2 high-rises to take over parking lot near CenturyLink Field

2 high-rises to take over parking lot near CenturyLink Field

Credit: Studio 216

2 high-rises to take over parking lot near CenturyLink Field

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by KING 5 News

KING5.com

Posted on June 6, 2012 at 1:28 PM

Updated Wednesday, Jun 6 at 2:48 PM

SEATTLE -- Two of the SODO neighborhood's largest developers plan to build two new high-rise towers in the second phase of Stadium Place, the urban development project just north of CenturyLink Field, and hope to begin construction by summer of 2013.

Daniels Real Estate and American Life Inc. unveiled plans for Stadium Place East in the Pioneer Square neighborhood. The development will complement Stadium Place West, currently under construction, and will be located next to the regional transit hub at King Street Station.

The new development will include two towers with a 23-story 278-room conference hotel, ballroom, health club, 16,000-square feet of retail space, 14,000-square feet of restaurant space and 376 parking stalls. A 170,000-square-foot office tower will be added later. (more below)

When the King County Council approves the final agreements on parking and the affordable housing components later this summer, developers say construction can begin in summer of 2013; early phases of the project are expected to be complete by early 2015. 

City and county officials, along with community members, have been working on redeveloping the site for years and say the ambitious urban development project was critical for revitalizing Pioneer Square.

"We heard the residents and business-owners of Pioneer Square when they told us that the Stadium Place project was crucial to the well-being of the neighborhood. This announcement brings the full development together, serving as an example of how neighborhood, government and a development team can work together to ensure that urban places are lively, livable and viable," King County Councilmember Joe McDermott said in a released statement.

“Stadium Place is a win for the Chinatown/ International District and Pioneer Square neighborhoods,” said Seattle Mayor Mike McGinn. “The City sees this development and our investment of new market tax credits as part of our continued commitment to community-based, economic development projects that create jobs and community benefit.”

Developers expect the new project will create an additional 1,000 construction related jobs by early next year.

KING 5's Liza Javier contributed to this report.

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