Coming early 2012, The Sanctuary (1519 E Denny- Capitol Hill) will reenter the sales market!  There have been a couple units reserved for a first right or refusal and all construction will be completed by December this year.   The unique floorplans and more photos can be viewed on The Sanctuary website, click here for more details!

Just released:

RECEIVER APPOINTS CONSTRUCTION/DESIGN TEAM TO COMPLETE THE SANCTUARY BY DECEMBER, 2011
Additional Project Improvements will Optimize Market Value; Several Unit Reservations Pending

(October 5, 2011) SEATTLE, WA – Resource Transition Consultants (“RTC”), the court-appointed
receiver for the lender of The Sanctuary, has announced the appointment of a design and construction
team – led by Seattle-based general contractor Belfor Property Restoration – to complete the 12-home
development by December, 2011.  The project is expected to reenter the marketplace for sale in January,
2012.

“We’ve assembled a world-class development team to complete the vision of The Sanctuary – a century-
old church in Seattle’s Capitol Hill neighborhood that was converted into a premier multifamily
community – and we look forward to successfully reintroducing the project for sale in the New Year,”
said Rob Nall, Principal of RTC.

In addition to RTC, project lender Pathfinder Partners, LLC and Belfor, The Sanctuary development
team now includes:

- Architect – Runberg & Associates
- Construction Representative –The Justen Company
- Interior Designer – Robin Chell Design
- Marketing and Sales – Realogics Sotheby’s International Realty

“Construction is well underway and includes many design improvements recommended by brokers and
prospective homebuyers,” said Nall. “We’re retooling the homes for today’s market – resetting prices
while adding value to the finished product.”

According to Marty Goodman, principal of The Justen Company, the project scope now includes  new
clear and operable window systems to complement the historic stained  glass in several units; elevator
options; acoustical attenuation; refurbishing the central atrium; and restoration work on the historic
exterior. In addition to warranties offered by manufacturers of installed systems and appliances,
homeowners will benefit from a third party home warranty program that will be included with each sale.

“We’re fortunate that RTC and Pathfinder are investing substantial resources to reach the full potential
of this extraordinary development,” said Goodman.

Belfor Property Restoration, a division of Belfor Construction, is tasked with completing the
construction of the 12 concrete and steel townhomes and restoring the historic façade of the original
building.

“The homes are new construction with state-of-the-art building systems, designer finishes and premium
fixtures and appliances throughout,” says Ross Minshull, site supervisor for Belfor, which has developed
dozens of high-rise properties and restored a number of historic buildings.  “At The Sanctuary, we’re
building high-rise quality within a historic landmark – it’s the best of old and new.”

One of the most striking attributes of The Sanctuary is the central atrium, an expansive interior common
area with 38-foot-high ceilings and a breathtaking stained-glass dome.  Seattle-based Robin Chell
Design is converting the atrium into a residential amenity that draws on the building’s history and
architecture and provides a central hub for residents and guests alike.

“This project is matchless in concept, design characteristics, historical significance and overall quality of
construction – especially at this price point,” said Chell, who will also design some of the project’s
model homes. “Such a hybrid of rich, nostalgic features and modern design elements make this
community unique in the Northwest, if not in the country.”

Although the official listings for sale are still several months away, Nall says two unit reservations have
already been accepted with more expected in the coming weeks.  Unit reservations provide prospective
homebuyers with a first right of opportunity to purchase a particular home when it’s offered for sale.

“Every home is distinctive with unique floor plans and features so brokers and homebuyers are vying for
the best possible selection,” said Nall.

Additional information on The Sanctuary can be found at www.LiveatSanctuary.com.

First Galer Now Selling on Queen Anne!

Queen Anne’s Counter Balance Condominiums (First Galer & Marc Anna) are now being marketed by MCM Group! Last October Marc Anna had its Grand Opening but now First Galer is nearing completion and will be offering 18 one-, one-plus-den and two-bedroom homes by the end of June.

Located just one block off of Queen Anne Ave, on the corner of 1st Ave N and Galer Street, neighborhood amenities and services like The 5 Spot, Café Appassionato and Trader Joes are all within walking distance…the perfect Queen Anne location!

