The folks at Escala and TeamBuilder have been busy redefining the Escala experience during the past few weeks. Now, the $370 million condominium development is set to officially reopen its sales center on March 27th, though it sounds like they’ll soft open on March 15th according to rep with TeamBuilder.

Out of the 80 or so pre-sale buyers, 6 have closed and about 35 are expected to continue with their purchase at this writing…that’s around 15% of the units sold.

The most significant change to the project is pricing with homes now starting as low at $384,000 for a 952 square foot one-bedroom (B layout), $699,000 for a 2-bed + 2-bath home (C layout) and from $1,574,000 for a 3-bedroom 2,442 square foot home. I spoke with a pre-sale buyer who’s unit was reduced 28%, which is approximately the figure that’s been floating around from other buyers. However, I’m told the percentage will vary by layout/location.

In looking at Escala’s first release pricing sheet dated 7/2006, the “B” layout plan units ranged from about $500,000 to $800,000 (before they starting raising prices) and now they’re between $384,000 to $550,000. The “C” plan homes now range from $699,000 up to $999,000 for a 20th floor unit. Back in 8/2006 those homes were priced from $800,000 to $1,600,000. The prices today are well below those during the market’s peak in 2006/2007.

Pricing has dropped low enough that the project has applied for FHA approval. This is striking considering how the property was originally marketed – very upscale, a private social club with hugely expensive memberships, homes with private elevators and vestibules – to potentially being FHA eligible.

The other significant change to the project is Club Cielo, which will remain but in a far more limited form. Rather than a fully staffed and managed social club and restaurant with outside membership, the facilities remain (bar, kitchen, dining room, wine grotto and dining space, terrace, theatre and spa/fitness area) but only for use of residents on a pay-per-use system. Residents may schedule fitness trainers and masseuses or cater their own parties in the club’s dining room and bar. As a result, homeowner dues have been reduced from $.85 to $.58 per square foot.

There are eight levels of underground parking. All homes come with parking and there will be extra spaces available for purchase as well. The wine grotto has 271 storage lockers available with each locker holding two cases. I’ve heard conflicting info, but most likely they will be available to residents on a first-come, first-served basis.

The spa and fitness areas are spacious with professional quality equipment, two resistance lap pools, hot tub, 4 or 5 massage rooms and a yoga studio.

The building and homes are gorgeous. The amenities impeccable. The pricing, fairly attractive comparatively. Considering new construction condos offering homes at the similar price points – Enso, Olive 8, Volta – it’s hard to beat Escala for its overall quality, finishes, uniqueness, views and level of amenities.

Condominium websites:
Escala
Enso
Olive 8
Volta

In order to sell the remaining units, we have decided to retain the services of Kennedy Wilson, Inc. and utilize their dynamic auction marketing process. On Sunday, March 28, 2010, 18 units of the remaining inventory will be offered for sale. The company will begin marketing the units the weekend of February 27th.

SEATTLE—(September 10, 2009)—The stunning Olive 8 building (condo website), a 39-story hotel/ condominium building located in downtown Seattle, has officially received LEED® Silver by the U.S. Green Building Council (USGBC), a first for hotel/condominium buildings in the Seattle area. As the first mixed-use hotel and residential project to be LEED certified in Seattle, Olive 8 has been recognized as a high-performance building that is a responsible, efficient and healthy place to live, vacation and work. The cornerstone Hyatt at Olive 8 hotel located within the Olive 8 building is now also one of only 20 hotels in the US to be officially designated “green” by the LEED (Leadership in Energy and Environmental Design) Green Building Rating System™.

Olive 8 was planned and developed by R.C. Hedreen Company. Realizing the value of green building early on, R.C. Hedreen did a significant redesign of the original building plans to ensure Olive 8 would meet the exacting LEED certification standards.

“A few years ago, it became obvious to us that green, sustainable and environmentally-friendly design and construction is the future,” explains David Thyer, R.C. Hedreen Company CEO. “All the research since then demonstrates that a green building is better for our bottom line, while also better for hotel guests and condo owners – both in terms of offering a healthier indoor environment and in terms of long-term investment value. Olive 8 is proof that a building can be both green and sophisticated.”

