Canton Lofts, Seattle, WA
Canton Lofts, now “Salmonberry Lofts,” was sold to King County 11/1/2021 upon receiving its Certificate of Occupancy to be used for permanent supportive housing. Nitze Stagen acquired the old Walthew office building in 2019, then demolished it, creating a six story, 80 unit replacement project designed by Weinstein AU and built by STS Construction. King County purchased the building for a permanent supportive housing facility. Canton Lofts was the first new, ground up addition to the King County Housing for Health initiative. Canton Lofts apartment tenants will live in small efficiency dwelling units (SEDUs) ranging from about 276 to 312 square feet each. The Canton Lofts project broke ground as the first Opportunity Zone project in Seattle; Nitze Stagen and its partners have since launched many additional workforce housing projects in the Puget Sound Region.
Union Station, Seattle, WA
Merrill Place, Seattle, WA
At the time of purchase, the building was being vacated by its major office tenant, Adobe Systems. Following the acquisition, Nitze-Stagen, along with our Joint Venture Partner Angelo-Gordon of New York, successfully completed a modernization program, and fully re-leased the building. Merrill Place is ideally located in the heart of Seattle’s vibrant Pioneer Square neighborhood which has become a hub for media and creative companies. The property also has exceptional access to Metro bus routes and the Washington State Ferry System, as well as regional train and bus routes at King Street Station and is within a few blocks of the Seahawk Stadium and the T-Mobile Park Stadium.
Merrill Place is one of many successful redevelopment projects completed by Nitze-Stagen in Seattle, and shows the creativity and experience of the company. Nitze-Stagen and Angelo-Gordon sold the property at a substantial gain to Los Angeles-based Hudson Pacific Properties in early 2014.
The Ainsworth & Dunn Warehouse, Seattle, WA
Recently designated as a historic landmark, the Ainsworth & Dunn Warehouse is constructed of brick and mortar with a load bearing dimensional timber frame. The property occupies a unique and significant place at the north edge of Seattle’s waterfront district adjacent to the Seattle Art Museum Sculpture Park and the Belltown neighborhood and at the end of the Lake to Bay Trail.
We successfully sold our ownership stake in the project to Meriwether Partners in early 2017. Meriwether Partners has renovated the historic property to integrate it into a new, mixed-use development that includes a luxury apartment building abutting the south edge of the building. Redevelopment of the property commenced in 2017.