With Veer, Vulcan seeks to emulate a trendy industrial loft feel with open spaces accented with heavy timber beams, concrete and metal. The six-story building contains 99 homes with three distinct home plans - flats, lofts with a flexible space and two-level full lofts.

Prior to the TCO, our only glimpse of Veer was through the rather limited kitchen vignette at the SLU Discovery Center. And, honestly that single vignette provided an underwhelming impression of Veer, especially when compared to Vulcan’s other under-construction projects - Enso & Rollin Street.

I had the opportunity to tour Veer this week and I must say that it exceeded my expectations; partly because the finish materials are higher quality than originally sampled. And, also because the interior layouts exhibit an efficient use of space. Though, there were a couple of odd quirks. The in-unit exposed sprinkler pipes were not symmetrically installed. There may be a building code reason for this, but visually it was distracting. And, in the common stairwells, the sprinkler pipes hang below the ceiling decreasing overhead clearance, which is only an issue if you’re hauling large items up and down the stairs. At least in two flexi-lofts units I toured, the access point to the loft area was hindered by the ceiling beams that effectively decreased the height of the opening. I’d be hard press to visualize the flexi-loft space as anything other than storage. But, that’s fine. There’s more than ample living space on the main level.

Inside, the light colored concrete floors on the main level and over-sized windows provided more than ample ambient light. In the flats, a 3/4 height kitchen wall allows light to pass through to the sleeping alcove. The top-level full-loft homes are impressive with its soaring 16′ ceiling height, multiple decks and territorial city views. Curiously though, to access the private outdoor space (top-floor units) you’ll need to step out through a window opening, which is smaller than shown in renderings.

Veer Lofts has a number of units available offering an excellent array of home options, primarily flexi and full-lofts. There is only one flat still available, unit #207 that’s being offered at $404,950. This is a 751 square foot unit with windows on three sides offering views of downtown and Lake Union.

The flexi-lofts, located on the 4th and 5th floors, range in size from approximately 600 to 740 square feet and are being offered between the upper-$300,000s and upper-$400,000s. One note about the flexi’s, the stated square footage does not include the loft space, which would add an additional 250 to 350 square feet. The full-lofts, located on the 1st and 6th (top) floor, range in size from approximately 807 to 1,073 square feet. The 1st floor homes start from the upper-$400,000s while the top floor homes begin in the mid-$500,000s.

An on-site sales office and staged model homes will open to the public beginning Thursday, October 9th. The sales office hours are 11:00 AM to 6:00 PM.

Veer Lofts Versus …

Three other recently completed new construction developments provide homes with similar layouts to Veer. These include Madison Lofts, Gallery and Mosler Lofts. Here’s my impression on how they compare to Veer.

Madison Lofts
Madison Lofts is a much smaller building with only 20 loft homes compared to the much larger 99-unit Veer. All of Madison Lofts’ homes are multi-level full-lofts with 16′ ceiling height, on-par with Veer’s full-lofts. Homes at Madison Lofts essentially start from the upper-$400,000s, though two larger units with expansive outdoor space begin at just under $1 million.

With a few exceptions, the interior layout and square footage between the two projects are quite similar. But, Madison Lofts scores more points for better construction (concrete/steel vs. wood frame), a more polished interior with better quality finishes and more usable, larger exterior spaces. Veer gains points for its central location, in the middle of the yet to be fully realized SLU district and close to downtown. Madison Lofts, on the other hand, is tucked way next to the arboretum, a good 15-20 minutes from downtown.

Gallery Townhomes
The Gallery condominium in Belltown is in the final stages of completion with residents already moving-in. At one point Gallery offered “SkyLofts”, two-level loft units on the upper floors, but eventually replaced those with single-level flats. Fortunately, for those interested in loft living, Gallery did retain its ground floor loft-styled townhomes. Though, these are aimed towards a different demographic and are larger, ranging in size from 1,000 to 1,195 square feet. They’re also priced quite a bit higher, between $622,000 and $740,300.

Gallery is a concrete and steel building located within the established Belltown neighborhood, so it has an edge over Veer in that respect. With its refined interiors, it lacks the urban industrial character of Veer and Mosler. Gallery offers a greater variety of home options which will appeal to a more diverse homeowner base as well.

Mosler Lofts Townhomes
The concrete and steel constructed Mosler Lofts, also located in Belltown, offers similar ground floor loft-style townhome units. Mosler has a more industrial aesthetic compared to Veer, with exposed concrete walls and ceilings and exposed HVAC ducts, but does have higher quality finishes and more common amenities.

Presently, only one of the five loft-townhomes is available. It’s a 962 square foot home offered at $579,000, which competes directly with Veer’s top-floor lofts. Although, Mosler has a superior build quality, more amenities and located in an established area, on price, a top-level Veer unit is a compelling option. Veer’s top-floor lofts offer city or lake views, private decks and a greater sense of security.

