In the past two weeks, Madison Lofts have apparently had over 600 people tour the property during their Grand Opening event.  I guess the King5 interview really created some exposure…I wonder how many have sold? I will have an update shortly!

Click here to read the Madison Lofts newsletter.

Tom Cain of Cain Inc. recently reported that the average vacancy rate for properties of 50 units or more in the King and Snohomish counties are currently sitting at 4.44%- just a slight drop from last year.

The lowest vacancy rate found in both counties was in Seattle’s First Hill neighborhood at 2.6%.  This could be attributed to the new hirings at Swedish Medical Center, the limited availability of newer apartment buildings, very convenient access to the downtown core/freeways and reasonable rental rates.

Cain also sited over 7,613 new apartments are under construction, 3,124 of which are located in Seattle- a 32% increase over the last quarter!

Click here to read more.

Come spring 2009, AvalonBay Communities will begin building an apartment complex on the west side of Lower Queen Anne between Harrison and West Thomas St. on 3rd Ave W- Avalon Queen Anne.  The building is slated to accommodated approximately 200 units, 247 parking stalls, 5,000 SF of retail space and will be designed by GGLO. After construction starts the building will take about 18 months to be completed and cost about $60 million to build.

AvalonBay had been building about one apartment complex in the Northwest every three years, but are wanting to create a larger presence in our market.   Avalon Queen Anne is one of 3, possibly 4 apartment buildings that will be built in the next two years…the others will be built in Kirkland, Bellevue and Ballard!  Click here to read more.

Here is the latest from Lacie Doman, the Marketing Manager of AVA Hotel & Residences:

PROJECT SCHEDULE
With our Master Use Permit now in hand, the AVA development team is in the final design and entitlement process. 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.

PRIVATE PREVIEW APPOINTMENTS
Later this summer, private preview appointments will be available for all 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. The sales center is located at the corner of 8th Avenue and Olive Way, just one block away from the AVA site (open by appointment only).

PRIORITY RESERVATION OPPORTUNITY
New homebuyers will be invited to entertain a Priority Agreement, which provides a preferred opportunity to select from the new release of homes once they are officially released for sale next year. Priority Agreements are offered in exchange for a fully refundable deposit of $10,000 and are a convenient way to secure your purchase position with preferred selection and introductory prices.

Click here to read more on AVA Hotel & Residences!

What was to be the site of 1 Hotel & Residences will remain a desolate gaping hole on 2nd Ave and Pine until Starwood Capitol Group can secure a construction loan and proceed with a newly designed 23-story hotel-condo building. 

Not only has the construction been delayed for nearly a year now, but most recently Avalon Holdings, a Portland-based firm headed by Paul Brenneke, has sold their interest ($45 million) in the $250 million project.  Avalon will continue to develop the 18,800 square feet of retail space at street level of the Macy’s parking garage and it was announced that Columbia Sportswear Company is planning to operate two retail stores in the space as early as this fall.

Click here to read more!   

What once was Expo62 Condominiums is now Axis Apartments!  Located on the border of lower Queen Anne and Belltown at 123 2nd Ave, Axis is just steps away from the Key Arena, Seattle Space Needle, Pacific Science Center, The Experience Music Project, Boeing IMAX Theater, Marion Oliver McCaw Hall and the Pacific Northwest Ballet.  If you are looking for easy access to the waterfront-Myrtle Edwards Park, Olympic Sculpture Park, HWY 99, I-5 or downtown by bus- this location will be perfect for you!

Axis will soon be BUILT SMART certified by Seattle City Light and BUILD GREEN certified from the Master Builders Association. There are 7 stories and floorplans range from 459 square foot studios to 1,762 square foot 2 bedroom/2 bath penthouses.  Studios are priced starting at $1175, 1 bedrooms at $1450 and 2 bedrooms at $1810, most offering granite countertops, stainless steel appliances with gas stoves, hardwood floors and fireplaces.

The building itself offers a lobby with a mezzanine and library, a theater room, 24-hour fully equipped fitness center, business center and a rooftop garden with a pet care center!

Click here to visit the Axis Apartment website!

After recently placing the site next to the Cristalla (NW corner of 2nd and Virginia) on the market FOR SALE, The Justen Company and Columbia West Properties just released their latest designs for the proposed condominium project…guess they have changed their minds! 

The Design Review Board will be having a meeting tomorrow, 5:30pm at City Hall.  If you are interested in attending, here is the scoop:

City Hall
600 4th Ave/ 601 5th Ave
Boards and Commission Room L280
* After 6pm, you will need to use the 5th Ave entrance.  If the 5th Ave entrance is locked, press red button for security guard and use the center elevators to access L280.

For those of you living at the Cristalla, there is a rather large packet at the front desk for you to view renderings and the specifics about the project.  Will keep you posted!