Featuring a sleek 100-percent glass exterior, stunning blue glass architectural elements and one of Seattle’s largest living rooftops, the building’s green design will make a lasting positive impact on the local environment. In addition to an expected energy savings of 23 percent more than a conventional building of similar size and occupancy, Olive 8 is expected to have water savings of about 36 percent, or approximately 2.4 million gallons each year. Key design elements that contribute to the energy-saving and eco-friendly nature of the building include:

• Low-flow plumbing fixtures, which use one gallon per minute less than traditional showerheads
• Dual-flush toilets that use 29 percent less water per flush
• A low-chemical mechanical water system that uses less potable water
• Landscaping maintenance that uses minimal city water, thanks to the use of native plant species and super-efficient irrigation systems. This system results in a 99% savings from typical irrigation programs – an approximate savings of 24,000 gallons of water per year (in addition to the 2.4 million gallons saved in the building).
• In total, more than 95 percent of construction debris was diverted from landfill disposal by redirecting materials to be reused and recycled.

The artfully designed property is home to the 346-room Hyatt at Olive 8 – located on the first 17 floors of the Olive 8 building – and 229 urban condominium homes situated on the upper 22 floors. As the first LEED hotel for Hyatt Hotels Corporation, Hyatt at Olive 8 pairs world-class service with environmentally sound practices. To conserve energy, rooms are equipped with Watt Stopper® technology that only allows lights to be on while guests are in the room, dual flush Toto toilets and Bricor® water-reducing showerheads. The hotel strives to meet stringent eco-friendly standards through all of its guest services, including environmentally-friendly cleaning practices, an all “green” meetings and events offering, in-room recycling and more. The hotel is also home to Urbane – a locally-sourced restaurant featuring a rotating Pacific Northwest menu – and Elaia, an eco-friendly spa incorporating local ingredients into its treatments. Both support the hotel and building’s message of sustainable luxury.

“Hyatt at Olive 8 is a model of sustainability,” says Mark Stiebeling, general manager of Hyatt at Olive 8. “We’re proud of achieving LEED Silver and we hope to continue to contribute toward a greener, more eco-friendly future for the hospitality industry.”

Olive 8 is a stand-out building in other ways as well. It is the first building in Seattle to participate in King County’s Transfer of Development Rights program; in exchange for higher building rights, R.C. Hedreen paid nearly one million dollars toward the preservation of 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat. This fall, the carbon footprint for Olive 8 will be reduced by 50 percent when Seattle Steam Company, which provides heating for the building, will begin using mostly biomass as fuel instead of natural gas. Olive 8 also features preferred parking spaces for highly fuel-efficient vehicles and outlets for electric cars in the underground parking lot.

The LEED Green Building Rating System was implemented to encourage the design, construction and operation of more sustainable buildings. LEED verifies environmental performance, occupant health and financial return, and was established for market leaders to design and construct buildings that protect and save precious resources while also making good economic sense. The achievement of silver LEED Silver certification demonstrates the building’s environmental leadership in the industry, both locally and nationally.

Date: Wednesday, July 22nd
Time: 4:30 PM to 8:30 PM
Location: Hiawatha Lofts Community Room, 843 Hiawatha Place South

Pontedera is an affordable condominium project developed by HomeSight, a non-profit housing developer and mortgage broker. Currently, Pontedera is approximately 70% completed with occupancy slated for 2010.

The homes are priced to appeal to first-time homebuyers, many of whom earn less than 80% of the area’s median income. For those earning less than 80% of the median income, HomeSight can provide up to $70,000 in assistance that is repaid when the buyer sells or refinances. For buyers earning up to 120% of median income, HomeSight can provide a second mortgage to eliminate the need for mortgage insurance. Finally, Pontedera is the only condominium development to offer the city’s 12-year property tax exemption; available to buyers of one-bedroom units earning up to 100% of median income or up to 120% for two- and three-bedroom units.

The development is conveniently located close to dowtown at South Dearborn and Hiawatha Place South and offers one-, two- and three-bedroom homes plus live/work units.

Homes feature hardwood, woven bamboo and Green Label carpet flooring, a central hot-water system, stainless steel appliances and maple wood cabinetry. Select units also include gas fireplaces, Soapstone kitchen countertops, private decks and A/C ready sleeves. Common areas include a common garage with bike storage, a landscaped terrace and a community room.

Presently, the sales office is open on Saturday and Sundays from 1:00 to 4:00 PM at 827 Hiawatha Place South.

Renderings courtesy of Wolf Design

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With the opening of the new Seattle Four Seasons Hotel and Residences in downtown, news have been plentiful.  The 21-story $150 million project includes 147 hotel rooms (levels 3-10) and 36 uber-luxurious condominium homes (levels 11-21).

