{"id":1004085915,"date":"2013-10-28T06:21:12","date_gmt":"2013-10-28T14:21:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004085915"},"modified":"2022-12-07T14:43:43","modified_gmt":"2022-12-07T22:43:43","slug":"lowe-alecta-form-jv-to-develop-seattle-area-high-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\/","title":{"rendered":"Lowe, Alecta Form JV to Develop Seattle-Area High-Rise"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004085918\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\/lowe-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg\" data-orig-size=\"992,1754\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"LOWE\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg?w=579\" class=\"alignleft size-medium wp-image-1004085918\" alt=\"LOWE\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg\" width=\"169\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg 992w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg?resize=768,1358 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg?resize=579,1024 579w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg?resize=869,1536 869w\" sizes=\"auto, (max-width: 169px) 100vw, 169px\" \/><\/a>Lowe Enterprises Investors and Alecta, Sweden\u2019s largest mutual pension company, have formed a joint venture to develop a 24-story condominium building in the First Hill area of Seattle, Wash.<\/p>\n<p>\u201cThis project marks the beginning of an important relationship between Lowe Enterprises Investors and Alecta,\u201d Brad Howe, LEI\u2019s co-CEO, told <i>Commercial Property Executive<\/i>. \u201cLEI\u2019s continuing strategy is to identify investment partners with whom it can pursue unique real estate opportunities that will benefit from LEI\u2019s strength as both an investor and an operator with the hands-on ability to create value in the properties it acquires.\u201d<\/p>\n<p>Located at 1321 Seneca, the planned tower will include 169 units and be centrally located in downtown Seattle overlooking the business district. Additionally, it is close to the vibrant Pike\/Pine Triangle, which includes a wide variety of restaurants, shops, galleries and clubs. The First Hill streetcar line, to be completed in mid-2014, is just two blocks from the property and will enhance the area\u2019s connection to neighboring communities, employment areas and entertainment venues.<\/p>\n<p>LEI affiliate, Lowe Enterprises, will serve as developer for the project with construction expected to begin in mid-2014.<\/p>\n<p>According to Andy Sands, LEI\u2019s senior vice president, the property will be the first high-rise residential building developed in the First Hill neighborhood since 1982 and among the first in the downtown Seattle area since 2008.<\/p>\n<p>\u201cOver the past 10 years, First Hill has become increasingly popular as a residential community and also as a dining and retail district,\u201d Sands told <i>CPE<\/i>. \u201cIts close proximity to downtown, diversity of experiences and residents, and the maturity of the overall urban environment all make this a highly desirable community.\u201d<\/p>\n<p>LEI has made numerous commercial and hospitality property acquisitions in the area, most recently acquiring and renovating the Red Lion Hotel on Fifth Street in Seattle. Lowe Enterprises is also a joint venture partner and operator of Suncadia Resort in Cle Elum, Wash., and Sunriver Resort in Central Oregon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lowe Enterprises Investors and Alecta, Sweden\u2019s largest mutual pension company, have formed a joint venture to develop a 24-story condominium building in the First Hill area of Seattle. <\/p>\n","protected":false},"author":451,"featured_media":1004085918,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,1610,15],"tags":[],"class_list":["post-1004085915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-seattle","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lowe, Alecta Form JV to Develop Seattle-Area High-Rise - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lowe, Alecta Form JV to Develop Seattle-Area High-Rise\" \/>\n<meta property=\"og:description\" content=\"Lowe Enterprises Investors and Alecta, Sweden\u2019s largest mutual pension company, have formed a joint venture to develop a 24-story condominium building in the First Hill area of Seattle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-28T14:21:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T22:43:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/LOWE.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"992\" \/>\n\t<meta property=\"og:image:height\" content=\"1754\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Lowe, Alecta Form JV to Develop Seattle-Area High-Rise\",\"datePublished\":\"2013-10-28T14:21:12+00:00\",\"dateModified\":\"2022-12-07T22:43:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\\\/\"},\"wordCount\":336,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/10\\\/LOWE.jpg\",\"articleSection\":[\"Development\",\"News\",\"Seattle\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-alecta-form-jv-to-develop-seattle-area-high-rise\\\/\",\"name\":\"Lowe, Alecta Form JV to Develop Seattle-Area High-Rise - 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