1 Hotel & Residences
Update: This project is essentially dead.
The Second + Pine project (website) will be instrumental in the rejuvenation of the Market District in Downtown by bridging the area between the Westlake retail district and the Pike Place Market.
The development will include a world-class hotel brand called “1” by the Starwood Capital, considerable retail space and several residential tiers appealing to a variety of buyers. Other amenities will include an urban grocer, health club and a day spa. Steve Hanson’s B.R. Guest restaurant and NY-based gym, Equinox Fitness, will anchor the project. Equinox will occupy approximately 35,000 sq ft with monthly dues around $140.
Located between floors 9 to 16 will be 176 “City Suites”, a combination condo and hotel room, ranging from 700 sq ft to more than 1,200 sq ft. These homes will be fully furnished, including two flat-screen TVs, linens and artwork. Owners have the option of renting the rooms to the hotel for hotel guest when not in use. City Suites start at around $560,000.
Above the hotel/City Suites are 51 full condominium homes which will range in size from 1,200 to 6,800 square feet. These exclusive homes are being offered from $1 million to $11 million.
Occupancy is scheduled for 2009/2010.
The sales center is located at 217 Pine Street. Reservations are currently being accepted by appointment.
Ben, a real informative blog about condos in your market. I am going to start one for my hometown market. Thanks Eric from New Orleans
You mentioned a world class hotel by Starwood. Do you know if it will be sold as a condo hotel? I run a site called premiumcondohotels.com and I feature high end branded condo hotels on it. I have not heard about Seattle getting involved with a starwood condo hotel and would be very interested in profiling the project on my site if it is going to be a condo hotel. Can you shed light on the project?
The project will include condo hotels and residential condos. There are 110 condo hotel units which owners may make available to the hotel which has been branded “1 Hotels”. These are located on the 9th thru 13th floors.
This is the latest press release:
http://www.1residences.com/news_pdf/groundbreaking.pdf
I walk by this site every morning on the way to work. They finished off digging the hole at least two months ago, but it’s been utterly abandoned since.
Now, I’m not part of their intended market, but when they’re still promoting occupancy in 2009, I’m find it suspect. Has anyone heard what’s going on?
Last September the developers redesigned the project and delayed it till the new year due to a heavy concrete moratorium during the holidays.
http://seattlecondosandlofts.com/2007/09/1-hotel-residences-delayed
Project is dead. Redesign is a PR term for investor and hotel tenant are getting cold feet on market conditions. Irrespective of Seattle’s counter cyclical market at the moment, hotels are cyclical and anyone who would be staying there would be in the overall down cycle. Even if they were redesigning it, the underground parking would not change nor would the podium design or columns locations
Project is dead.
Klt,
If you knew anything about the project, you would know that there’s no underground parking. As for the project being dead you may want to do a little more research on Starwood Capital Group, the developer of 1 Hotel & Residences.
If you were to check with the City you will find the permit for the structure is approved and they went in for the envelope last week, the final permit would be the interior. PCL is the General Contractor, currently working on the Gallery which is about 10 blocks to the north.
The first phase was in fact excavation and retro-fitting the Macy’s (3rd & Stewart) parking garage (which is underway now). 1 Hotel & Residences owns the parking garage and all parking for the Hotel is Valet. Condominium Residences parking is above ground on the 4th, 5th, & 6th floors.
The 2nd phase will be the structure (concrete & steel) which will start within the next 90 days.
Because there is no underground parking they can build the building in about 18 months, so completion could be late 2009 early 2010.
Starwood is the developer not the financier. Go to the money for answers. Developer will tell everyone to continue working until the last minute. Just like every firing in any industry.
So no underground parking eh? is that big hole just that? they’re going to fill it with gold and other semi-precious metals I bet then -just like they almost did at the Duomo -wow what a concept.
oh yea I forgot. I was right on domaine and expo before they went public for switching. so. maybe. just maybe. I do know what i am talking about.
kit,
I would have to agree with Shg on this one. You should do your homework. Starwood is NOT the developer. Starwood Capital LLC is financing the project (mostly), and Avalon is the Developer (or AvStar). Also, if you weren’t aware, Starwood (the hotel chain) and Starwood Capital LLC are not even related to one another AT ALL. They are two completely different companies with different visions not run by the same people. The project is not dead.
As for Domaine and Expo, those are two projects that were clearly placating and pandering to the lower to mid-line buyer – a completely different market all together. 1 Hotel & Residences is clearly marketing itself toward the very upper end of home/condo purchasers in the market. Those upper ends purchasers are far less affected by the sub-prime mess, if at all, than those perhaps buying at projects such as Domaine and Expo. Therefore, I sincerely doubt they would “scrap” this project.
Shg was probably referring to the fact that the HOTEL does not have underground parking as it will utilize the existing Macey’s parking structure, reducing the significance in time to build parking as opposed to if they were to develop underground parking for BOTH Hotel and Residences. The Residences will have underground parking located in the hole you now see.
klt,
the fact that you “predicted” the re- apartmenting of two horribly marketed, low-end developments, hardly makes you a credible source for what is going to happen to projects like “one hotel”. Your right about one thing, go to the money… they have invested millions ( literally ) in marketing very recently, but most importantly have JUST placed dozens of print ads within the last 7 days, that cost over 15k each ( some much more ) not to mention this is to be the test platform and flagship of a global brand that has been in development for nearly a decade, it will proceed, it might go slow, even if the condos dont sell well, even a recession, even more housing gloom, this will still proceed. ( and to think, I am a not even a bull )
1 Hotel & Residences has 2 levels below grade. According to the Survey Map & Plans, the lowest level is Mechanical & Electrical. The next level is Storage, Mechanical, & Seattle City Light.
