Seattle Condo Review: Blog with News & Advice about Seattle Condos

Condo Updates

I've been working OT on a few deals so have a lot of catching up to do for the blog.  Here is some of the latest Seattle condo market news:  

First off, The Schuster Group's proposed project on the corner of Elliott and Cedar St (previously named as Bellora 2 at UrbanCondominiums.com in 2007) is heading for Downtown Design Review Board on June 23rd.  The proposed project will housed 120 condos and may go as high as 14 stories.  The last time I spoke to the developer's office, they were waiting for the market to recover.  Construction may not start for a year or two.  So, it will be a few years before we see this project.  Read more here. 

Madison Tower / Hotel 1000

Madison Tower/ Hotel 1000 was Seattle's first hotel/condo project completed in 2006.  Fourty-seven homes sit above the Hotel from the 15th level to 24th floors.  The building is located between Pioneer Square and Pike Place Market on the corner of 1st Ave and Madison St and occupies a quarter block.

There are five homes on each floor with the exception of the penthouse.  The 00 and 01 floor plans are west facing and offer the most optimum water views. 

00 Floor plan         Two bedroom 1980-3,010 sqft.       NW 

01 Floor Plan         Two bedroom 1,562-3,740 sqf.       SW   

02 Floor plan         Two bedroom 1,444 sqft.               SE 

03 Floor Plan         One bedroom 805 sqft.                   E

04 floor plan          One bedroom  877 sqft.                 NE

Click here for the floor plans.

Feb 1 Seattle Condo Update

Well, it has only been a week since I was gone for my vacation but it seems like a number of condo projects have some news for us.

• Fifteen Twenty-One kicked off their grand opening event with a light show and tour of their model home. There are 11 homes remaining with the lowest price starting at $975,000.     

• Alex in Belltown announced that they are moving ahead in full speed as a condomium project. They will be selling their homes sometime in May. Completion for this condo building is going to be in late spring.  

• Market Street Landing, the condo project replacing the Denny's in Ballard is still under going design review. The 5 and 8 story buildings will house 330 homes. The design review board thinks that the design still needs a little bit of work. Read more here.  

• Equinox has updated their website. The construction progress is on track with windows installed and sheet rock started in the North Building. A model unit will be available for viewing in late March. Homeowners can be expected to move in in June.  

• Trace North is featuring 5 homes under $300k.    

• Ruby will be holding their grand opening on February 7th and 8th (Saturday & Sunday). Prices for their lake view homes start at $329,990 and bridge view homes start from $259,990. The project is also FHA approved. Read more on the hard hat tour.

Related Posts:

Alex Update
Equinox Update
Fifteen Twenty-One Opening Ceremony
Trace North Update
Ruby Condos Update

Olive 8- Green Roof

       

Last week, the Olive 8 hotel / condo installed one of downtown Seattle's largest green roofs. The 8,355 square foot green roof is on the fourth floor podium of the Hyatt at Olive 8 and is comprised of two parts. The first part of the installation was on top of the roof's mechanical system. The second installation was on the podium. Judging from the pictures, it's definitely a nice addition for the building and visually more pleasant than looking at the mechanical systems. I would imagine residents will get more enjoyment out of it if it is accessible from the building and they could pull out some chairs and relax on the roof. Read more on the green roof.

My thoughts on Four Seasons

(Photos from Nyhus Communications, LLC.)

Four Seasons's open house took place on last Thursday. I was curious if the completed project would really live up to the Four Seasons brand and whopping price tags so I decided to check out their open house. I drove up to the entrance and was greeted by courteous hotel staff dressed in finely pressed Four Seasons attire ready to park the car, open the front doors, and provide you with the courtesy they would any hotel guest. 

Olive 8 Update

(A close-up on the blue glass sheets that reflects the city below.)

Oilve 8 announced today that they have reached a new milestone in their construction: their exterior blue-glazed windows are now installed. The blue glass canopy is one of the several elements in architect Richard Gluckman's unique exterior design.

According to the marketers, "These ten-foot sheets of deep blue blend seamlessly into the (sometimes) blue sky above and in the evening – with the help of a continuous strip of up-lighting – will glow cool blue."   

Four Seasons Update

The exclusive high-end condos in the Four Seasons are scheduled for completion end of October this year. Twenty five of the thirty six homes are sold since they started marketing two years ago.  I took a hard hat tour yesterday and the weather was pretty damp. The pictures didn't turn out quite as what I wanted them but I've posted them nonetheless.

When asked about the thought that goes behind the architectural design, Molly Gleason, the sales manager pointed out that the architects wanted a more subtle design for the building that expressed a northwestern and natural feel that would blend in with the downtown neighborhood. They did not want a pop out design for the building. The interior of the hotel also uses earthy colored slate stones and marble. You can see that same northwestern, earthy feel extended throughout other parts of the hotel as well.

Seattle Condo Construction Update

A number of projects are either on hold or delayed -- while most are coming later, some of them will be bigger than originally planned when they do arrive. If you have been keeping your eyes on new construction, here are some updates:

AVA: Hotel/condo on 8th and Pine was originally scheduled to break ground in late 2007 but have delayed construction. They have received their Master Use permit and are in the final design process.  They are waiting for the final building permits from the City of Seattle which they expect to be around the end of this month. AVA will probably break ground in spring 2009 with estimated completion around 2011/2012. The sales center is opened by appointment only at 720 Olive Way. Read more on AVA.

