Wendy Leung's Seattle Condo Blog

The Florentine- Pioneer Square Condo

 

The Florentine Condominium is a historic building located on the south edge of Pioneer Square on 526 1st Ave South.  It was built in 1909 and converted from a warehouse into 116 condos in 1990. 

During the conversion, an additional floor was built on top of this four story building as the penthouse homes (2 level townhomes).  Some might like to call it a loft style home.  Floor plans go from one bedroom, one bathroom to two bedroom penthouses.

One Bedroom plus den & Two bedroom     1,036-1,644 sq ft

Penthouse Homes                                 1,253-2,106 sq ft

Future Pipeline for Downtown Projects Slows to a Trickle

There was a good article in the Seattle Times today about how after the existing projects get finished, there's unlikely to be many more commenced for a few years. Aside from the obvious concerns about credit and demand, I actually find these stories partially heartening since the last thing we need is any more inventory on the market.

"Brokers and developers agree that few, if any, proposed office buildings will start construction soon. So many condo projects in downtown Seattle's core have been postponed that there could be nothing new on the market until 2012 once the crop now under construction is completed next year."

Full Article

Stadium Lofts Update

The redesign of Stadium Lofts is causing the project to take longer to complete.  The developer, Nitze-Stagen, and preservation group, Historic Seattle, had initially proposed the stadium Lofts project to be a two-story building. The new plans calls for four additional stories with 70-80 lofts and flat above retail space. This will bring the condo height to approximately 100 feet. A new developer, Maria Barrientos, will be leading the project, although Nitze-Stagen and Historic Seattle will remain involved.

They are currently getting final approval from the city for the new design. One of the major focus areas of the redesign will be to provide parking for more of the homes by rearranging and/or eliminating some of the first floor units. A focus group will be held in May to get a better idea of what sort of finish packages and design elements they will use going forward. The sales center is likely to open either late 2008 or early 2009. Based on the current schedule, the building will be ready early to mid 2010.

Previous Posts:

Stadium Lofts
Stadium Lofts update
Stadium Lofts- Coming soon

-Wendy

Have you seen this yet? 121 Jackson Conversion

121 Jackson, a conversion project set in Pioneer Square started selling last year. The previous 7 unit apartment building was converted into 6 two story condos with two apartment units combined as a large loft. 1 bedroom's start in the mid $500,000's with the largest unit priced at $1.25M. The units range from 627 square feet to a spacious 1,776 square feet.

             One bedroom                            Two bedroom loft

Built in 1902, the building has gone through extensive remodeling including rebuilding the wall on the south side of the building and a complete retrofit for earthquakes. I had the chance to check it out last weekend and here are a few unique features that stood out to me:

1. Interior of the units feature exposed brick and wood beams with more contemporary finshes. A touch of the old meets new feel.
2. With the exception of the studio, the remaining units have its own private deck right off the bedroom. There is no water view but you are getting city views of brick buildings.
3. Instead of engineered hardwood floors, real hardwood floors are installed along with a gas fireplace.
4. If you are wondering about the systems of the building, the developer has updated the plumbing, electrical systems and ducting.

This is probably one of the nicest conversions in Pioneer Square. If you are not looking for the more plentiful highrise concrete condos with soaring windows and want something with a little bit more personality, 121 Jackson may be a good alternative.

-Wendy            

The Invisible Hand Continues to Adjust Supply

Some folks look at the news regarding Expo62 and the downsized Smith Tower project as reason for panic.  For more on the Smith Tower updated plan, here's the Seattle Times article.  In reality, developers' reduction of future supply is a textbook example of the market adjusting and balancing against demand and great news for owners/sellers (not so great for buyers in the short term).  Kudos to the Intracorp and Walton Street for course correcting and thanks to Adam Smith (pictured to the left) for helping us see the forest from the trees. 

Looking back at history and recent events elsewhere in the country and world, some cities aren't able to throttle supply as nimbly and end up flooding already soft markets and in extreme cases, leaving some areas littered with stationery cranes and unfinished projects.  So far, it seems like Seattle developers are tapping the breaks and going after the much stronger apartment rental market.  This will still impact condo prices since this will reduce rental income capacity but much preferable to adding new condo inventory. 

-Wendy

Where in Seattle will the investor money go in 2008?

Seattle Condo News

The Smith Tower just got approval from the Pioneer Square Preservation board. The developer will continue to work with Seattle's Department of Planning and Development as well as the Landmarks Board and Pioneer Square Preservation Board on proposed architectural changes. Read more.

Another update -- this time in West Seattle.  While Ballard neighborhood has been getting building permits issued by the Seattle Department of Planning and Development for new resident units, Dupre and Scott has reported that there has been 412 apartment to condo conversions occuring over the last 18 months in West Seattle. Close to 1,000 permits for new residential units have also been issued in this neighborhood. Read more.

-About Wendy

Stadium Lofts

While the owners of Smith Tower are waiting for the Pioneer Square Preservation board approval, Stadium Lofts got their approval Last November.

Now the developer is going even further, instead of adding 3 levels, they are requesting an additional level on top of this historic building. If approved, 16 units will be added to the already approved 69 units. Read more.

Previous post on Stadium Lofts

-About Wendy

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Smith Tower

The City of Seattle has approved the conversion of the Smith Tower from an office building to a condo. However, the developer still has to get another approval from the Pioneer Square Preservation Board. Read more.

