Chinese Mega Builder Vanke Co. is investing in a 43-story residential tower near the Space Needle, according to the Seattle Times.
Seattle Mayor Ed Murray announced the deal between China Vanke Co., and Walnut Creek, California-based Laconia Development during a trade mission to China.
Laconia is proposing the apartment tower for a small, triangular-shaped surface parking lot at 600 Wall St., and project proponents wrote in a document submitted to the city that the "elegant, slender tower will read as the architectural exclamation point" in the area.
Laconia Senior Vice President Bob Kagan on Monday said Vanke is going to be Laconia's capital partner on the approximately $200 million tower, which will have 400 residences. Vanke and Laconia have signed a preliminary agreement. The pact could be finalized by mid-June, according to Kagan. This is Vanke's first Seattle investment.
"Absolutely it's real," Kagan said of the financing deal. "Everybody is spending a lot of money right now to get it done." He added construction could start early next year.
Source: Seattle Times
