CBRE has completed the $17.5 million sale of a 0.61-acre site located at 2700 1st Ave. in downtown Seattle’s Belltown neighborhood. An undisclosed buyer purchased the 27,000-square-foot parcel which is zoned for residential development up to 145 feet in height and a maximum of 267 units.

The seller, Churchome, was represented by Eli Hanacek, Jon Hallgrimson, Frank Bosl and Kyle Yamamoto with CBRE’s Pacific Northwest-based multifamily team. “This is a trophy core development opportunity in an exceptional downtown location. Demand for new apartments remains strong in Seattle, as the region continues to see population growth,” said Hallgrimson.

A feasibility study by Ankrom Moisan proposed two development options at the site. A 145-foot tower with a podium structure for 267 units or a mid-rise structure with 193 units. Both options include ground-floor retail space and could have expansive views of Elliott Bay, The Space Needle and Lake Union.