Downtown Seattle hotel-condo project planned
Officials of GIS International Group said Wednesday that they’re starting to plan development of a hotel-condo building in the Denny Triangle area of downtown Seattle.
The project is planned for the corner of Stewart Street and Minor Avenue, according to a press release on GIS’s website. The site, which is now a parking lot, is the same place where GIS planned a 25-story hotel and residential project six years ago.
In 2007, Eugene Gershman of Seattle-based GIS told the Puget Sound Business Journal that the project would have 150 cube-shaped, studio condominiumswith 16-foot ceilings. The condominiums were to be on 14 floors above a 14-story, 150-room hotel. A restaurant or retail was planned for the first floor.
A year later, when the real estate bubble burst, Gershman said he was looking into changing the project to apartments, office space or all condos. GIS put the project on hold in early 2011, according to city documents.
Details on the latest version were not clear. The press release that GIS posted on its website Wednesday said the company is assembling a team of local professionals to design and build “this unique building,” whose “character and style of the design will be new to the area.”
The release said more details will be announced “in the very near future.”
GIS officials were not available for an interview Wednesday. But Gershman said in a voice mail that his company “just secured a deal with a new entity, and we are continuing pursuing the project development on the site.”
He added he could not disclose much more than that “because it’s a private transaction with a private investment group.”
On Wednesday, a limited liability company affiliated with GIS sold a quarter-acre surface parking lot at the southwest corner of Stewart and Minor for $5 million. Public records list RBF Property Group LLC as the buyer. Kai Gu of Newcastle is listed as RBF’s manager.
According to the company’s website, GIS International Group is a 21-year-old association of construction, design, and development companies located throughout Russia and the United States.
Before the real estate market crash, GIS planned a 16-story condo project called European Tower at 930 109th Ave. N.E. in Bellevue. But in May 2008, GIS put the project on hold due to market conditions.