Laconia Development has partnered with Vanke, one of China's largest real estate developers, on a 43-storey Seattle project. The residential tower planned for 600 Wall Street near the iconic Space Needle will rise from a triangular-shaped property currently home to a surface parking lot. 

600 Wall Street, image via Kwan Henmi Architecture Planning

The $200 million development is expected to house 400 residences in a Kwan Henmi-designed building. Previous plans for the site had included above-ground parking levels, but an updated version reallocates all stalls underground. Nearly 2,000 square feet of retail space has also been proposed at street level. Project renderings suggest part of the development's amenity offerings will be located on the roof. The images show lush greenery and a large finished seating area where two of the building's elevations come to a sharp point. 

600 Wall Street, image via Kwan Henmi Architecture Planning

Although this is Vanke's first dive into the Seattle market, overseas investment isn't unusual in the Puget Sound area. According to Real Capital Analytics, 2015 saw over $1 billion worth of assets purchased by investors in China and Hong Kong. Perhaps the most notable procurement was the Columbia Center, Seattle's tallest skyscraper. Vanke has historically shied away from investing in apartment buildings, though the demographic shift taking place in the United States has created perfect conditions for the rental property market to thrive. 

600 Wall Street, image via Kwan Henmi Architecture Planning

Laconia has owned the property for the past decade, though plans for the site have failed to be realized. The infusion of Chinese cash is expected to give the development the jolt needed to get the project off the ground. Construction could begin as early as the first quarter of 2017. 

600 Wall Street, image via Kwan Henmi Architecture Planning

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