MacNaughton and Quarterra Break Ground on Seattle’s Largest Multifamily Project Since 2020

Seattle, WA — MacNaughton, in partnership with Quarterra, officially broke ground this week on a transformative mixed-use community near University Village. The project, located at 3020 NE 45th Street, will deliver 796 residences, 26,000 square feet of retail and commercial space, and extensive resident amenities across three connected mid-rise buildings.

Designed by Encore Architects, the 944,700-square-foot development is being hailed as the largest multifamily project to break ground in Seattle since 2020. Seattle Mayor Bruce Harrell and City Council President Sara Nelson joined project leaders to commemorate the milestone.

Construction is expected to generate 300 to 400 jobs, with Compass Construction serving as the general contractor. The development will also advance the city’s housing goals, with approximately 26% of units reserved as affordable housing through Seattle’s Mandatory Housing Affordability program and the multifamily property tax exemption program.

For MacNaughton, a Hawai‘i-based, family-run investor and developer, the project represents both scale and purpose. “This community is designed to bring new housing, retail, and lifestyle amenities to one of Seattle’s most vibrant and evolving neighborhoods,” said Ian MacNaughton, CEO and Principal of MacNaughton. “We’re honored to contribute to the city’s growth and to partner with global investment leaders on a project of this magnitude.”

The effort also includes investment partners from Japan — Nomura Real Estate Development Co., Ltd., Keihanshin Building Co., Ltd., and Kintetsu Real Estate Co., Ltd. — underscoring the project’s international significance and long-term vision.

The development will feature structured parking with EV charging, extensive bike storage, and resident amenities such as a pool, gym, cinema, club room, and dog spa. Completion is slated for late 2028.

This marks MacNaughton’s second major investment in the Seattle market, following the 2021 acquisition and rebranding of the Keelson apartments in Ballard, now known as The Elinor.

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