The Seattle Condo Blog

Heron and Pagoda Towers

The Seattle Times reports that Heron/Pagoda Towers developer Multi Capital Group has lost part of the property through foreclosure.

A developer who had proposed a $900-million, twin-tower development across Fifth Avenue from the Westin Hotel in downtown Seattle has lost part of the property to foreclosure.

New York lender G4 Capital Partners took title to about half the site of the proposed Heron and Pagoda towers this week, according to county records. G4 had loaned an affiliate of New York developer Multi Capital Group $13.7 million to buy the property, but the affiliate defaulted.

Ashworth Cottages

A Pryde+Johnson development in the Green Lake neighborhood had sold only 2 of its 20 homes in the two years before the bank took over the development a few months ago. Since returning to market three weeks ago with steep discounts they’re now down to their last four units.

Even though they’re nearly closed out, Ashworth Cottage’s latest sales team is hosting its official Grand Opening on Saturday, November 14th with lattes from 11-1pm and hotdogs from 2-4pm. www.liveashworth.com

European Tower

GIS International is bucking the trend and moving forward with pre-sales at its one-home per floor European Tower development. They’ve reduced prices significantly and re-launched their website. www.europeantower.com

Marselle Condominium

Marselle reports that they’ve sold 20 units last month and 13 owners have already moved into their new digs. Half of the homes are priced under $300,000. www.marsellecondos.com

Just when you thought the market had burst and the new condominium pipeline was drying up, one developer is seemingly bullish. GIS International is resurrecting its unique European Tower (website) development in downtown Bellevue. The slim 17-story tower features just one home per floor and were originally priced from $2 million and up when introduced in early 2007.

According to a letter by Eugene Gershman, COO of European Tower / GIS International Group, the European Tower project is moving forward. Gershman stated:

We believe now is the right time to begin construction on this one of a kind project. No one can dispute the excitement and pride of owning an entire floor you call home. The opportunity to purchase one of only 16 distinctive homes does not come around very often. Just as any fine craftsmen would do; we have been waiting and watching, learning from our buyers, and applying those lessons to improving European Tower.

With the reduced global demand for labor and materials I have tasked our team to find a way to deliver our original vision at today’s market. Over the past several months we have been working tirelessly to secure updated contracts to make this a reality. I am pleased to say we are now ready to lower prices by as much as $2,000,000 per home. Full floor customizable shells at European Tower start as low are (sic) $700,000 and feature the same level of interior options, automated valet parking, and a full time concierge.

European Tower is now accepting names for its interest list, which is expected to close by October 31, 2009. Shortly after interested buyers will be offered a purchase contract to move forward. European Tower is anticipating a Summer 2011 completion date.

www.EuropeanTower.com

Somewhat old news now, the Stewart + Minor loft building site has been listed for sale for $3,995,000. This was a rather unique project – a sleek, glass enclosed tower with 14 stories of customizable two-level loft homes above a 14-story hotel base.

Besides market and economic factors, the Seattle Times suggest that DPD’s approval of the Kinnects apartment tower on the adjacent lot also affected Stewart + Minor as a viable project. The property’s owner, GIS International, previously shelved its European Tower project in Bellevue.

The AVA condo and hotel project at 8th and Pine has become the latest development to officially be put on ice. At least for the time being. According to the Puget Sound Business Journal, AVA has suspended active sales and is holding off opening its sales center until the market improves. However, the developers plan to file for a building permit soon, though construction, assuming the permit and design reviews are approved, likely won’t begin until mid-2009.

The same article mentioned that Stewart and Minor, a lofts and hotel project, might get a makeover. The developer, GIS International, has indicated they are exploring other options for the parcel – apartments, an office building or an all condo project. GIS recently put its European Tower development on hold.

Coincidentally, AVA’s marketing team just sent out an update. Here’s what they have to say:

…As we prepare to submit for the final building permits from the City of Seattle, we continue to work closely with our contractor to secure the best possible construction pricing for our future owners. We anticipate receiving final project costing and entitlements by the second quarter of 2009, and will be in position at that time to finalize the construction schedule and occupancy date.

Later this summer, private preview appointments will be available for all Realtors and their interested homebuyers to tour the sales center. You will be among the first to preview the contemporary and sophisticated design palettes which have been custom created for AVA as well as explore home décor options.

GIS International announced they’re putting European Tower on the back burner due to current economic conditions. The exclusive one-home-per-floor tower currently has reservations for 6 of its 16 homes available which start at $2 million. The developer plans to wait till late this year before moving forward.

GIS is also the developer of the Stewart & Minor hotel and loft project in Denny Triangle. There hasn’t been any movement or information on that project since last Autumn. Given the news regarding European Tower, it’s likely Stewart and Minor went into deep freeze along with number of other downtown condo projects.

Source: DJC

Updated
The Stewart + Minor project (website), located on the edge of downtown in the Denny Triangle district, is anticipated to be one of Seattle’s most unique, sleek and customizable loft towers.

The 440 foot-tower will feature a hotel on the lower 14 levels and 168 loft homes on the upper 14 levels.

The concept is based on a 600 sq ft open one-bedroom design with an 18′ ceiling height. Buyers may elect to customize the base units with a 2nd mezzanine/loft-level that’ll reconfigure the unit to a formal one-bedroom plus den and two bathrooms. With the mezzanine/loft level, livable space is increased by nearly 50%. Buyers will also have the option to combine units creating larger living spaces. The mezzanine/loft level can either be included as an upgrade at purchase or added at a future date.

The main level layout is fairly similar to the 600 sq ft open one-bedroom units at The Gallery, except the kitchen does not extend as far into the living room area. All homes will come with an unfinished mezzanine level that covers the bath and part of the bedroom.

Interiors will feature floor-to-ceiling windows, exposed concrete columns, exposed metal ducts, solid surface floors and stainless steel appliances. The units are being designed to allow owners considerable interior personalization options. The building will be topped with a rooftop terrace and bar.

Homes are expected to start from the low-$400,000s to more than $1 million. The project is anticipating first occupancy in 2011 and expects to begin construction in late 2008 or early 2009. A sales presentation center will likely open by next summer.

Read the full story