Downtown Seattle’s ultraluxury Four Seasons Hotel & Private Residences is out of financial trouble, its developer said Tuesday, thanks to a fresh infusion of cash from its original investors that allowed it to restructure debt.

The firm said it had defaulted on its construction loan in December 2009, and until last week the 21-story, $180 million complex was at risk of foreclosure or bankruptcy.

Continue reading at Seattle Times.

According to the NWMLS, there hasn’t been any sales (pending or closed) at the Four Seasons Private Residences since last October.

The 1521 Second Condominium, Seattle’s other uber luxury condominium tower downtown, have had 15 sales (pending and closed) since October, ranging from $1,035,000 to $3,475,000. With those sales, the 1521 Second development is now 80% sold.

View the Four Seasons website
View the 1521 Second website

View Four Seasons Residences for sale
View 1521 Second Residences for sale

Disclaimer: The 1521 Second Condominium was an advertiser at the time of publication.

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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.

View available Olive 8 condos for sale.

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This special event features free day passes and special discounts for The Seattle Condo Blog readers on club membership, personalized training packages, dietary supplements, exercise equipment and more. Readers of TSCB who join the club on December 17th will also receive a free gift from Epicenter Fitness’s Mati Bishop.

Already a member? Existing members of Epicenter Fitness can take advantage of special pricing as part of the club’s member appreciation day.

Epicenter Fitness features more than 25,000 square feet of dedicated fitness area with four specialized studios and 180 group exercise classes a month including heated yoga, cycling, cardio kickboxing and a variety of strength and conditioning courses. The club also features the best line-up of personal trainers in downtown Seattle who provide customized programs tailored to provide a means for their clients by focusing on their nutrition, cardio fitness, dietary supplementation and resistance training.

For more information about the open house or Epicenter Fitness, please contact Mati Bishop at 206.587.2673.

Click to download flyer:

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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):

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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):

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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.

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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.

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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.

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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

Renderings courtesy of Ismael Leyva Architects.

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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.”

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