Floors 1 & 2 consist of the Lobby, “Ocean Restaurant”, an 11,000 square-foot restaurant operated by New York City Based B.R. Guest Restaurants; B.R. Guest will also operate the “1” Grocer located on 2nd & Stewart side of the property. http://www.brguestrestaurants.com
The 3rd Floor will consist of a business center, & conference rooms.
Floors 4, 5 & 6 are parking for the Condominium Residences.
Floors 7 & 8 include a 38,000 square-foot Equinox sports club, & a 5,000 “1” Full service organic day spa. http://www.equinoxfitness.com
Floors 9 – 16 are one and two bedroom City Suites, which are fully furnished condominiums that may be included in a rental opportunity with the hotel.
Floors 17-21 are Premier Condominium Flats.
Floors 22-23 are Penthouses.
This should clear up any questions regarding the details of the property.
Do any of you have any more information how this project compares to the likes of Four Seasons or 1521 when comparing the condos? Is this project nicer? Is it lower end? What about views and pricing?
All three of these are among the most upscale condo projects in the city. The Four Seasons is by far the most exclusive and expensive starting at $2,000 per square foot. However, by offer price, 1 Hotel tops the Four Seasons with an $11.7 million penthouse townhome…about $1,700 per square foot.
In terms of amenities, 1 Hotel and the Four Seasons will be similar and residents will have access to the hotel amenities as well. 1521 is solely a condominium tower.
As far as views, the Four Seasons and 1521 offers the best of the three. All of the Four Seasons West-facing units have unobstructed views of Elliott Bay and has air rights to the South (over the Lusty Lady). 1521 has air rights to protect some of its views as well.
1 Hotel will have excellent views, but on the upper floors. However, because of its location further East than the others, potentially, its views will change with the pending development of Candela and the 2nd & Virginia/Stewart towers. The City Suites level homes will mostly have in-city, urban views.
Is it just me or is Downtown Seattle’s price per sq foot is ridiculous!? I think it’s crazy how some of these projects are much more expensive than Manhattan prices of $1200-1300 avg.
Ben_Kakimoto,
Thanks for the input. We’ve been considering all three of those communities to buy a home, and I have a feeling that interiors of ‘1’ will actually be nicer and more “put together” than Four Seasons or 1521 when it is completed. Our concern was with the potential view loss at ‘1,’ which you addressed, and I completely agree with you. Decisions, decisions. I feel Four Seasons has amazing views, but you pay for it. 1521 is a nice “all around” project, meaning it has some nice views and some nice interior finishes, but no “true” outdoor spaces, and “1” will have by far the best interiors, but some spotty views depending where one is in the building.
Albert,
As for prices in Seattle, yes, it is costly. Ridiculous? I don’t feel it is ridiculous for what one gets. $1200-$1300 average in New York buys one an AVERAGE condo. Where that buys a person a VERY nice condo here in Seattle. Besides, who really wants to LIVE in NYC. Its a nice place to visit, and an awful place to stay long-term. I lived there for quite a while.
Seattle is a much nicer city with more recreational activities, better natural scenery, a better climate, a better pace, and just more accessible overall, in my opinion. Actually, come to think of it, Seattle is a steal!
Project is dead…and seemingly truly effd up. Check DJC for kid friendly version of whats going on…or rather not going on. Funny first delay was to add MORE hotel condo units was it not?
Wow…for the first redesign they said they had 100 reservations on the 110 CitySuites and thus they were increasing the number of those to 176. Now, they’re dropping it down to 44?!?
Clearly the project is fubar as was their marketing piece. .If late-summer is a no-go, hole will be open during rain season adding 100k’s in geotech. Where are all those that proclaimed this was moving ahead? What’s the story?
*hears birds chirping*
Hopefully Room and Board will still open under garage.
http://seattlecondosandlofts.com/2006/06/second-pine#comment-39609
All signage is coming down from this project. Hope Starwood develops this site. Would be nice if they also included the Macy’s parking garage. Downtown is so under retailed that another vertical mall like Pacific Place could be included in any hotel project. But this is probably unlikely.
Thanks for the info….I drove by on the way home and most of the signage were gone.
Sorry to hear that. I am afraid that is just a sign of the times.
In Denver, The 1401 Lawrence Project was similar (sans the hotel) and had similar reservation number but ultimately Great West pulled the plug this summer. Right now, Ritz-Carlton has a new Condo-Tel going but sales are slow. It is a conversion of a former Embassy Suites. Fortunately, there are fewer units.
What is Starwood going to do with this property? Any updates?
I haven’t heard anything further since Avalon Holdings bailed out. Nothing is likely to occur for awhile given the lack of construction funding, the current market and the fact their condo/hotel hybrid units aren’t doable under current city ordinances.