Create World Group has bought the site for $17.1 million.

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A Chinese company has bought property a block from Pike Place Market and plans to build a high-rise residential tower there.

Hong Kong-based Create World Group, a construction management firm that broke ground last year on a large apartment building in downtown Bellevue, bought the site for $17.1 million from Principal Real Estate Investors. Kidder Mathews, which brokered the sale, announced the plans Friday.

The 8,748-square-foot site at 1613 2nd Ave. in Seattle could turn into either apartments or condos. The previous owner had already applied to build a residential high-rise two years ago.

Correction: The original post had an incorrect spelling for the firm that brokered the sale. It is Kidder Mathews, not Matthews.