The Puget Sound Business Journal reported today that another Canadian firm, the Burrard Group, plans to break ground on a 40-story condominium tower, called Nexus, in the Denny Triangle area of downtown Seattle. The project is located at 1200 Howell St.
With less than 275 new construction units remaining throughout Seattle, this will be a welcome addition. Nexus is anticipated to have 403 units with commercial/retail space on the bottom level.
Burrard Group Executive Vice President Christian Chan said the downtown residential market is at “a tipping point,” where the mortgage payment on some condos is comparable to a rent payment.
Small one-bedroom condos in the 403-unit Nexus tower will start in the mid-$300,000 range, Chan said. There will be fewer than 20 penthouse and pricey “sky terrace” units. Pricing for these and the other units have not been set, though Chan said the goal is to sell units at “an attainable price point.”
Nexus will be 440 feet tall, or 40-stories, with 403 condo units. There will be a range of floor plans from one-bedrooms to three-bedroom homes, including two-level sky lofts and penthouses.
The 7th floor will feature a co-working space, fitness center, dog run/lounge, great room, media facility and outdoor patio.
The roof-top level features a Sky Club that’ll offer social spaces, an exhibition kitchen, private dining, sky-bar, recreation room, view terrace with open air kitchen, and fireside lounge with commanding views of downtown Seattle, Lake Union and Capitol Hill.
Provided they break ground at the end of the year, Nexus is expected to be completed in 2019, so buyers will need to wait a bit. Though, they still need to acquire the property and finalize the deal.
An initial review of the floor plates reveal that about 1/3 of the units will be on the smaller side, between 400-500 square feet, another 1/3 ranging from 600 to 750 square feet, a fair number between 1,000 to 1,100 square feet, plus a few penthouse and terrace level units in the 1,300 to 1,600 square foot range.
At a cost of over $200 million to develop, I’d expect prices for most units will be at a premium.
The Burrard Group would be the third Vancouver, BC – based developer to enter the Seattle condominium market in the past few years.
Nexus is getting a jump on the sales process and will be taking reservations starting on June 4th, which is very early in the process. Reservations are typically a refundable deposit to hold a unit, in this case, a $5,000.00 reservation deposit.
At a later date, reservation holders will have the option to convert the reservation to a purchase contract.
Nexus Reservation information: www.nexusreservation.com
For more information about Nexus and how we can help you with the presale/reservation process, please contact us, our team is ready to help.
Renderings courtesy of Nexus & Weber Thompson