The Seattle Times is reporting that Schnitzer West is converting of the two residential towers at its massive Bravern development to apartments. The Bravern is located in downtown Bellevue.
The developer of the luxury Bravern complex in downtown Bellevue, bowing to new market realities, is converting one of the project’s two nearly finished condo towers to apartments.
Bellevue’s supply of high-end high-rise condos still exceeds demand, said Dan Ivanoff, managing investment partner at Bravern’s developer, Schnitzer West. “So we’re shorting the supply,” he said.
The switch isn’t permanent, Ivanoff added: The 236 units now for lease in the southern tower will be put up for sale as condos again if the housing market recovers.
Schnitzer West also said prices will be reduced for the 215 remaining condo units in the northern tower but didn’t give details.
Besides Bravern’s south tower, Schnitzer converted another condominium development to apartments last year – the Equinox in Seattle’s Eastlake neighborhood.