Holland Residential has plans to build a 40 story Apartment building on 9th & Pine across from the Paramount theatre. Currently a parking lot, plans for construction are set to begin this spring, as the tallest building in Seattle's Apartment construction boom. Holland has signed a contract to buy the lot from Seattle-Based Security Properties, a major property owner and developer in the Seattle area. Seattle has plans to build more apartment properties this year than anytime over the past 2 decades. 
When Security put the site up for sale last year, rent still hadn't risen enough to cover the cost needed for construction & renovation for a high-rise. Today, the site is considered a hot commodity, and will hold great long term real estate value. The apartments will be a short distance from the downtown shops and offices, as well as the Washington State Convention Center and transit tunnel. Holland Residential is planning to revise Security's construction plans to increase the current number of units, decrease the parking spaces, and make room for bicycle parking and less ground floor retail. Holland also has 3 other building projects lined up in South Lake Union, including over 300 apartment units.