Boston-based developer GID Development plans to break ground in March on a 40-story apartment tower at Eighth Avenue and Lenora Street in Seattle’s Denny Triangle, its president says.

The two-story Cosmopolitan Motors building, which has occupied the site since 1925, is being demolished now to make way for the project.

The apartment tower will have 355 units and 3,900 square feet of ground-floor retail space, GID Development President James Linsley said Tuesday.

Previous property owners secured city approval for the apartment tower, and GID bought the 0.35-acre site in October for $13.4 million.

The tower would be just across Westlake Avenue from Amazon.com’s proposed three-high-rise office complex, also slated to break ground next year.

Was that a factor in GID’s timetable? “Certainly,” Linsley said.

More apartments are under construction in Seattle than at any time in at least 20 years.

GID’s tower would be among the tallest of the new projects. Holland Residential broke ground earlier this year on another 40-story building a few blocks away, at Ninth Avenue and Pine Street.

GID Development is part of General Investment & Development Companies.

The parent corporation’s portfolio includes 73 apartment projects in 15 states, including three projects on the Eastside, according to its website.

GID also owns 12 business parks and eight office buildings.

Eric Pryne: epryne@seattletimes.com

or 206-464-2231