Previous post on Smith Tower

(Update 03/30/08-There are plans to convert only the top 12 floors (from 22-33) to condominiums with one unit per floor, roughly 2,000 sq ft each. Floors 2 through 21 would remain office space. Read more here.)

-About Wendy

Technorati Tags: Smith Tower, Downtown conversion, Seattle condos, Seattle conversion, Downtown Seattle condos, Seattle Downtown condos, Seatle Real Estate, Pioneer Square condos

Pioneer Square condo - The Nord

The Nord

With a limited supply and a central location in Pioneer Square, the Nord apartment conversion is about to go on the market. Located within easy walking distance of the ball parks and downtown, the new condos will be surrounded by food and entertainment options (as well as some potentially salty characters but some would argue this is part of Pioneer square charm).

Smith Tower converting to Condos?

There's been a lot of talk about the potential Smith Tower conversion.  For those who are not familiar, the Smith Tower is probably one of the most historic buildings in Seattle and one of the first skyscrapers in the world. 

Thus far, the tower has been used for offices but there's intriguing discussion about the owner of the building, Walton Street Capital, exploring a "residential use for Smith Tower."  Given the difference in layout, plumbing, heating, etc. between office space and condominium units, seems like a pretty major effort.  On the other hand, the history, views, and location will be quite a unique combination. 

(Update 03/30/08-There are plans to convert only the top 12 floors (from 22-33) to condominiums with one unit per floor, roughly 2,000 sq ft each. Floors 2 through 21 would remain office space. Read more here.)

Some good info for those interested:

Detailed article about the potential conversion

Pictures of Top of the Tower existing residential unit (currently the only residence in the tower and previously, a 10,000 gallon water tank).

Fun facts about Smith Tower construction

Smith Tower history

Short article on potential conversion

-Wendy

Technorati Tags: Smith Tower, Downtown conversion, Seattle condos, Seattle conversion, Downtown Seattle condos, Seattle Downtown condos

Stadium Lofts update

Built in the aftermath of the Great Fire of Seattle in 1905, the former Seattle Plumbing Company Warehouse serves as the foundation for the Stadium Lofts project.  Located at the intersection of Pioneer Square, Sodo and the International District, the new project aims to preserve the original historic character of the neighborhood. 

The original brick façade of building will be preserved while at the same time incorporating visually distinct elements of the expansion, the Trace Lofts conversion in Capitol Hill is a similar project. 69 loft units will be built above the former warehouse, with three live/work loft spaces on the ground floor along with a bistro.   

Stadium Lofts is slated to be completed in 2008 and many of the units will include private terraces or balconies. Units will also include exposed brick, wood windows in the historic portion and large metal sliding energy efficient windows in the new portions of the building.

Common features include 16’10’ exposed wood ceilings with heavy fir beams, two story windows, environmentally-friendly cork flooring, stainless steel gas cooktops, mobile steel kitchen islands and stone kitchen countertops.

In addition, occupants will have access to a common landscaped community courtyard, as well as a fourth floor intimate garden terrace. Limited pre-sales will start in the spring of this year with the sales center opening in the winter of 2008. Prices are expected to range from high $200,000 to $700,000.

Previous post.

-Wendy

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Stadium Lofts Site Launches

Thanks for the heads up from SCR reader, Paul, who just left a comment in my original Stadium Lofts post. 

The folks at Stadium Lofts just launched their new site choc full of info.  According to Paul, the prices will be "much higher" than expected.  If anyone can confirm, that would be great.  I'll do a more detailed post on the project soon.

www.liveatstadiumlofts.com

-Wendy

Stadium Lofts- Coming soon

         

Before                                             After

Looking for an authentic loft? The new addition at the edge of Pioneer Square, SoDo and International district is Stadium lofts which is going to be constructed over a 1905 historic warehouse. The sales center will open in January 2007. This authentic loft will feature open spaces, heavy timber ceilings, stainless steel appliances, natural stone and full tile bathrooms.

Prices

High $200,000 to $700,000
490-1,490 square feet.

Pros

-Neighborhood is not as saturated as Belltown
-Close to the Stadium which will appeal to sports fan
-One of a kind unique new lofts

Cons

-Building is next to 99 highway ramp
-Stadium traffic
-Neighborhood still evolving

Pioneer Square is Seattle’s oldest neighborhood and this is an area where you will find a  number of Romanesque Revival style buildings characterized by their round arches over windows, entry ways and window openings with stone or brick façades. Many were built after the Great Fire. It is also a place where artists, street people and dot.com entrepreneurs mix in the café and clubs. Some of the authentic lofts or work/live lofts can be found in this historic area. Here are a few that were built around the early 1900’s

80 South Jackson St Condos
4 story condo with 27 units
Built 1900

 

Merrill Place (97 South Jackson St)
5 story condo with 16 units
Built 1905

   

Traveler's/Post Mews (611 Post Ave)
3 Story condo with 8 units (Work/live lofts)
Built 1913

Florentine (526 1st Ave S )
5 story condo with 116 units
Built 1909

Our Home Hotel (75 S Main St)
4 story condo with 17 units
Built 1892

 

The Lofts (210 3rd Ave)
5 story condo with 17 units (work/live lofts)
Built 1904

Latest update on Stadium Lofts.

-Wendy

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