The tall, slender 5th and Madison (website) project is well underway across the street from the Seattle Central Library. Occupancy is on-target for October making the project one of the few due to be completed this year.
I had an opportunity to take a hard hat tour of the building to see how it was coming along. One of the benefits of hard hat tours is that it provides buyers an opportunity to gauge perspective of the units in relation to the environment. Personally, it did not feel as closed-in as I had expected considering neighboring buildings and with open floor plans and tall ceilings, the units felt much larger than their footprints suggest.
5th and Madison is unique in that all of the units, except the three penthouses, are one-bedroom or one-bedroom + den layouts, ranging in size from 808 to 1,244 square feet. The two- and three-bedroom penthouses range from 1,957 to 2,164 square feet in size.
With the exception of the 2nd and penthouse levels (24th floor), each floor accommodates only 6 units, all facing North, West or East. Units on the upper-levels, particularly the “00″ and “01″ stacks on the West side offer spectacular city and Elliott Bay views and have abundant light. Residents will need to be higher than the 12th level to over look the library on the North side.
Per the sales staff, most of the purchasers have been younger professionals or more established buyers looking to have an in-city home. Interestingly, this matches the demographics whom experts predict will be purchasing downtown condos.
Currently, about 1/3 of the 126 homes are available, mostly on the upper levels. 5th and Madison has not reached their investor quota and there are no investor resale restrictions. The available homes start at $500,000 and range up to $1,055,000 (excluding penthouses) with a good number of homes under $700,000. The penthouses are priced from $1,895,000 to $2,600,000.
Amenities include a restaurant on the lower level, resident fitness center, activities/club room, guest suite, dog run and landscaped walking paths with a water channel. Homeowner dues run $.55/sq ft, on par with other higher-end projects and it does include central air and heat, hot water and gas for cooking. 5th and Madison is striving for LEED-Gold certification.
Interior features include upscale finishes, Bosch & Amana appliances (Sub Zero standard for homes on the 20th level and above), Lutron shades, 10.5′ ceiling height and kitchen islands as standard. View photos of the model home.
The project will appeal to true urbanites who have a penchant for in-city living as the location of the project is in the middle of the Central Business District with only a few other residential buildings in the area. Living at 5th and Madison will provide a different experience with fewer residential amenities compared to Belltown or the Market district, so buyers should keep this in mind. Though M-Street Market, Uwajimaya and Pioneer Square are only blocks away.
One thing that struck me, particularly with the West and North facing units was how quiet the homes were even with windows open in the middle of a weekday. An office tower will rise on the East side, which might actually be a blessing as it will cut off the the ambient noise from I-5. Other residential properties in the area include Madison Tower, Millenium Tower and Tobira.
June 1st, 2007 at 2:15 pm
This looks like a remarkable project. I am excited to see what the finished products will look like!
June 7th, 2007 at 5:48 am
Ben your blog is great! I’ve visited Seattle several times and oftentimes wonder about the condo market and I’m glad I stumbled onto your site. *adds to blogroll*
June 7th, 2007 at 10:46 am
Michael, thanks for visiting, a “rainer”, too.
June 9th, 2007 at 4:25 pm
Great, quiet location – sleek and sophisticated- walk to everything. Have you ever sort of followed the progress of a new project with some skepticism but with a gut feeling that it was gonna a tremendous successs? And then it’s completed and it’s an even greater success than anyone ever anticipated and you tell yourself you shoulda bit the bullet and bought one? It reminds me of the investment firm’s commercial slogan, “Less talk, more action.” This 5th and Madison project is going to be a real winner and I’m more convinced of it every time I learn something new 5th and Madison. I did my homework and bought a nice one last year. I’m getting really excited as it nears completion. If you’re considering buying a condo in this price range, you better bite the bullet now or you may regret you didn’t later. Just do it – I’m confident you WILL thank me if you do. The MODEL home at 5thandMadison is beautiful. You owe it to yourself to check it out.
June 20th, 2007 at 10:03 pm
I also purchased a unit at 5th and madison; looking forward to completion.