This entire building from sidewalk to rooftop was redesigned including the electrical, plumbing, brick exterior, windows and interior finishes. Each home features mahogany picture molding, glass doorknobs, black & white-checkered bathroom floors, faux fireplaces, oak flooring, dark slab granite countertops and stainless steel appliances.

Prices start at $349,900 and the sales office is open Friday through Tuesday from noon to 6pm- 1501 1st Ave North. Click here for more information!

Previous Post on the Counter Balance Condominiums

Today was the first day I noticed the Carbon56 sign on Aurora and I have to admit that I was pretty shocked! Being that there are several listings on the MLS for sale and homeowners that are already living in the building, it will be interesting to hear how this project moves forward with a substantial mix of condos and apartments under one roof.

I heard that their website will be launching this coming weekend with additional information and for now more details can be found on SeattleRentals.com. Looks like there are 20 units available and studios/1 bedrooms are priced between $1675 & $2275 for 667 to 1,142 square feet. If anyone out there has the scoop on how this untraditional conversion will operate, please share!

If you haven’t already seen the bright green signs on Boren Avenue, Live Historic is back at it again. The two most recent projects being The Marlborough (First Hill) and the De Lorges (Capitol Hill)- check them out!

The Marlborough 1220 Boren Avenue This 13-story tower dominated First Hill’s skyline for decades and was once home to a member of the British royal family. The Marlborough features 83 fully restored homes including two penthouses, an elaborate lobby, rooftop deck, onsite parking and preserved marble floors, terra cotta carvings and arched windows throughout.Studios, 1, 2, & 3 bedrooms start at $225,000 while square footages range from 516 to 2,184 square feet. Click here for more details!

De Lorges 325 Harvard Avenue East Located one block off Broadway, the 4-story De Lorges was built in 1928 and offers 27 completely restored homes with tons of character and charm. Studios, 1 bedrooms and 2 bedrooms are priced from $235,000 to $430,000 and square footages range from 475 to 898 square feet. Click here for more details!

There were two offers submitted for the 1.1 acre site at 1431 2nd Ave N, one of which was proposed by Lorig for $7.5 million with plans to construct approximately 30 Victorian-style townhomes at the old Queen Anne High School gym site.

The real estate development and management firm, plans to start construction upon closing on the property in the fall of 2009 and complete the project a year later. According to Ron English, the district’s deputy general counsel and property manager, Seattle Public Schools will be considering the purchase and sale agreement on May 7th and should be finalized in July of this year.

Lorig originally converted the old Queen Anne High School into apartments, restored The Victoria, a 1920′s apartment building into condos in 1998 and are currently developing 200 West Highland (now selling from $1.3M to $4M!) …click here to read more!

Today lawmakers will take their first vote on a proposal to limit condo conversions by allowing cities to set caps on the number that occur each year. The battle has just begun for local developers and the affordable housing activists who fear a “rental crisis” is on the rise. While a similar proposal was rejected last year, our current market conditions call for some sort of regulation to take place! Click here to read more.

On another note, in the downtown area we are now hearing of new construction projects converting back to apartments. The most recent apartment conversion is Expo 62 and just yesterday I heard from a little birdie that Olive8 might be the next…stay tuned!

Last year, Walton Street Capital (the owner of Smith Tower) created quite the controversy when they proposed to convert the 38 story tower into 150 condos but now it looks like they have had a change in heart.

Now, they are looking to only develop the top 12 floors (22-33) offering a total of 12 condominiums approximately 2000 SF each. Floors 2- 21 will remain office space with 11,000 SF per floor.

Click here to read more

I think that converting only 12 units was a very good move! With the increased demand for downtown office space and slowing condo sales, the project will be a perfect mix for current market trends. I wonder what prices will be starting at? $1M…$2M- any thoughts?

About two weeks ago, Marc Anna had its grand opening event at 102 Galer Street. The brick building was built in 1927 and features 6 homes starting in the high $300s. The floorplans consist of four 1 bedroom condominiums and two 1 bedroom + dens and have been fully remodeled with Walnut hardwood floors and cabinetry, granite countertops, stainless appliances, Freedom Rail closet organizers and more!

First Galer is set to have its grand opening event in January 2008 at 1501 1st Ave North.
Click here for more information on the Counter Balance Condominiums.