Providence’s Swedish hospital has quietly moved a compact but strategically located slice of its First Hill campus onto the open market, creating a rare in-fill redevelopment shot just uphill from downtown Seattle. The block, made up of older low-rise buildings and a small active office footprint, runs roughly 30,000 to 31,000 square feet and sits in an area where hospital expansion ideas have circled new construction for years. Brokerage firm CBRE is marketing the site, which sits inside the campus major-institution overlay and is zoned to allow high-rise construction.
As first reported Tuesday by the Puget Sound Business Journal, Providence Swedish has listed a roughly 31,000 square foot redevelopment site at its First Hill campus. The Business Journal characterized the move as a redevelopment play rather than a direct, immediate push to add clinical space.
What’s for sale and where
The Seattle Daily Journal of Commerce reports that the parcel totals about 30,720 square feet and occupies a trapezoidal block at 1401 Madison St, bracketed by Broadway and the First Hill streetcar tracks. The DJC notes that CBRE has brought the block to market unpriced and that two south buildings on the site are currently vacant. Because the property sits inside the Swedish major-institution overlay, the site carries high-rise allowances that could support a tower of roughly 200 feet.
How the sale fits into Swedish’s campus plan
At the same time, Swedish is pressing ahead with a large North Tower project, a roughly 750,000 square foot inpatient tower that is expected to significantly increase capacity on the First Hill campus. Perkins&Will and Swedish planning materials outline how that tower fits into the long-range campus plan. The listing also lands while Providence-affiliated operations are reported to be under financial pressure this year, a dynamic the Puget Sound Business Journal flags as part of the backdrop for the sale.
What developers will see
For builders sizing up the site, the mix of First Hill location and high-rise zoning puts multifamily near the top of the likely outcomes, though office use is also in the conversation in market notes. The DJC identifies the CBRE brokers leading the marketing effort and points out that the block includes an active family-medicine office plus two vacant structures that could be cleared for new development. Given how tight Seattle’s project pipeline is right now, the parcel could catch interest for a residential tower or a mixed-use project that plugs into Swedish’s broader campus footprint.
Timeline and what to watch
For now, the marketing period is the main show. Watch for an offer deadline, permit filings and any demolition applications that would clear the block for new construction. Swedish’s public materials place the adjacent North Tower on a schedule that runs toward completion in 2027, and whether this parcel ends up folded into that work or sold off as a separate play will shape how fast the block and the immediate neighborhood change. City permitting records and listing updates from CBRE will be the early tells on pricing and next steps.
