A new development is currently underway by University Village called U Place at Union Bay. This is a mixed-use condominium project comprised of small studio condominium units, a food court and restaurants on the first floor. This meets the need for first-time homebuyers in the Seattle area as many are being priced right out of the city. A Chinese development company is meeting that need with a six-story project called U Place at Union Bay. ZQH Investment has just recently broken ground on the project at 4603 Union Bay Pl. NE. The development is between the University District mall and the Burke Gilman trail.
This development is the company’s first project in the United States. The company CEO has built two other condo projects in China totaling over 700 units and Allen Zeng, the company’s owner will personally be self-financing this $80 million project.
With the addition of U Place at Union Bay, there are now five major condo projects in the works for both Seattle and Bellevue. Chinese and Canadian companies are both behind them targeting price-conscious buyers and specifically millennial’s.
This project will feature 244 condominium units, 217 of which will be small studio apartments. Construction is set to be completed in summer of 2018 and prices have not yet been determined.
ZQH Investment chose Seattle because of the relatively inexpensive land costs compared to other West Coast metropolises such as San Francisco and Los Angeles. The project is close to the mall, the University of Washington and the Children’s Hospital. ZQH has hired the experience general contractor Chinn Construction, a Redmond-based company, to design the building with high-end materials and warranties. Zeng has also said that their major concern is for the future of the community of condo owners by purchasing responsible insurance to do what’s best. The design will be influenced by Asian use of space with efficient and versatile floor plans ideal for customization.
The end goal will be to connect the University Village to the residential area on the hill. The building will feature a 23-foot tall entryway designed to draw people in leading to a food court and finally high-end restaurants. The company plans to lease the spaces to high-end eateries.