As there has been quite a bit of interest with the Florera project in the Green Lake neighborhood, I thought I’d review the last major development built in the area – The Greenlake Condominium.
Constructed in 2004, The Greenlake is situated right across the street from Florera on NE 70st & Woodlawn Ave NE (map). The structure consists of two 6-story buildings that surround a central courtyard with retail stores at street level. The complex consists of 106 studio, one and two-bedroom homes.
Many units feature:
- Hardwood & carpet flooring
- Granite or tiled countertops
- Stainless steel appliances
- Breakfast bar
- Decks or balconies
The Greenlake Condominium is just a block from Green Lake Park, Starbucks, Anderson’s Nautilus and a number of restaurants and shops.
So, how has values fared for homeowners? The following shows activity from 3/1/06 through 2/28/07. Overall, homeowners enjoyed a nice, healthy return on their investment.
The Greenlake was the first major project in the redevelopment of the commerical area Northeast of Green Lake Park. It replaced the BMW motorcycle shop, gas station and apartments that sat on the lot. The Florera is being built on the old Key Bank lot (Key Bank will be the major commercial tenant in the new building). And, eventually, the Vitamilk parcels will be redeveloped into either condominiums or apartments and retail space. On the other side of Ravenna Blvd, new retail and residential housing have been proposed for the old Albertson’s lot.