Downtown Seattle condos Feed

The Emerald Condominiums Are Getting Ready to Start Sales

 



The Emerald Condominiums in Downtown Seattle now has a Sales Center and will be scheduling private appointments starting February 23rd where potential buyers will be able to enter into a Purchase and Sale contract on any of the available first release condominium homes. If you would like to schedule a private appointment at the Emerald before the building opens to the general public, let us know and we are happy to help get that booked for you!

After visiting their Sales Center this week here is some updated information on The Emerald-

Basics:

  • 265 units
  • 39 stories
  • Targeting LEED Silver

Starting Prices & Square Footage Ranges:

  • City Homes - floors 4 to 16
    • Studio: 569-595 sf starting from $499,000
    • 1 bed 1 bath: 579-791 sf starting from $695,000
    • 2 bed 1 bath: 983-1,083 sf starting from $749,000
  • Panoramic Homes - floors 17 to 33
    • 1 bed 1 bath: 770-951 sf starting from $1,029,000
    • 2 bed 2 bath: 1,041-1,189 sf starting from $1,499,000
  • Penthouses - floors 34 to 38
    • 2 bed: 1,139-1,601 sf pricing available upon request
    • 3 bed: 1,455-1,770 sf pricing available upon request

Amenities:

  • Amenities are on floors 3 and 39
  • 24 hour concierge and package room on lobby level
  • 39th (top) floor amenities-
    • 2 outdoor terraces with grills, TVs and fire pits
    • 2 party rooms - the Olympic room has 20ft ceilings facing west and the City View room
  • 3rd floor amenities-
    • Outdoor dog run and dog wash spa area
    • Gym
    • Guest suite ~ $125 to $150 a night
    • Terrace

Location and Lot:

  • Purchased air rights above the Broad Acre building to the south
  • Building to west is 12 stories high so if you purchase above floor 12, you will see over the building to the west
  • From the alley to the west, the current zoning height limit is 85 feet  and slopes down to the water so it is less likely that the views would be blocked
  • Building is set at an angle so that units on the southeast side are slanted to look between the Helios apartment building and 1521 Condominiums and then angled back so that the units on the southwest side have water views

Floorplates and Floorplans:

  • Lobby entrance on Stewart Street
  • 2 retail spaces on main level
  • Floors 4 to 16 are the City collection - 8 units per floor
    • 1 unit is a Studio
    • 5 units are one bedrooms
    • 2 units are two bedroom 1 baths
    • Only city homes have outdoor space (not all)
  • Floors 17 to 33 are the Panoramic collection - 8 units per floor
    • 6 are one bedrooms
    • 2 are two bedroom 2 baths
    • Many units have dens
  • Floors 34 to 38 are the Penthouse collection - 5 units per floor
    • 2 and 3 bedroom units

Parking:

  • Parking accessed via the alley off Stewart Street
  • 5 levels of underground parking
  • 64 parking spaces total
  • All 24 penthouses get parking and then only 2 bedroom units will have the option to buy 1 space for $100,000
  • Studio and 1 bedroom units have no option for parking
  • Car share in the garage will be Envoy  - they are planning to have 2 Teslas, an S and an X model (still confirming)

Standard Features and Options:

  • Central heat and air conditioning
  • White oak wide plank flooring in all units
  • Walnut cabinets by Kuhlmann in all units
  • Bosch appliances in City and Panoramic homes
  • Miele appliances in Penthouse homes
  • Panelized refrigerator and dishwasher
  • Gas cooktop
  • Quartz countertops in choice of grey with white veining or white grey veining for City and Panoramic homes; Penthouses have natural stone countertops
  • City and Panoramic collections have the same finishes and Penthouses have upgraded finishes
  • City homes have 9' ceilings, Panoramic homes have 9'4" ceilings and penthouse homes have 10'5" ceilings
  • Owners can download app to control lights and Latch keyless entry system
  • Optional upgrades: window treatments, glass shower enclosure and closet organizers

HOA Dues:

  • 88 cents per foot for HOA Dues

Other:

  • LID tax passed on to home owners
  • Storage units - not one to one and will be an additional cost
  • Only a few units have decks and all are in the City collection
  • Investor concentration limited to 40% on Developer sales but there is no rental cap and rentals must be longer than 6 month in term

Sales:

  • First release will start Saturday Feb 23rd with a limited number of homes available for purchase by private appointment only - specific pricing will be released that day
  • Straight to Purchase and Sale Contract, no reservations
  • 5% earnest money deposit
  • Pre-approval with approved lender or proof of funds

Completion:

  • Summer 2020 completion

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Floorplans Released for The Emerald Condominiums in Seattle

EmeraldThe Emerald Condominiums in Downtown Seattle, located at 121 Stewart St, has released floorplans and views. They plan to begin sales in early 2019.