Veer Lofts is located in Seattle’s most aggressive urban renewal and reinvention projects, South Lake Union. Led by Paul Allen’s vision, SLU is actually an amalgamation of numerous entities that represent diverse interests - educational and research institutions, market-rate and low-income residential development as well as commercial/office developments. Local companies setting-up shop in SLU include Group Health, UW Medicine, Rosetta, Tommy Bahama, Amazon, Microsoft, Weber Thompson and NBBJ. Additionally, Microsoft is expected to be the principal tenant of the 2201 Westlake office building (Enso).

Gallery - Belltown, recently relocated their sales office into a townhome unit in the Gallery building at 2nd and Broad. They have a couple of model homes staged and should have seven model homes ready shortly. The first five floors are complete and residents started moving-in this past Friday.

I recently toured the property but the sales staff was a bit disheveled and only had keys to one unit, and couldn’t provide access to common amenities. I’ll reserve judgment of the development until I can get back for a comprehensive tour. But, if there was one item I was disappointed with it was heating - baseboard and stand alone forced air wall heaters, in a $600,000 unit no less. There are still assignment opportunities available, just saw one on Craigslist. For more info on Gallery, visit www.liveatgallery.com.

Veer Lofts - South Lake Union, is nearing completion and expects to receive its TCO in the next week or two, with first move-in by the end of the month. Currently, the project is about 60% sold so there’s still a number of options for anyone interesting in pioneering SLU condo living. Visit www.veerlofts.com for more info.

Canal Station - Ballard, hosted an agent event last night, a final push to close out sales in phase two. A recent price reduction may make the development appealing to hesitant buyers with one-bedrooms starting from $265,000 and two-bedrooms from $415,000.

I spoke with a owner in phase one who lamented the falling values, especially now that phase two is priced below phase one. At the present, he’s realizing a decent-sized loss in value, but hopefully the new pricing will entice buyers, leading to a reduction in Ballard’s condo inventory. Visit www.canalstation.com for more info.

1521 - Downtown, expects first move-in to begin this November.

The Seattle Humane Society’s mobile adoption center, the MaxMobile (pictured), will be at the Discovery Center from 11:30 am to 2:30 pm. If you’ve been contemplating adopting a dog, cat or rabbit, then drop on by.

Additionally, a week-long pet food drive benefiting the Humane Society’s Pet Food Bank is currently underway at locations throughout SLU. You can also make pet food donations at the Discovery Center. Dry cat food is the most requested item at the food bank.

Unit #A102 is one of only a handful of live/work lofts available within the complex, perfectly suitable for office or artisan studio space. The unit is a spacious 1,214 square feet of open living space with 12′ ceilings. Other home features include:

• Master suite with walk-in closet, built-ins and a huge 5-piece master bath
• Open living/kitchen space with oversized windows
• Separate loft area with an adjoining closet. The space is completely customizable - use it as an office, studio, 2nd bedroom or media room - whatever fits your need.
• 2nd full bathroom
• Stone countertops, stainless steel appliances, gas fireplace
• Bamboo, carpet and tile flooring
• Private deck, in unit w/d, parking & extra storage
• Pet friendly

The Portal was constructed in 2004 consisting of 76 condominium homes in two buildings overlooking Lake Union. Though the buildings back to Aurora, the homes are on the East-side with the common hallway buffering the homes from Aurora. Amenities include a courtyard off the community club room and an expansive roof top deck. Access to the Portal is via Dexter Avenue.

Walgreens announced they will open a store within the historic Bank of America building (Seattle First National) at 6th and Denny Way. Walgreens will renovate the interior but will retain the exterior and drive-thru. The store is expected to open this Summer and will be flanked by the new Taylor 28 Apartments, Hyatt Place Hotel and Icon Tower developments.

On a side note, the crane for 115 Aurora condo project, located two blocks from the Bank of America building, went up on Tuesday.

New Retailers at SLU

Vulcan announced several new retailers in the SLU district. At 2200, Tutta Bella will officially open its doors on November 5th. Though pie cravers can dine at the restaurant during its soft opening this week. Tutta Bella is the area’s first pizzaria certified by the Associazione Verace Pizza Napoletana in Naples, Italy.

Joining Tutta Bella at 2200 are Clover House and Opal. Clover House offers an assortment of home accessories, houseplants, pottery, jewelry, bath & body products, stationery & cards and candles. Opal will offer a unique, one-of-a-kind selection of the finest fashions from Juicy Couture, True Religion, Michael Stars, William Rast, Velvet, Trina Turk, Iisli and Vince, among many others. Opal plans to open in December.

GolfTEC and Velocity Art & Design will occupy space at Alley24. GolfTEC offers instruction in golfing techniques, conditioning and equipment. Velocity features an elegant and curated collection of modern home furnishings and accessories from around the world.

Major Complex Planned at SLU / Westlake

Thanks to Rob at the CDS Blog for the update on CarrAmerica’s SLU area development, called Westlake Steps. I briefly mentioned it last February but there was very little information at that time. It looks like they are progressing on this project with construction expected to being in 2010.

