tall (133 m) 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.

Kiara
Under construction in September 2017
General information
StatusCompleted
TypeResidential
Address970 Denny Way
Seattle, Washington
Coordinates47°37′08.85″N 122°20′15.38″W
Construction started2016
OpenedSeptember 2018
Cost$94 million[1]
OwnerPontegadea
Height
Architectural435 feet (133 m)
Roof400 feet (120 m)
Technical details
Floor count40
Design and construction
Architecture firmWeber Thompson
DeveloperHolland Partner Group
Other information
Number of units461 apartments
Parking374 parking stalls
References
[2][3]

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 15,100 square feet (1,400 m2) of retail space.[3][4][5]

The building's penthouse is 3,000 square feet (280 m2) 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]

References
  1. Rosenberg, Mike (March 10, 2017). "Record construction frenzy sweeps downtown Seattle; more building to come". The Seattle Times. Archived from the original on May 15, 2021. Retrieved March 27, 2017.
  2. "Emporis building ID 1247291". Emporis. Archived from the original on April 23, 2016.
  3. "970 Denny". Weber Thompson. Archived from the original on June 28, 2022. Retrieved May 9, 2016.
  4. "Holland wants SLU tower design to reflect industrial past, tech future". Seattle Daily Journal of Commerce. August 14, 2015. Archived from the original on June 28, 2022. Retrieved May 9, 2016.
  5. Levy, Nat (January 11, 2016). "Holland ready to start another 40-story tower, this one in SLU". Seattle Daily Journal of Commerce. Archived from the original on April 25, 2016. Retrieved May 9, 2016.
  6. Westneat, Danny (July 13, 2018). "Another 'Manhattan moment': Seattle's new $19,265-a-month apartment". The Seattle Times. Archived from the original on July 14, 2018. Retrieved July 13, 2018.
  7. "Two high rises up for design review". Seattle Daily Journal of Commerce. December 15, 2014. Archived from the original on June 5, 2016. Retrieved May 9, 2016.
  8. Stiles, Marc (March 18, 2015). "Apartment developer pays $20M for site in Seattle's 'bulls-eye' for new skyscraper". Puget Sound Business Journal. Archived from the original on June 2, 2016. Retrieved May 9, 2016.
  9. "DPD OKs Holland apartment tower". Seattle Daily Journal of Commerce. December 29, 2015. Archived from the original on May 8, 2016. Retrieved May 9, 2016.
  10. Fesler, Stephen (August 19, 2015). "A Territorial Perspective: 970 Denny Way". The Urbanist. Archived from the original on June 4, 2016. Retrieved May 9, 2016.
  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) (PDF) (Report). Seattle Department of Planning and Development. November 30, 2015. p. 1. Archived from the original on June 4, 2016. Retrieved May 9, 2016.
  12. De La Rosa, Shawna (November 19, 2018). "Kiara Seattle Apartments Opens In South Lake Union". Bisnow Seattle. Archived from the original on February 19, 2020. Retrieved February 18, 2020.
  13. Miller, Brian (July 16, 2020). "Toronto investor buys SLU tower for $320M". Seattle Daily Journal of Commerce. Retrieved December 19, 2022.
  14. Miller, Brian (December 15, 2022). "A bit more about that $322M Kiara sale". Seattle Daily Journal of Commerce. Retrieved December 19, 2022.
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