American Life Acquires Site North of CenturyLink Field

With the current rate of development in Seattle in virtually any of the major sectors being amongst the highest in the entire U.S., it comes as no surprise that developers view every availability as a chance to cash in on the buzz. The latest company to ripple the waters of the Puget Sound is American Life. The real estate company has acquired a parking lot from Daniels Real Estate, just north of CenturyLink Field, in Pioneer Square. According to the Puget Sound Business Journal, the investor paid a fee of $18 million for the property, and has set its sights on developing a new office property at the site.

Given that Seattle’s real estate market is supporting a rate of development that is among the highest in the entire U.S., it is not surprising that developers are taking every opportunity to cash in on the buzz. The latest company to ripple the waters of the Puget Sound is American Life, which has acquired a parking lot from Daniels Real Estate just north of CenturyLink Field, in Pioneer Square. According to the Puget Sound Business Journal, the investor paid a fee of $18 million for the property, on a site giving rise to Stadium Place, a mixed-use community.

The two local companies will partner on the development of a nine-story office building at the site, offering around 170,000 square feet of space. American Life is also planning to build a hotel that would bring around 297 guest rooms to the area. Daniels Real Estate is already working on developing the North Lot area with R.D. Merrill, with permits allowing for around 700 residential units, 50,000 square feet of retail and parking for about 750 vehicles.

The main development focus has been on three residential towers, two of them products of the Daniels-Merrill partnership and one of which has already opened its doors to residents. As the new hotel project takes shape, the partners are planning to break ground on the office facility in the spring of 2014, Stadium Place is expected to revitalize the Pioneer Square area.

Rendering courtesy of danielsdevelopmentcompany.com