Basic Details:

  • 40 story tower
  • Studios on floors 4-16: range from 569-675 square feet
  • 1 bedrooms on floors 4-16: range from 579-791 square feet
  • 1 bedrooms (some with dens) on floors 17-33: range from 771-957 square feet
  • 2 bedroom with one bath on floors 4-16: range from 897-1,128 square feet
  • 2 bedroom 2 bathroom (some with dens) on floors 17-33: range from 1,041-1,189 square feet
  • Penthouse levels are from floor 34-38 and those floorplans were not released
  • One block from Pike Place Market
  • Many units have panoramic vies of Elliott Bay, mountains and/or the city

Amenities:

  • Full-floor rooftop amenity space with indoor/outdoor lounge
  • Media room with catering kitchen
  • Outdoor firepits, dining tables and grills
  • Guest suite
  • Fitness center with open-air terrace
  • Yoga studio
  • Lobby entrance
  • Electric vehicle charging stations
  • Outdoor pet run and spa
  • On-demand luxury electronic vehicle carshare

Finishes:

  • Floor to ceiling windows
  • Operable triple pane windows
  • Wide-plank European white oak hardwood flooring
  • Wood cabinetry in kitchen and bath(s)
  • Quartz countertops and backsplash in kitchen and bath(s)
  • Bosch stainless appliances - dishwasher and refrigerator with panelized door, gas cooktop
  • Kohler kitchen faucet
  • Chrome bath and shower fixtures
  • TOTO toilet with soft close seat
  • In-unit washer and dryers

Observations:

  • Most units do not have individual outdoor spaces - 2 stacks of units have decks on floors 4-13, only 1 stack of units have  a deck on floors 14-16 and there are no decks above floor 16
  • All of the kitchens are in-line style kitchens (no islands)
  • Most units have walk-in closets
  • No units have powder rooms so you either have one bath or two baths

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Design for Chromer Building Condominium Tower Released

ChromerThe new condominium tower, that we mentioned in a blog post in August, that will be constructed in Downtown Seattle where the Chromer building now stands at 1516 2nd Avenue has released its preliminary design.

Architect Julia Nagele of Hewitt Seattle is designing the building and has described her sketch of the building design as "a mom holding the hand of a child". There will be a 484 foot tall building, or the "mama" tower and a "baby" tower that will be a third as tall. Having two towers will allow for light and air to stream through the towers and create a transition between the shorter buildings on the block and the skyscraper.

This project will contain 540 condo units (previously stated as 498 units) ranging in size and price to appeal to the most amount of potential buyers.  There will only be 310 parking spaces.

Construction is set to begin in a year and a half.

Rendering by Hewitt

By Marco Kronen with Seattle Condo Review: A guide to Seattle condos.


Unique Condo Offering Coming Soon to Downtown Seattle - First Light by Westbank

KK091_0017778_VIEW_04It’s not often I truly get excited about a condominium project that is coming down the pipeline, but after a recent trip to Vancouver to personally meet the developer, Ian Gilespi of Wesbank, and hear his story, learn his philosophies on development, and discover the visions he has for our condominium market here in Seattle and how Westbank would like to fit into that, this feels different and very unique to me. I also had the opportunity on to tour current and past projects of Westbank’s in Vancouver, such as Vancouver House, Shanghai-La Hotel and Residence, and community changing Woodword's.  I am looking very much forward to First Light based on what I saw and experienced.

Why? Well, I am really looking forward to something innovative, fresh, with high design that will truly raise the bar here in Seattle. Living in our condo in South Lake Union now and in our Belltown condo in the past, I feel our developers have been building a lot of the same type of thing over the years, and I’m excited for a condo developer that hopes to have an impact not only on our local condo market, but also positively impact the way we live in our condos, have an impact on the community, and inspire others. I think First Light will be just that condominium community.

As the developer rolls out new information and announces the sales process to the public in the coming weeks, I want to start to get the word out to our clients, both past and present, so that you can decide if this might be a condominium community you could possibly see yourself being a part of.  So read on, and let’s set up time to connect so we can get you in a position to set up a private session.

What Makes Westbank Different?

In this first post about First Light, I’m going to skip talking specifically about the building itself, the unit sizes, the potential price points, layouts, etc. and will instead highlight some of the things about Westbank and this condominium project that I feel are unique, iconic and worth considering for my clients, and who knows, maybe even possibly for Loren and I.  I will focus on each of these in more detail in upcoming blog posts.

