China's Largest Homebuilder to Back 43-Story Seattle Tower

May 18, 2016

Seattle Mayor Ed Murray has announced a deal between Vanke China Company and Laconia Development. Vanke China will be the capital partner with California-based Laconia Development for the $200 million residential apartment tower.

The building will be located at 600 Wall Street in Seattle on what now is a parking lot near the start of the Highway 99 tunnel.

Laconia has owned the land for the past decade and Bob Kagan, the senior vice president of Laconia Development, said the partnership with Vanke China should lead to breaking ground on the project in early 2017.

The planned project will have about 400 apartments and ground level retail space. Kagan says the building's close proximity to Amazon headquarters - just three block away - will make it attractive to millennials  seeking rental housing.

This is Vanke China's first project in Seattle.

Source: Seattle Times