Seattle Condos Feed

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.


Update on Spire Condominiums in Belltown

Spire3Here is an update on the details, amenities and units with price ranges for Spire Condominiums in Belltown.

Details:

  • Located at 600 Wall St in Belltown
  • 352 residences
  • 41 stories
  • Concrete and steel construction
  • Fully automated parking systems
  • Floor plans maximize efficiency
  • Walls of windows
  • Many homes include outdoor balconies or covered terraces
  • Ceiling heights of 9 to 10-feet
  • Solid-core interior doors
  • Smart thermostats
  • Engineered hardwood oak flooring
  • Kitchens with gas cooking, Pental™quartz countertops, Pedini™ cabinets with under cabinet lighting, Bosch or Sub Zero/Wolf ™ appliances and Kohler™ plumbing fixtures
  • Energy-efficient LED lighting throughout
  • Customization: two color schemes
  • Upgrades available: closet systems, automated or manual window shades, smart home lighting, security and integrated home theater systems
  • Occupancy 2020

Amenities:

  • Floor 1: Two-story lobby lounge with concierge and bike storage
  • Floor 3: co-working lounge,  yoga and spin studio, conference room, theater, terrace, gaming room
  • Penthouse SPIRE Club (floors 40 & 41): exhibition kitchen, private dining room, BBQ terrace, Billiards room, lounge, view terrace, dog run, gym
     

Homes:

  •  One bedrooms (531 - 823 sf): $466,000 - $1,210,000+
  • One bedroom + dens: (1,000 - 1,011 sf): $892,000 - $1,435,000
  • Two bedrooms (929 - 1,183 sf): $840,000 - $1,999,000
  • Three bedrooms (1,825 sf): $1,658,000 - $3,588,000
  • Penthouses and unit combinations also available

Sales:

  • Pre-sales have begun with 5% earnest money


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.


Fannie Mae Changes Lending Guidelines for Condos

Fannie Mae recently changed their condominium lending guidelines. These changes were meant to simplify policies and increase underwriting flexibility.

Here is a list of some of the most beneficial changes:

  • Waive the single-entity ownership percentage requirement when the purchase transaction will result in a reduction in the single-entity ownership concentration Fannie Mae Changes Lending Guidelines for Condos, Affecting Seattle Condo Buyers
  • Not include units held by non-profits, affordable housing programs, or institutions of higher education in the percentage of single entity ownership calculation
  • Allow single-entity ownership in projects with 21 or more units to increase to 20%, up from 10%
  • Increase allowable commercial space to 35% of the projects total square footage, up from 25%
  • Exempt commercially owned or operated parking spaces from the project’s commercial space calculations
  • Allow a new condo project to be reviewed as an “established” project if requirements are met
  • Condo properties approved by FHA's HUD Review and Approval Process (HRAP) will only require a limited review
  • Waive project review requirements on smaller properties (two to four unit condo projects)

These updated guidelines better reflect current trends in condo development and provide additional flexibility for condominium lending reviews. The loosened requirements permit many condominium buildings which previously did not meet lending review criteria to qualify for conventional financing, creating additional inventory for home shoppers and a simplified financing process.

Specifically in Seattle, the commercial space percentage limits and calculation changes will be helpful for condo communities such as 2200 Westlake, Enso and Tribeca.

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.


Condo Project Coming to South Lake Union

Condo Project Coming to South Lake Union, SeattleA new condominium building has been announced in South Lake Union. It will be a mid-rise building and will be located at 1170 Republican St, where the charming Row House Cafe is currently located.

This new building will contain 113 condominium units and should start construction in early 2019.

The developer for this new project is Plus Capital Partners, who recently sold their controlling interest in the Elev8 project n Bellevue.

Rendering from MZA Architecture.

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


403 13th Condominiums Coming Soon to Capitol Hill

403 13th is a new boutique condominium building coming soon to Capitol Hill in downtown Seattle.403 13th is a new boutique condominium building coming soon to Capitol Hill.

Though their website has very little information, it does say that this building will be a collection of studio, 1, 2 and 3 bedroom condos. The building is being constructed by BrightWork Builders, who are known for building custom and floating homes. They are indicating that the building will be move in in winter of this year 2018.

The website describes the homes as "thoughtfully crafted with a focus on maximizing space and timeless, sophisticated finishes."

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

 


The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos

Wallingford 45, Edison and Atrium are the newest condominium projects to be announced. Previously planned as apartments, these three buildings will now be condominiums and comprise the Neighborhood Collection.

A three projects are mid-rise buildings and collectively will deliver 133 condo units to the market.

Atrium is located at 750 11th Ave E, Edison is located at 121 12th Ave E and Wallingford 45 is located at 1601 N 45th St. All three buildings are nearly complete and will be ready for occupancy this fall. They are targeting prices from below $400,000 to more than $800,000 for the units, which will be studios and one bedrooms.

A preview center will open in September at 1420 E Madison St. Homes can be reserved with a price range for a $5,000 deposit. Tours inside the buildings will open up in September as well.

WALLINGFORD 45:
The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos

EDISON:
The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos Edison7The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos

ATRIUM:
The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos The Neighborhood Collection - 3 Seattle Apartment Projects Will be Condos
   


Spire Condominiums Renderings and Price Guidance Released

SPIRE Condominiums has released new rendering and pricing guidance.

SPIRE Condominiums, a new Seattle condo development, has released new rendering and pricing guidance.Just for a reminder here is some information on SPIRE:

  • Located at 600 Wall St in Belltown
  • 350 units
  • 41 stories
  • 4 floors of common areas
  • Parking option included for some homes while others are optional for an additional $75,000
  • City Suites:
    • On floors 4-23
    • Ranging from open 1 bedroom/1 bath to 2 bedroom/2 bath
    • Approx 520sf to more than 1,170sf
    • Introductory pricing from below $450,000 to more than $1.6M
  • Tower Residences:
    • On floors 24-37
    • Ranging from 1 bedroom/1 bath to 3 bedroom/2 bath
    • Approx 550sf to more than 2,000sf
    • Introductory pricing from below $700,000 to more than $3.5M

Continue reading "Spire Condominiums Renderings and Price Guidance Released" »


Solis Condos Coming to Capitol Hill

Solis Condos is coming to the Capitol Hill neighborhood in Seattle.Solis condominiums are coming to Capitol Hill. The building will be constructed at 1300 E Pike St and will be built using super-green "passive house" design and constructions methods.

Solis will be a 6 story building with 45 condominium homes. The units will be between 475sf and 850sf consisting of studios, one and two bedrooms. They will be priced from the mid $400,000s to just about $1 million.  Construction will begin in the next few months with completion set for early 2020 according to the Developer, SolTerra.

The contractor is Cascade Built, a leader on passive house projects, and the architect is Weber Thompson.

This building was originally planned as an apartment building but will now be the first condominium building to be constructed in Capitol Hill in ten years.

Weber Thompson Rendering

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