Project details:

• 11 unsold condo units range from 1,300 square feet to more than 7,000 square feet. Prices range from $2 million to more than $15 million — an average of around $2,100 per square foot.
• Hotel room rates start at $365.
• Fran’s Chocolates has opened in one of the two available commercial spaces. Four Seasons veteran Kerry Sear, former chef and owner of Cascadia in Belltown, runs Art Restaurant and Lounge, the hotel restaurant.
• Hotel features include a business center, 4,900-square-foot ballroom, five meeting rooms, a fitness room, 6,000-square-foot spa, and an outdoor pool and fireplace.
• The first condominium owners moved in earlier this month.
• The new public stairway between Union Street and Western Avenue has 103 steps. 
• The ownership group’s managing principals include John Oppenheimer, CEO of Columbia Hospitality; former Seattle Mayor Paul Schell; and Tom Alberg, managing director of Madrona Venture Group. Other investors include Bruce McCaw and the Muckleshoot Indian Tribe.

Linkage:

The Four Seasons Seattle website

Four Seasons delivers a jolt of urban energy - DJC

How Four Seasons returned to Seattle – DJC

In the lap of luxury at Four Seasons – Seattle PI

Four Seasons Grand Opening Photos: Amenities – Stroupe Condo Blog

Photos from 11/14 Broker’s Event:

Model Home Unit

View of terrace from 11th floor model home:

Hotel room:

The $1 million floating stairway:

These are all two-bedroom units, ranging in size between 1,700 to 2,000 and are listed between $1,250,000 and $2,100,000. Closing dates are slated for December and February. Presently, there are eight units at 1521 listed in the NWMLS.

The 1915 2nd Avenue project, an Intracorp development, has been around for a number of years and had received approval for its original 24-story condominium design. However, with rezoning, they are now proposing a substantially larger 40-story 400′ tower that’ll be just 57′ from the proposed 1931 2nd Avenue tower. Currently, city code requires an 80′ separation, for those parts of a building above 125′ in height, from an existing building. Therefore, 1915 will require a special exception variance for the proposed design. Not surprisingly, Intracorp is now leaving its options open for either condominium or apartment occupancy. One interesting tidbit, the design includes an automated parking garage.

New design proposal for 1915 2nd Avenue, with 1931 2nd Avenue to the right:

Previous design proposal for 1915 2nd Avenue:

Alternative design proposal that complies with the 80′ separation distance requirement:

Apparently, without the special exception, the developer and architect seem to lose creative design abilities.

On the other hand, with the Terminal Sales Annex building receiving landmark status, the design for 1931 2nd Avenue now incorporates the facade of the 93 year old building. The 400′ 38-story structure features residential units above a 12-story hotel.

Design incorporating the Terminal Sale Annex building:

The great wall of downtown along 2nd Avenue (Escala and Pagoda in background, the transparent building in the foreground is a hotel/apartment proposal):

Per the DJC’s article:

Multi Capital Group is delaying construction on a two-tower development across from the Westin Seattle due to a faltering economy, poor local condo sales and lack of financing for parts of the complex, according to a project official.

[Multi Capital] had planned to start building the 46-story Pagoda and Heron towers in late 2009, said Alec Carlin, senior project manager with Hummingbird Advisors, which is managing the development.

“We’re still trying to decide when is the best time to move forward,” Carlin said.

Carlin said Multi Capital has considered building apartments instead of condos, but “right now it’s staying condos as far as we’re concerned.”

• Spoke with King5’s Bernard Choy today about some major price decreases, namely Madison Lofts and Cosmo. Check out unit #210 at Madison Lofts, SW corner unit – was $549,000 now $429,950. In his report, Bernard stated ML is taking some pretty steep decreases, up to $200,000.

• Pre-sale investors are jumping ship. I’m hearing more and more cases where pre-sale buyers aren’t going to be able to close on their purchases. Already, people have foregone their huge deposits at Washington Square in order to get out of their contracts. Now, I’m hearing the same with Gallery and 1521. Gallery, at least, unofficially, is letting buyers assign their contracts rather than default on the purchase. Makes sense…with rising inventory developers don’t want to be stuck with unsold units. Heard that Vulcan may do the same with one of its projects.

• Noticed R/UC/WOS has significantly decreased its advertising in the Sunday Seattle Times. Just a few months ago they had two full-color pages…now they’re down to a 1/2 page.

• The rumor that won’t go way – the big hole on 2nd between Stewart and Pine might be there a little while longer. Update: It was announced on 6/24 that Starwood has acquired Avalon’s share of the project.

On the other hand, there’s activity at Insignia Towers – additional materials have been delivered and Insignia’s signage is now up.