The Seattle Condo Blog

On Tuesday, July 22nd, the city’s Design Review Board will hear two proposals for high-rise structures on 2nd Avenue - 1915 2nd Avenue and 1931 2nd Avenue, both have been before the board previously. The meetings will be held at Seattle City Hall with 1915 set for 5:30 pm and 1931 at 7:00 pm.

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):

Olive 8 held a hard hat tour event at the construction site today to show off the building’s progress (I had a prior commitment and was unable to attend). Fortunately, Megan Hilfer of Parsons PR, was kind enough to share a few photos from the event which I’ve posted below.

When completed, Olive 8 will be the tallest residential tower in Seattle and the first condo/hotel development in Seattle to achieve LEED certification. The Hyatt hotel is expected to open at the end of the year while the first occupancy of the condominium is anticipated for early 2009.

View photos (click image below):

The DJC reported today that the parcel on the NW corner of 2nd Avenue & Virginia (next to Cristalla) has been put up for sale. Property owner, Columbia West, is hoping to sell the lot and purchase income producing properties. Though, if the parcel does not sell, word is that Columbia West will eventually develop the property.

Columbia West also owns the parcel on the SW corner of 2nd Avenue & Virginia and will move ahead with its plans to build a condominium/hotel complex and incorporate the Terminal Sales Annex building. There had been public concerns the building was going to be razed but it received landmark status earlier this year.

AVA (website) announced they’ve recently secured a Master Use Development Permit (MUP). The 39-story tower at 8th and Pine will feature traditional condominium homes and a luxury hotel. AVA’s developers anticipate construction to begin by the end of the year.

The AVA presentation center, located at 8th & Olive, is nearing completion and should open shortly. The center will include a scale model of the tower, kitchen and bath vignettes, final floor plans, representative views and finish samples.

Initially, the center will be open to prospective buyers by appointment only. If you’re working with a buyer’s agent, please have them contact AVA to arrange an appointment and private tour. All homes have been released for pre-sale reservations.

Could Art House be the latest condo project to go apartments?

The developer, the Pauls Corporation, has apparently been researching apartment development in the Seattle area. Pauls has a property management division so it might not be out of the question. Whether it’s condos or apartments it’ll appeal to urban dwellers with its modern design and location near the Pike Place Market and the water front.

More preliminary renderings of the Heron and Pagoda Tower project in downtown Seattle. Just based on the scale of the project (1.2 million square feet, $900 million) and striking architecture, this has got to rate as the most exciting development Seattle will experience. The project will consist of two 43-story towers (550′), up to 200 hotel rooms and 500 condominium homes.

Looking West towards Heron & Pagoda Towers.

Night rendering of the project.

Heron and Pagoda will be connected via the 11-story base that’ll include a soring atrium, pool & spa, retail & hotel amenities.

The 50-ft high V-shaped roof encompasses an open air arboretum, roof garden and covered recreational space.

View to the North with the Heron in the center, Escala to the left and the Westin on the right.

See also: SeattlePI article

The Olive 8 condominium (website) and Hyatt hotel project is progressing full steam ahead with construction now exceeding 22 floors. The project is 80% sold with occupancy of lower level homes slated for January 2009 while the Hyatt at Olive 8 is expected to open this coming December. A model home within the building will be available some time this fall.

With that said, however, recent events and the state of the condo market are on the minds of developers. R.C. Hedreen, Olive 8’s developer, is ensuring that buyers in Seattle’s tallest residential tower receive the lowest price possible as the market continues to fluctuate by offering a price guarantee to new buyers. Should the same floor-plan within Olive 8‘s remaining inventory sells for less than the current price prior to closing, the buyers who contracted for a higher price home will benefit at closing with the equivalent discount to their price.

Acccording to David Thyer, president of R.C. Hedreen, the Olive 8 homes are attracting a great deal of attention and interest, but “We recognize the housing market hesitancy and feel that this guarantee will help shore the confidence of those who are on-the-fence. Buying now offers the best selection and the assurance that they are getting a great value.”

Just West of Seattle City Hall is the proposed Civic Square project that’ll encompass an entire city block between 3rd and 4th Avenues and Cherry and James Streets.

Civic Square will feature an open plaza with an amphitheater, water features, retail space, a Metro/Light Rail station and a 40-story office & residential tower. The curved lower 22-levels will house office space and the upper 17-levels will be condominium homes. From the latest renderings, the design reminds me a little of Smith Tower with a skinny tower atop of a wider base.

Civic Square Plaza

The project is aiming for LEED Platinum certification and will incorporate sustainable features such as using a concrete subterranean garage as a big heat sink that could serve as a radiator for the entire building, photovoltaics cells, graywater filtration and harvesting rainwater for irrigation and to generate electricity via microturbines.

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Gallery Belltown
Buyers speak with their pocketbooks. And, apparently buyers spoke loudly at Belltown’s Gallery Condominium project. When the Gallery project first came online it was touting its SkyLofts concept, true two-level loft homes with 18′ ceiling heights located on the upper floors that offered spectacular city and sound views. But, it seems buyers just weren’t ponying up the big bucks for these units and most of them are now history, replaced with 600 sq ft one-bedroom flats.

Stewart | Minor
The lack of loft living enthusiasts at Gallery hasn’t deterred the developers of the Stewart | Minor high-rise loft project in Denny Triangle. But, Stewart | Minor is somewhat unique. The concept is based on 600 sq ft cube units that’ll offer owners the opportunity to add a mezzanine/loft level, increasing livable space by nearly 50%. The homes feature 18′ ceiling heights that’ll provide ample head room on the mezzanine level, which buyers can add at the time of purchase or at a later date.

The idea behind these convertible homes is Move Up or Move Out. The most common reason people move is because they’ve outgrown their current space. When considering the cost of moving (selling costs, moving costs, time, etc) an average person might spend around $40,000. Stewart | Minor offers the option to finish the mezzanine level for about the same price. Though, to built-out the upper level fully (sleeping area, master bath and closet) may cost up to $100,000.

Unlike Gallery, Stewart | Minor is striving to offer a more affordable price point (starting at $400,000) and has been gaging interests and opinions through a series of design preview events. Construction is expected to begin late 2008/early 2009 with pre-sales beginning next Spring/Summer and occupancy in 2011.

1 Hotel & Residences
The Seattle Times report that New York-based Equinox Fitness will occupy 35,000 square feet of space at 1 Hotel & Residences. Equinox is an upscale fitness center known for its celebrity clientele. Monthly dues will likely start around $130, a premium compared to dues at nearby gyms. The gym, as well as the 5,000 square foot spa managed by Equinox, will occupy the 7th & 8th floors.

Last week the 1 Hotel & Residences project held a private soiree for the launching of the “1″ brand. While I wasn’t there, urbnlivn.com’s Matt was. Here’s his impression of the 1 Hotel project.