Security Properties starts construction on 'post-Covid' high-rise in Belltown
When completed in the summer of 2024, the nearly $200 million tower at 314 Bell St. will have 212 residences, 243 parking stalls and around 25,000 square feet of commercial space, with two-thirds of that office and the rest retail. Security Properties hasn't yet hired the office leasing team.
With units averaging over 900 square feet, most with balconies and many having dedicated work-from-home spaces, the tower is "a true post-Covid building," said Michael Nanney, Security Properties' senior development director, in an email. The majority of the units also have balconies. The project "incorporates all of our lessons learned operating properties in Seattle through the pandemic."
The unit count is less than half of what is typically seen in new Seattle towers. Security Properties thinks the result will be a community where people get to know each other, Nanney said. He added it's a good time to start a project as employees return to offices and downtown life reemerges.
"This location ... in particular is in Seattle’s original residential neighborhood, which to this day retains its great character, with a mix of historic and modern buildings, diverse incomes and people, and just a wonderful urban living experience," he said.
He also touted the tower's proximity to Amazon’s high-rise campus, the Westlake Center transit hub, new waterfront and Pike Place Market, as well as its frontage on the Bell Street Park.
The Confidential name stems from Belltown's history of the city's Film Row, where Hollywood movie studios operated distribution centers and screening rooms where local movie house owners previewed new flicks. More recently, many artists had their studios in Belltown.
The project name "expresses the building’s sophisticated design, integrated artwork, great amenities and boutique scale," Courtney Ray, Security Properties' marketing manager said.
She said a "monumentally scaled" piece by artist John Fleming will run most of the length of the tower.
VIA Architecture designed the tower, Communita Atelier is the landscape architect and Exxel Pacific is the general contractor. Nanney said Security Properties launched the project using all equity with its investment partner, MetLife Investment Management, and will close construction financing within a few months.