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77-story tower planned for downtown Seattle

Real estate developer Greg Smith said he plans to build the tallest skyscraper in downtown Seattle on a site where the famous Metropolitan Grill steakhouse operates.

At 77 stories, it would be one floor taller than Seattle's tallest building, Columbia Center.

Smith, CEO of Urban Visions, a privately held Seattle real estate development and brokerage company, said he has applied to the city for a master-use permit to build the skyscraper.

Construction won't start anytime soon. It can take a year or more to get the city's OK. Then a developer has to line up financing and wait for the market to ripen before starting to build. Smith thinks the time is right to start getting the city's approval, but said, “We are not in a rush. It's a long process.”

Smith is working with his brother, Mickey Smith, a principal at Martin Smith Inc., on the project. Martin Smith Inc. is a real estate investment and management company.

The tower is planned for most of the block between Second and Third avenues and Marion and Columbia streets. The Smiths and some co-investors have owned the property for years. Greg Smith declined to name the friends and family that own the property, though Jim Rowe, president of Consolidated Restaurants, which owns the Metropolitan Grill, said Consolidated is part of the group that owns that building.

Rowe and Greg Smith said the Met, a 30-year-old steakhouse, will be part of the new tower. Rowe said his company’s goal is to preserve the Met “as one of Seattle’s longstanding iconic restaurants” in the same location.

Other businesses on the development site are a Vision Quest fitness club at Second and Columbia, and multiple restaurants in a food court at Third and Marion.

The development site does not include the southeast corner of the block, where Seattle Metropolitan Credit Union operates.

Greg Smith said the plan is to have a podium at the base of the tower with retail. Above that options include office space with a hotel, topped by residential. Or “We might do all residential with a hotel,” Greg Smith said.

Excluding parking, the tower would total 1.7 million square feet.

This is the third high-rise proposed for the neighborhood. The other two are Daniels Real Estate’s 43-story Fifth + Columbia office and hotel project and Schnitzer West’s 37-story Madison Centre office tower at Fifth and Madison.

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http://www.skyscrapercity.com/showthread.php?t=1679817
http://m.bizjournals.com/seattle/news/2013/12/05/smiths-propose-77-story-tower-for.html?r=full