Still remember The Sanctuary in Capitol Hill? It's a conversion project from the First Church of Christ the Scientist building to a 12-unit multi-level townhome. The developer had defaulted on the construction loan back in August 2010 and construction and marketing was on hold for more than a year. The loan has been acquired by a new lender, PathFinder Pollin Sanctuary Holdings, LLC.
The Sanctuary will be available for sale through a receivership. The Court has appointed Resource Transition Consultants, LLC to oversee the completion of the construction and sales of the homes.
Prices for these homes are expected to be up to 40% lower than the original prices. The townhomes range from 1,278-2,438 square feet and will start at below $600,000. In additional to that, homeowners can expect a 10-year property tax abatement, with a special assessment designation for historic structure. Units will be available for purchase by late summer once RTC finalizes on all the details (finish specifications, pricing, HOA budget, Public Offering Statement, etc.).
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By Wendy Leung with Seattle Condo Review. A guide to Seattle condos exclusively for buyers and sellers.