  • Bettering the Community They Develop Within

Each and every project incorporates a way to truly improve or help make the local community better.  And I’m not just talking about giving money to affordable housing, which all developers are basically required to do, but going further and actually investing money and resources in the very neighborhood they are developing within. Westbank recently announced they will be working with Food Life Line as their chosen charity and will contribute money from each and every sale at First Light. In addition, at the event I attended this past week, they announced a large $10,000 donation to Food Life Line, to get things started. Chefs Tom Douglas and Thierry Rautureau, who both sit or have sat on the board at Food Life Line and attended the event, said this would contribute to 40,000 meals here in Seattle.  

  • Art/Culture, Music, and High Design are Requirements of Westbank’s Projects

For Westbank, the condo project has to be more than just a building with condo units and some building amenities, and ground floor retail. I appreciate how they intentionally work to ensure that art, culture and high design that inspires are required elements of their projects. I encourage you to do your own research and look at the works of the Architect, James Cheng, and local glass artist John Hogan, who will be creating several elements that will be a part of First Light. 

  • Development that is Diverse and Commitment to Specific Markets Long Term

This is one thing I’m really focused on when I make recommendations to my buyers and when I consider buying for myself.  Is the developer committed to the local market, or they building a “one and done” building. Westbank maintains long term ownership and involvement of their buildings. While most developers build and sell off the retails spaces, Ian likes to maintain ownership and have Westbank manage the retail and office spaces in their buildings. First Light is not the only building they are constructing, in fact Westbank has already broken ground on another multi-family development in Seattle, 1200 Stewart, and the Frye Building on First Hill is soon to come as well. Both are likely to be rental apartments and each incredibly unique and inspiring on their own. And there is more to come, as Ian made mention that he is looking to be developing in Seattle for at least the next decade and beyond. Westbank has chosen Vancouver, Toronto, Tokyo, and Seattle for markets that they are committed to and will focus on.

This is just the tip of the iceberg on information I have about First Light and more information will be announced in the coming weeks by Westbank and their sales team, and I look forward to sharing more about the specifics of the building, and having just received the floor plans, I’m excited to share my favorites with you!

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Westbank's Skyscraper at 2000 3rd Ave Will Be Condos Called First Light

Westbank's skyscraper at 2000 3rd Ave in Seattle will be new condos called First LightThe 500 foot skyscraper planned for 2000 3rd Ave will be built as condominiums according to the project developer, Westbank of Vancouver, British Columbia.

The lot is currently a surface parking lot and a sales center pavilion is being constructed on the site at this time.

Some of the buildings proposed highlights:

  • 459 condominium units
  • Cantilevered rooftop swimming pool
  • Podium will have retail space
  • 6 floors of office space
  • 38 floors of residences
  • 3 floors of amenity space
  • Will be a luxury project

We will know more about this project once Marco returns from his trip this week to Vancouver to meet with the development and sales team and learn more about the developer, the architect and this new building, which will be called First Light.

Rendering from James KM Cheng Architects and MG2

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


The Shift from Building Apartments to Building Condos

The Seattle Shift from Building Apartments to Building CondosThere have been several recent announcements about new condominium buildings being constructed in Seattle. For the last few years, the only residential developments being built in Seattle were apartments, minus a few outliers like Insignia and Gridiron, but we are starting to see a flood of new condominium projects hitting the scene again.
 
Why the switch from apartments to condos? Well, we think it is due to apartment buildings not being as profitable as they once were. Major investment groups who were once willing to buy apartment buildings at high price/unit price tags are not as bullish right due to the softening of the rental market. That softening is likely due to an oversupply of apartments entering the market, around 6600 rental units are coming just to the South Lake Union neighborhood by 2019. It is now more profitable to build and sell condos. Developers are very market driven so they will make these decisions based on what is happening right now in the apartment and condo markets, but it seems to us that they don’t put onus on the future market conditions that their developments might cause. For instance, if we had built a mix of condos and apartments over the last few years perhaps we wouldn’t have an apartment building glut right now and be starved for condos, we might just have balance. Instead it appears that their decisions are reactionary, if apartments are profitable then they build a ton of apartments, flood the market, the apartment market softens, then they switch to building condos and so forth and so on. Perhaps someday we will see a balance of what is being built, helping both the rental and real estate markets stay more stable over time.

