The genesis of Pine Street Group was Pine Street Associates L.L.C. (PSA), formed in 1994 to redevelop three downtown Seattle blocks encompassing nearly two million gross square feet. The total $500 million project involved:

• Renovation by Nordstrom of the former Frederick & Nelson department store into its new flagship store and headquarters offices (opened 1998);
• Development of Pacific Place, including a 1,200-car below-grade garage owned by the City of Seattle (opened 1998); and,
• Redevelopment of Nordstrom's former downtown store (opened 1999) and the neighboring Seaboard Building (opened 2001) into retail, offices and residential condominiums. The buildings had housed Nordstrom's store and corporate offices and Nordstrom traded them for the Frederick & Nelson building.