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Based on the $11.75 million price tag the company paid last September, Security Properties‘ plans for Block 136 were bound to be big. Now, the first inkling of just how big has finally surfaced.

Earlier this month, the Seattle-based developer submitted conceptual plans to the Bureau of Development Services for a two-building, mixed-use development on the block bound by Northwest Kearney and Johnson streets, and 12^th and 13^th avenues. The block is currently home to the Pacific Northwest College of Art, which plans to relocate to the 511 Federal Building later this year.

Security’s redevelopment plans would construct a 15-story residential tower with approximately 220 units along the east end of the block; on the west end would be a five-story building with retail on the ground floor and office or residential space above.

As envisioned, the two buildings would straddle a central courtyard that runs the length of the property from Northwest Kearney to Johnson Street. An early scheme for the ground floor of the low-rise pictures an open market environment, while the ground floor of the high-rise would house residential amenities and live-work space.

The developer has penciled in two floors of below-grade parking, as well as a sub-grade area for bike parking. The cost of the project, according to the application the developer submitted to the city, is approximately $72 million.

Seattle-based architecture firm Mithun submitted the plans on behalf of Security Properties. Security Properties could not be reached immediately for comment.