The Seattle Condo Blog

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

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.

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.

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