Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Ten Twelve First Avenue (1012 1st Avenue)

By on September 4, 2008 in Condo News - New Projects, Feature with 21 Comments

1012 1st AveWho knew.

Listings for two 30th floor shells at the Ten Twelve First Avenue (1012 1st Avenue) project came on the market yesterday. According to the listings, 1012 1st Avenue is a 36-story tower featuring 219 hotel rooms and 25 luxury condominiums located on levels 23 through 35. The two 4,000 square feet shells are being offered for $1,750,000 a piece.

The 1012 1st Avenue development is located adjacent to Hotel 1000 / Madison Tower and the listings indicate the shells will be delivered in late 2011. Though, in searching the DPD website there’s no information for this project (land use notices, bulletins or applications) so it seems rather ambitious to have the development approved, funded and ready for a 2011 shell delivery timeframe.

All that aside, should the tower come to fruition, the building will be an striking addition to the downtown landscape. Designed by famed New York architect Ismael Leyva, 1012 1st provides a departure from a number of lackluster designs being produced by the stable of local architects. Leyva also designed Heron and Pagoda Towers.

Though, I’ve been reminded that zoning codes will probably not allow the design in its current form from being realized due to the proximity to Hotel 1000 / Madison Tower. So, expect to see something else when, and if, the project is approved and developed.

Interestingly, Pb Elemental’s website suggests the project is in permitting stage (they’ve since recategorized it as a “concept”) and they even have their own vision for the parcel.

Update:  Information from the Daily Journal of Commerce

  • Investors are unnamed but are from Seattle and the East Coast, financing is from Multi-Capital.  Multi-Capital is also associated with the Heron / Pagoda project, but didn’t have complete financing in place for that development.
  • Two-bedrooms are expected to be priced from $2,200 to $3,000 per square foot, even above the Four Seasons stratosphere.
  • Construction expected to start in 2010 with a late 2011 completion date.  Though that information is coming from the developer and listing agent, it is unlikely that time frame will be met.

Update:  Information from Seattle Times (9/14)

  • Listing agent Breffni McGeough is a principal in a four-person partnership seeking to acquire the property.
  • Very early stage, still looking for developer and hotel operator.

Which brings up a point, how in the world is the current listing even acceptable?  They’re accepting a reservation deposit for a development on a property they don’t own, for a project that hasn’t been filed with the DPD, which would need a zoning variance based on the current rendering, on a site which could be classified a historic landmark, yet anticipating a 2011 completion date.

 

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About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Google+, Twitter and Facebook. .

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There Are 21 Brilliant Comments

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  1. Late 2011 is the expected delivery date of the penthouses offered.
    FYI
    Breffni

  2. downtown resident says:

    Isn’t 1012 First Ave a historic landmark?

  3. Ben_Kakimoto says:

    DR – thanks for the link. I did find this link and it doesn’t appear to be listed, though the Hotel Cecil building across the street is.
    http://www.seattle.gov/neighborhoods/preservation/downtown.htm

  4. The building is not on the National Register of Historic Places, however as with any building of this vintage will be processed as a matter of course through the city for a final outcome the same as it will be for every other new building requirement. No one is suggesting the building will be built without the usual approvals associated with all new buildings in any city.

  5. Jung says:

    2011 that’s not going to happen, SEPA, design review, historic review and permitting on a project this size will take roughly 3 years. Construction will take another 2 years. So best case scenario it could be on the market in 2014. That aside it looks like a Bellevue 1980’s office building or like GIS Internationals Stewart/Minor project. That’s a shame for such a great location.

  6. biff says:

    Shocker: Historic stuff can still be taken down -you just need to decertify it or alternate paths with the feddies.

  7. downtown resident says:

    Jung: I agree the building does look like an office building. The version on Pb Elemental’s website is much more interesting.

  8. JB says:

    Downtown Resident is absolutely right, this property has been deemed to have “Significance” and is almost 100% certain to become landmarked. “In the opinion of the survey, this property appears to meet the criteria of the National Register of Historic Places. …In the opinion of the survey, this property appears to meet the criteria of the Seattle Landmarks Preservation Ordinance.” This means that at the very least, the entire front and a portion of the strucure will need to remain – if not the entire building. The project will need to be approved by the Architectural Review Committee and by the Landmarks Board itself, in addition to all of the other design approvals.

  9. NW Mike says:

    Who cares how long it may take to build. Its a great design by Ismael Leyva. It looks no more like an office tower than 1521 or Olive 8. Seattle needs more striking designs, lets get away from the beige boxes. Look to Europe and Asia for some great designs.
    The NIMBYS probably want to save the old building. Oh well, to bad for them.

  10. Rob says:

    No one seems to ask questions anymore, they just regurgitate what they hear and assume that it’s real. Something is not right here. This site is only one 60′-0″ wide lot. The lot is only 6,600 SF. A shear core including stairs and elevators will take up at least 2,000 SF of a floor plate – more if there is a hotel and condos. Zoning restrictions aside, there are building code/seismic setbacks that will further reduce the plate. And they are claiming that the top floor will have two 4,000 SF condos? You dont need to be a rocket scientist to see that the math does not add up. You cannot squeeze 8,000 feet of saleable area into a floorplate that is considerably less than that. Not to mention that you could not possibly provide parking for such a project. This proposal is not credible.

  11. John says:

    I LOVE the design, but I doubt seriously that it can be built apparently right up against Hotel 1000…… and I mean right up. Isn’t there a law that prevents you putting windows from neighboring being just feet apart. If not, then it should be. IMHO even an alleyway separating big highrises is not enough..e.g. The Cosmopolitan.

  12. NW Mike says:

    Uhh maybe the penthouse occupy more than 1 floor each! Uhh, maybe each penthouse is 2 stories. Then your square footage math goes out the window.

  13. John
    Next time you are down by the Hotel 1000 if you look up at the north face you will see a firewall all the way to the top as they did not purchase the air rights rom 1012 when they built and the firewall is there to be built up against with no gap or setback of any kind. FYI
    B

  14. downtown resident says:

    Hey everyone…listen up! I am thinking of redeveloping The Smith Tower. I know that I don’t own it and tearing it down will be a hassle with the city and residents, but I am offering two of the penthouse shells for $100 million apiece. Any takers?

  15. VT says:

    Isn’t that the same investor that sued 1521, and is trying to flip a bunch of overpriced condo’s next door at Hotel 1000 (e.g. 28083426, 28133292). They’ve cut their prices 20% in the last year but nobody is buying. And they want to build more condo’s?

  16. Hey Ben. Do you know if this project is officially canceled as well since:
    http://seattletimes.nwsource.com/html/businesstechnology/2009134499_heronpagoda28.html

    ?

    Can’t find anything on it myself. Same peeps involved with Heron Pagoda…

  17. Ben Kakimoto says:

    I haven’t heard anything on this one but I’m guessing they’re probably in the same boat.

  18. Breffni says:

    It ended up being just another project sidelined and delayed due to the turmoil and downturn in economic circumstances. Stay tuned for updates as things are moving again !!

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