New Condominium Tower Coming to 2nd Avenue & Stewart Street
The 8,748-square foot site at 1613 Second Avenue has officially changed hands, according to the Daily Journal of Commerce. Create World America is the new owner of the land on the southwest corner of 2nd Avenue and Stewart Street – the parcel was previously owned by MJA Building LLC.
Create World America is a subsidiary of Create World Group, which was founded in 1997 and is a Hong Kong-based conglomerate. According to the company’s website, its investment portfolio includes chemical, investment, trade and real estate accounts, in addition to asset management. Create World Group conducts business in mainland China, Europe and North America, in addition to Hong Kong. Create World America has experience in the Seattle are, as it is developing a residential tower in Bellevue, on NE 10th Street.
The newly purchased site is certainly prime real estate, as evidenced by its $17.1 million price tag. Offering proximity to Seattle’s signature attraction, Pike Place Market, as well as Downtown’s shopping and financial cores. No renderings of the project have been released, but Create World CEO, Lili Lu, has stated that the company is planning on building condos, rather than apartments. According to the article in the Daily Journal of Commerce, Liu believes up to 40 percent of the units will be sold to Chinese nationals, thus indicated that there is still plenty of demand for investment in the area coming from Asia.
Most recent plans for the site included a 30 story, Hewitt architects-designed apartment building, which was to be developed Atlanta-based Wood Partners. We will make sure to keep you updated on the progress of the project!Email