Gemdale USA to Develop Its First High-Rise Apartment Project in Seattle’s Dynamic South Lake Union Neighborhood

Seattle, Washington (July 1, 2019)

Gemdale USA Corporation, an affiliate of Gemdale Properties & Investments, announced the acquisition of 222 and 228 Dexter Avenue North, an 18,000 square foot site in Seattle’s South Lake Union neighborhood, where it is planning a 31-story, 341 unit apartment tower. The tower, which marks Gemdale USA’s first project in the Seattle market, will address the growing demand for housing in South Lake Union created by the growth of prominent firms such as Amazon, Google, Facebook and Apple. The project site is located one block from Denny Park, the city’s oldest downtown park, blocks from Amazon’s world headquarters, and a short walk from Seattle Center, the city’s premiere cultural hub that includes the Space Needle, MoPop and major performing arts venues.

Designed by Hewitt Architects, the tower embraces a unique facade expression that opens up views towards the street and sky from inside the building through its shifting angled glass. At the podium level, a simplified, restrained expression responds to the immediate context of the neighborhood of low and mid-rise commercial and residential uses. Led by PJ Santos and Evan Kaseguma, Gemdale’s Seattle office is pursuing entitlements and is targeting groundbreaking in early 2021.

Jason Zhu, Chairman of Gemdale USA, stated “We are excited to enter the Seattle market and look forward to developing our first project in this distinctive location. South Lake Union is one of the country’s most dynamic submarkets, and we look forward to adding this world-class project to the Seattle skyline.”

About Gemdale Properties & Investments

Gemdale Properties & Investments, a subsidiary of Gemdale Corporation, is listed on the Hong Kong Stock Exchange (535.HK) and is principally engaged in residential, commercial and business park investment, development and management. Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. In the United States, Gemdale USA is a real estate investment and development company headquartered in Pasadena, California, with additional offices in New York City, San Francisco, Boston, Seattle, and Dallas. Gemdale USA develops commercial, multifamily rental and mixed-use projects. The Gemdale USA executive management team has extensive experiences in U.S. real estate development, acquisition, project management, asset management, and real estate sales and marketing.

Gemdale USA’s debut projects in the United States, 350 Bush Street and 500 Pine Street in San Francisco, developed in conjunction with Lincoln Property Company, were awarded Project of the Year by the San Francisco Business Times in 2018 and 2019, respectively.