By Alex Girda, Associate Editor
Seattle–A new long-term ground lease has been inked that will lead to the development of a new senior housing tower in the city’s First Hill neighborhood. The Archdiocese of Seattle and St. James Cathedral agreed terms with Columbia Pacific Advisors for the lease and development of the new senior care facility partly, with the choice motivated by the company’s wide-ranging experience in the industry.
The site at 620 Terry Ave. will host the new 237-unit, 24-story senior housing community that will be developed by CPA. Set for completion in 2019, the residential tower will provide a few types of units including independent living apartments, assisted living units, and memory care suites. A groundbreaking is set for some time next year.
First Hill has become an important medical hub in recent years with several projects rushing from planning to full occupancy. The new senior housing project is set to take shape in the proximity of several important facilities such as the Harborview Medical Center, the Swedish Health Building, and Virginia Mason Hospital.
According to the Archdiocese’s Director of the Office of Communication, Greg Magnoni, “the ground lease will provide important long-term funding for Archdiocesan programs and for the Cathedral’s many social outreach ministries, while preserving church ownership of the property.”
Rendering sourced from official documents filed with the city of Seattle