Centered around the Casey Family Foundation building, Westlake Steps will comprise five 6-story mixed-use buildings that will add 850,000 square feet of office, retail and residential space. A public stairway/plaza will lead from Dexter Ave to Westlake Ave and will be flanked with retail space. CarrAmerica purchased the 4.5 acre Casey Family site two years ago.

Related articles of interest:
Denny Way Developments
Icon Tower

Four of these are located within blocks of each other near Denny Way & Aurora Avenue. Of the four, two are expected to be apartments with the other two being condominiums.

Hyatt Place Hotel & Condominium (600 Denny)

Update 2/08: This project will be developed as a hotel/apartment complex consisting of two buildings. One building will be a 56-unit apartment (6th & Denny Apartments) and the other will be the Hyatt Place Hotel.

Located to the West of Starbucks at the old Greg’s Japanese Auto site is the 9-story 160-room Hyatt Place Hotel that will also include 56 condominium homes. The project is being developed by Kauri.

Image courtesy of Johnson Braund Design Group.

Borealis Apartments

Borealis (website) is well underway at Denny & Aurora. This green built Vulcan project will feature 53 apartment units, 50 of which will be priced for residents earning 80% of median income. The building was designed by Runberg Architecture.

100 Taylor Ave N & 567 John Street

This nearly 3/4 block project (West side and behind Bank of America) is called Taylor 28 and will feature two 6-story buildings that’ll comprise nearly 200 apartment homes including 5 live/work units and retail space. The site is being developed for Bre Properties.

115 Aurora Avenue

Located behind Starbucks, this 7-story mixed-use project will include 130 residential homes including 5 live/work units. Several comments have referred to this project as condos. The project is being developed in part by Sierra Construction.

ICON Tower (6th & Wall)
Also planned is ICON Tower which will be located directly South of the Hyatt Place Hotel project. The 29-story tower will feature 224 condominium homes. Construction is expected to begin early 2008.

Other Denny Way Projects:

East towards I-5, other residential projects currently under construction on Denny Way include Enso, Rollin Street Flats and the Mirabella.

West towards Elliott Bay, projects currently under construction include Trio, The Bernard and Expo62.

On the horizon are residential projects proposed for the Denny Center lot (Denny & Fairview), Denny & Yale and Denny & Stewart. Most of proposed upcoming projects will fall under the new zoning guidelines which will allow up to 400 feet tall structures.

Rumor also has it that another major Seattle-based technology (retail) company may take up significant office space in South Lake Union area.

Over a million square feet of office space in SLU could potentially be home to the region’s thriving technology firms. This is excellent news for Vulcan’s SLU condo projects and for the massive redevelopment of the area.

Already home to Tommy Bahama, REI and Jones Soda, SLU will soon welcome Group Health’s new corporate headquarters and UW Medicine’s new biotech research facility. New apartment and condominium projects are underway which will provide a wide variety of housing opportunities and create a vibrant residential community.

The SLU district is also attracting arts and cultural institutions as well. Recently, the Musuem of History and Industry announced plans to relocate from its Arboretum location to the Armory Building, joining the Center for Wooden Boats at the 12-acre Lake Union Park. The park is currently undergoing a $20 million improvement and expansion campaign.

SLU Community Events

Cascade Neighborhood Block Party for the National Night Out Against Crime
August 7th, 4 PM to 8 PM
333 Pontius Avenue N
Featuring a BBQ, raffles, live music, kids activities

SLU Block Party
August 10th, Noon to 11 PM
SLU Discovery Center, 101 Westlake Ave N
Featuring live music, cooking demonstrations, food samplings, a muttmazing race for the pooches and arts and crafts for kids

Cinema on the Lawn
August 10th, around dusk
Showing Little Miss Sunshine

On August 1st, Vulcan will enter its second phase, narrowing the selection of homes and increasing prices in the process, which is good news for those who purchased during the initial phase.

If you’ve been thinking about living in South Lake Union, this is an opportune time to select a home before prices increase next month.

Listed at $925,000, the penthouse, situated in the Southwest corner, is a spacious 1,354 sq ft of open living space and features:

• 16′ floor-to-ceiling windows with 3 walls of windows
• Paperstone countertops in kitchen and bath
• Terrazo tile backsplash in kitchen
• Concrete floors
• Cardecking ceilings
• 1 3/4 baths
• Three decks, including an entertainment-sized 650 sq ft terrace
• Great city views
• Private storage unit
• Parking
• Bocce Ball court & BBQ
• Pet Friendly, two pet maximum

Located at 401 9th Ave North, Veer will be in the heart of the revitalized South Lake Union district, close to downtown and city-core amenities, and a block away from the new Street Car on Westlake Avenue.

For more information on the penthouse, please view the MLS listing report or feel free to contact us.

To view more images:

Images courtesy of Vulcan. Renderings are representative of full-loft units, not necessarily the Penthouse.