Thornton Place website: www.thornton-place.com

Bellevue Towers sent out an email this week mentioning that coinciding with the completion of the development they are offering pricing specials for the next 50 buyers. Some of the pricing information they provided include:

200 West Highland:

200 West Highland also sent an email this week promoting price reductions ranging from 12% to 36%. Here are pricing information for their currently listed properties:

Thornton Place:

Finally, Thornton Place issued a press release highlighting a new buyer incentive and updates on the retail and cinema. The latest condo buyer incentive they’re offering is an FHA 2/1 interest rate buy-down and special summer pricing. However, they did not providing updated pricing information, though two listings were recently reduced $30,000 and $50,000.

Three additional restaurants signed-on to the development. These include Five Guys Burger and Fries, Subway and Tengu Japanese sushi, which join the two previously announced eateries – Jewel Box Cafe and Thai Fusion.

Finally, Regal Cinema is hosting a Free Family Film Festival through the week of August 6th. Beginning at 10:00 AM on Tuesdays and Wednesdays they are providing free family friendly movies for kids and parents. Movies include The Tale of Despereaux, Kung Fu Panda, Surf’s Up, Igor, Journey to the Center of the Earth, Bee Movie, Alvin and the Chimpmunks and Wallace and Gromit.

With their Spring Sales release of 27 condominium homes Thornton Place is offer several great incentives for buyers who purchase by May 25, 2009. One of the most unique, if not the first for a condominium, is a layoff guarantee. Homeowners who are laid off within their first year of ownership can receive up to six months of paid mortgage payments. The guarantee is worth up to $2,500 in monthly principle and interest, so buyers are responsible for taxes and insurance. Though, that’s a pretty sweet deal. The unit must also be a principle residence.

Additionally, Thornton Place is also offering the following incentives through May 25th:

• Three percent (3%) of purchase price towards closing costs, rate buy downs or to pay the mortgage on a buyer’s existing home while it is listed for sale
• No homeowner dues until July 2010
• $1,000 cash if financed through the developers preferred lender
• A price guarantee that’s valid through December 31, 2009

The development is FHA approved so eligible buyers will be able to purchase with FHA’s low 3.5% down payment requirement. And, given the price point of the homes, low-$300,000 to mid-$400,000, many buyers will be eligible for the $8,000 first-time homebuyers tax credit that’s available through November 30, 2009.

Thornton Place is developed by Lorig Associates and Stellar Holdings.

Back then, there were contentious debates among local residents, conservationists and mall owners about developing the south lot and Thornton Creek which ran beneath it. In 2002 the Appeals Court overturned a lower court decision and ruled that the water running below the lot was not Thornton Creek, thus opening the door for development. But, more debate and lawsuits followed. It wasn’t until 2004 when numerous stakeholders reached an agreement that plans for development moved ahead.

Fast forward.
Today, Thornton Place, is rising like the phoenix out of the south lot asphalt ashes. When fully completed by the end of Summer 2009, Thornton Place will feature a 14 screen & IMAX theater, retail and restaurants, 266 apartments, 121 condos including 12 live/work lofts, a 143-unit senior living development by ERA Living and an uncovered Thornton Creek channel.

The Thornton Place urban village is one of only five projects in the state participating in the LEED ND (neighborhood development) pilot program which strives to create a compact, walkable and vibrant mixed-used neighborhood. Additionally, the developer, Lorig Associates, is expecting to achieve a LEED Silver certification for green building practices.

Key dates ahead:
   Apartment rentals begin – April 2009
   Cinema and retail open – May 2009
   ERA Living’s Aljoya opens – Summer 2009

Condo sales begin.
The first structures to finish will be the condos, which began sales this past weekend. Thornton Place offers a variety of floor plans to fit most everyone’s needs, including studios, one- and two-bedroom flats, two-bedroom townhomes and live/work lofts.

One thing that struck me as I toured the units was the sheer size of the homes compared to their downtown counterparts. Even the smallest homes are huge. The studios start from 600 square feet, some with 9′ 10″ ceiling heights, and include a large sleeping alcove, walk-in closets and a defined dining area. The other floor plans range up to 1,364 square feet in size.

Home features and amenities include:

• Two color palettes to choose from
• Various ceiling heights, up to 14′ in select top floor units
• Natural Maple or Kempas microstrip hardwood floors in living area, plus porcelain tiled flooring in kitchen and bath
• Striking polished slab granite countertops in kitchen and bath, with porcelain tiled surround
• Wenge or cherry veneer cabinets
• GE appliances including stacked washer and dryer
• Large, oversized windows
• Patio or deck space for most homes
• Heat and glo gas fireplace in most homes
• Gated entry after hours, plus parking and extra storage
• Community room and lounge area, 24-hour accessed fitness facility and a business/conference center, shared with the apartments

Currently, 62 condo units are available for purchase ranging from $299,000 to $589,000. On a per square foot value, the condos are among the priciest in North Seattle. So, what’s the benefit of spending a more for a piece of Thornton Place – location. An urban village in its own right, Thornton Place is part of the larger Northgate urban village that includes various transportation options including two park-and-rides, ample retail, restaurant & entertainment choices, and numerous business and community services. Plus, Thornton Place will be home to a diverse 600 residents.

While the condos are market rate, the apartments will include both market rate and workforce housing units. The workforce housing units will be available to residents earning 80% of King County’s median income.

The condo sales center is open daily from 11 am to 6 pm, enter parking garage from NE 100th Street. For more information about Thornton Place, visit:
- Thornton Place
- Thornton Place Apartments
- Aljoya (ERA Living)

images courtesy of Lorig / Thornton Place