1 Hotel Residences- Starwood has acquired 100% on the development site and is working on revising its design.  The sales center will be closed until early next year when they announce their new vision. Due to changes within the commercial guideline, City Suites may not be offered.

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Heron and Pagoda: Plans for this twin tower, 43 story building will be delayed. Ground breaking was initially set for next year but the developer is now seeking partners for the project and also waiting for the market to turn around. Read more on Heron and Pagoda.

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1915 2nd: Intracorp, the developer for 1951 2nd Ave is filing for a new application to go higher. The initial permit allows for a 240 foot building but they feel that it makes more sense to go taller. The new application calls for up to 400 feet. If approved, the new plan will house 432 condominium units. Read more on 1951 2nd Ave.

1 Hotel or None Hotel?

1 Hotel recently announced (news) that Portland developer, Paul Brenneke has sold his interest in the project to its partner, Starwood Capitol Group.  With 100% ownership in the development site, Starwood is working on revising the project.  Construction will be on hold and the sales center will be closed until early next year when they will announce their new vision.

This project seems to be taking years to develop.  Just a few months ago, we heard they were reducing the number of City Suites in the building.  Now, they are going to have another round of redesigns.  It looks like the City Suites may not even be offered -- partly due to changes within the commercial guidelines.  Frankly, I wonder how many current home buyers will stay with this project after this announcement.  Assuming some of them have a longer purchasing time frame, certain home buyers may welcome the delay.  For other who have been waiting to see some progress on the development, this may be testing their patience. 

Either way, Starwood will also face the challenge of coming up with a blow away idea to retain current purchasers and other home buyers waiting on the fence on this project and at the same time competing with other projects that are beginning construction soon in the downtown and Belltown areas.                      .

AVA Update

AVA, a downtown hotel/condo project, has received their Master Use Development Permit and is anticipating construction to commerce this fall. The sales center, located at the corner of Olive Way and 8th Ave, will be open to homebuyers by appointment only beginning next month. A large scale model of the tower, interior model vignettes of the kitchen and bathroom, final floor plans, views, finishes and other exhibits will be available for homebuyers to preview as well. To make a reservation, a $10,000 refundable deposit will be required. The reservations provide homebuyers the first right of opportunity to purchase the home within a provided price range. If you are interested in my opinion on this project, check out my previous review here.

Previous Posts

8th and Pine
AVA Condos

-Wendy

1 Hotel Residences Redesign

Several projects in the Belltown and downtown area are either on hold or converted to apartments. 1 Hotel Residences on the other hand is undergoing a redesign. The proposed redesign will eliminate 132 of the project's 176 individually owned condo-hotel suites. They will be replaced with 192 smaller, conventional hotel rooms (level 9th-14th). The heavily marketed City suites units will be located on the 15th and 16th level. The residential condominium units on the higher floors will not be affected. Read more.

-Wendy

1913 Fifth Ave: Billion Dollar "Out There" Hotel Condo

It seems like yesterday that the hotel-condo concepts imported from more trend-setting condo cities were still testing the waters here in Seattle.  Based on the new 1.2M square foot project set to break ground next year, it would appear hotel condos are here to stay.

Some highlights from this new project:

• *Located across from Westin (current residents include the Icon Grill and Avis)
• *High-end hotel (185-200 rooms), retail, office, and 22 floors of condos (400-500 condos)

*Twin, 43 story towers (North Tower-Pagoda, South Tower-Heron)

*Wind and solar will provide 7% of the building's electricity

*7 underground floors of parking

*Design that says Seattle looks not toward Vancouver but toward Chicago and New York.  (Personally, I find it a lot to take in and a bit Robocop as far as first impressions goes but that may be due to the lack of color in the rendering.)

The project is still in the early design guidance phase. Additional information will be presented, and public comments taken, at 7 p.m. Tuesday in Room L280 at City Hall.

More info from the PI article here.

-Wendy

Seattle's Best Looking New project

Fifteen Twenty One               Escala                             AVA

        1 Hotel                        Olive 8                      Four Seasons

 

AVA Sneak Preview Event

Recently, there has been alot of buzz about hotel/condo projects, the most recent project is AVA. AVA had their sneak preview sessions last week. The events were so well received that they are scheduling the 2nd series of sneak preview events for Oct 2nd, 3rd and 4th.

During the events, an hour of presentation was given by Blaine Weber, Principal architect for Weber + Thompson. Among a number of other things, Blaine talked about the location of AVA relative to the neighborhood buildings.

• To the north side of AVA is a high end apartment building, Olivian Tower currently under construction.
• Across the street from AVA is Olive 8, another luxury hotel/condo project scheduled for completion in late 2008 -- about the same height as AVA.
• To the east of AVA is a historic building, the Camlin Hotel.

With the transit terminal right below the huge lot to the east, they are unlikely to obstruct the views of AVA's east-facing units.