Here are some recent articles on new and upcoming condo projects around Seattle:
2nd Avenue Condos in Downtown  
South Lake Union Condos
403 13th Condos in Capitol Hill
The Neighborhood Collection Condos in Capitol Hill & Wallingford
Spire Condos in Belltown
Solis Condos on Capitol Hill
Emerald Condos in Downtown
Condos in Bellevue

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


New Condo Tower Planned for 2nd Avenue in Downtown

New Condo Tower Planned for 2nd Avenue in Downtown SeattleThe site at 1516 2nd Ave, across the street from Fifteen Twenty-One condominiums, will soon be a new condo tower. The Chromer Building on the site will be torn down and replaced by a 45 story building containing 498 condo units and ground level retail.

The Developer is Pinnacle Plus is a joint venture of Plus Investment, who is also developing condo project in South Lake Union just announced.

The website for the new tower describes the tower this way, "Designed by the award-winning HEWITT team, the project demonstrates strength, femininity, and careful place-making. At once a destination and a gateway, it will join a family of historic and new buildings which nestle around the city’s heartbeat: Pike Place Market."

This building is across the street from Fifteen Twenty-one condos and across the alley from the Fischer Studio condominium building.

Map from Google Maps


By Marco Kronen with Seattle Condo Review: A guide to Seattle condos.


The Emerald Condominiums - Sales Early 2019

The tower you see rising up at 121 Stewart St right by the Pike Place Market in Downtown Seattle will be The Emerald condominiums. The tower you see rising up at 121 Stewart St right by the Pike Place Market in Downtown Seattle will be The Emerald condominiums.

Developed by Daniels Real Estate, the Emerald will contain 365 condominiums in 40 stories. The sales gallery will open for sales in early 2019.

Their website describes the tower as "bringing a new level of high-rise living to downtown Seattle. The tower's iconic, façeted-glass exterior houses a collection of 265 signature residences with unrivaled views and breathtaking amenity spaces." Based on the plans submitted to the city, the Emerald will have one, two and three bedroom condos ranging in size from 540 to 1,700 square feet. It will have retail on level one and amenities including a gym, yoga studio, pet area, guest suite and rooftop level party room and outdoor space.

We look forward to seeing the renderings, unit finishes and confirmed amenity offerings along with the price points.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.





Downtown Seattle Area LID Assessment Information

We have received a ton of questions about the potential local improvement district (LID) assessment for the waterfront improvements that would affect some property owners in Downtown Seattle, Belltown and South Lake Union.

Since we live in the boundaries of the LID we received additional information on the proposed assessment and thought we would summarize what we know for our readers:

  • The Seattle City Council passed a Resolution declaring their intent to initiate the formation of the LID to construct certain elements of the Waterfront Seattle ProgramQuestions about the potential local improvement district (LID) assessment for Downtown Seattle, Belltown and South Lake Union.
  • The LID is a funding tool by which property owners are assessed to help fund the costs of a public improvement that they benefit from by way of a increased property value due to the improvement (special benefit)
  • The LID assessment cannot exceed the property's total special benefit
  • The LID only pays for a portion of the Waterfront improvements
  • It is the city's intent that the LID shall be a one-time assessment and shall not include any future supplemental assessments
  • There are still public hearings you can attend where you can submit your public comments in support of or objecting to the LID
  • The preliminary assessment percentage is 48.23% of the estimated special benefit of the LID improvements for each specific property
  • For example:
    • Our estimated special benefit of LID improvements to our condo: $823.50
    • Our estimated assessment for our condo: $397.14

What we heard from our readers and neighbors, who own residential property in the LID boundary, was that they anticipated having to be thousands, if not tens of thousands, of dollars for their LID assessment. This was causing a bit of panic for people and causing several of those concerned to sell or consider selling their properties to avoid having to pay the LID assessment. We were also hearing concerns voiced from potential buyers that they didn't want to buy a condo within the boundary of the LID not knowing what they would be on the hook for in terms of this LID assessment amount.

I would think that this information will help quell people's fears a bit as it is much less than we heard most people were anticipating. Hopefully this news, and the Head Tax being squashed, will help the Downtown area condo market to heat back up and maybe open the dam a bit on the buyers who were sitting on the sidelines fearing the Head Tax and LID assessment repercussions.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Tower Site at 1516 2nd Ave Sold to Original Elev8 Developer

Chomer BuildingUrban Visions sold their tower development site near Pike Place Market, located at 1516 2nd Ave across the street from Fifteen Twenty-One condominiums, to the developer who was planning the 4 tower Elev8 mixed use project in Bellevue, which includes offices, apartments, and condos. The developer, Plus Investments USA, has sold its controlling interest in Elev8.

Will this tower now be developed into a condominium building? It is unconfirmed at this time but according to the PSBJ article "the plan seems to be a condominium project". So we are hopeful! The previous owner of the site, Urban Visions, was planning a building containing retail and office space so condominiums would be a shift so we will have to wait to see what this new developer plans for this site.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.