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Da Li Development USA is the new owner of a development site in the Pike-Pine corridor, the close-in Seattle neighborhood of shops, restaurants and bars.
The company, a subsidiary of the publicly traded Taipei-headquartered Da Li, paid $4 million for an infill site at 1516 Melrose Ave. The site abuts a larger property at 320 E. Pike St., home to Victrola Coffee Roaster, the Eagle leather bar and Noren sushi bar, where Benson's Grocery operated for around 35 years until closing in 2016.
Da Li paid $8 million for the larger parcel in 2020, records show. Together the properties total just over a third of an acre.
Da Li Development USA Vice President Kevin Hsieh said the company is still evaluating options for the parcels. Zoning allows buildings up to 75 feet tall.
The seller in the most recent sale is listed as an LLC named for the Melrose address. The company's governor is Richard Linn, according to online records.
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According to a CBRE offering memo, the commercial real estate services company was "pleased to bring back to market" the development site.
CBRE broker Reed Hunter said in a voice mail that his company ended up not selling the property earlier. "We went to Da Li, but the timing wasn't right for them," he added.
The 2021 memo listed an asking price of $2.9 million, with the higher sales price likely the result of the opportunity to expand the size of the development site.
Da Li is a major developer in Taiwan. Several years ago Da Li Chairman James Hsieh, who is Kevin Hsieh's father, said his company had developed over 100 projects totaling over 50,000 condominium units.
Local employment
| Rank | Prior Rank | Business name (prior rank) |
|---|---|---|
1 | 1 | Pfizer Inc. |
2 | 2 | Bristol Myers Squibb |
3 | 3 | AGC Biologics |
Editor's note: This story has been updated with a comment from CBRE broker Reed Hunter.
Business Journal reporter Joey Thompson contributed to this story.
