Just in….AND I hope to tour the building in the next day or two!  For more details on Enso, click here.

SEATTLE – October 12, 2009 – Characterized by its innovative environmental and sustainable features, the 2201 Westlake development in South Lake Union now represents Seattle’s first mixed-use and high-rise residential project to earn prestigious LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council.

Developed by Vulcan Real Estate, 2201 Westlake was designed and constructed from the ground up using sustainable development practices. As a LEED Gold-certified project, 2201 Westlake exemplifies sustainable innovations that promote energy and water efficiency, indoor environmental quality, eco-friendly materials selection and alternative transit options as part of a healthier workplace and living environment.

“With each new LEED-certified building, we get one step closer to USGBC’s vision of a sustainable built environment within a generation,” said Rick Fedrizzi, President, CEO & Founding Chair, U.S. Green Building Council. “As the newest member of the LEED family of green buildings, 2201 Westlake is an important addition to the growing strength of the green building movement.”

Designed by Callison, the 450,000-square-foot mixed-use project includes 300,000 square feet of high-performance, Class A office space, 135 luxury condominiums known as Enso, 25,000 square feet of street-level retail amenities, underground parking and open green space.  The development is located on the bustling corner of Westlake Ave. N and Denny Way in South Lake Union, directly on the Seattle Streetcar line.   The project was completed in July 2009.

“Earning LEED Gold status for 2201 Westlake represents an important milestone in Vulcan’s commitment to sustainability,” said Ada M. Healey, vice president of real estate at Vulcan Inc. “As a state-of-the-art sustainable, transit-oriented development, 2201 Westlake provides long-term value not only for its tenants and residents, but also for the greater community.”

Highlights of 2201 Westlake’s sustainable features include:

*Unparalleled proximity to public transit options –Seattle Streetcar stop directly in front of project, connecting tenants throughout South Lake Union, downtown core, regional transit hubs and light rail service
*Bicycle storage and racks, locker rooms with shower stalls, four Zipcars located within two blocks of the project and five bus lines within ¼ mile of the site

*Innovative underfloor energy-efficient delivery system of heating, cooling and ventilation provides office users with more control over the air and temperature in their individual spaces, enhancing employee comfort and productivity

*Shared high performance central energy plant with adjacent residential condominium tower that utilizes waste heat and cooling from the office space for other retail and residential uses

*Extensive use of recycled and rapidly renewable materials, low VOC paints and carpets

*Construction recycling and salvaging plan diverted nearly75% of non-hazardous construction waste from landfills 

*Native, drought tolerant landscaping

*Water-efficient dual-flush water closets, low-flow urinals, faucets and showers designed to reduce potable water use by 35%

*Site landscaping complies with Seattle Green Streets Program, increasing pedestrian space and open green space while helping providing habitat and shade cover with large trees and native shrubs  

*Exterior glass curtain wall with low solar heat gain properties provides more natural daylight than traditional office buildings 

The 2201 Westlake project team includes: Vulcan Real Estate (owner and developer); O’Brien & Company (LEED consultant); Callison (architect and interior designer); Sellen Construction (general contractor); Cary Kopczynski & Co. (structural engineer); Magnusson Klemencic and Associates (civil engineer); Glumac (mechanical/electrical engineer) and Berger Partnership (landscape architect).

A cornerstone of Vulcan’s South Lake Union redevelopment efforts is to foster an entire neighborhood that embraces sustainability on all fronts – from buildings and parks to public transportation and green streetscapes. Vulcan is working with the City of Seattle to create one of the first certified green neighborhoods in the nation in South Lake Union, which has been accepted into the U.S. Green Building Council’s LEED Neighborhood Development (ND) pilot program. The LEED ND program promotes the location and design of neighborhoods that reduce reliance on cars, provide convenient access to jobs and services by walking or public transit, and promote more efficient energy and water use.

Sitting across the street from Olive8 Condominiums, The Olivian Apartments (809 Olive Way) have started advertising vacancies for their 1 bedroom, 2 bedroom and 2 bedroom + den floorplans.

As of yesterday, the prices are being quoted at:

1 bedrooms: $1799 - $2552 per month (753 to 1042 SF) http://www.seattlerentals.com/11455
2 bedrooms: $2850 per month (1287 SF) http://www.seattlerentals.com/11456
2 bedroom + dens: $6000 per month (1916 SF) http://www.seattlerentals.com/11458

Here are some marketing comments:
With its monumental presence, high design and luxurious amenities, The Olivian caters to those who crave more from life. It’s easily the most anticipated luxury leasable residence to appear in downtown Seattle in years, taking high-rise living to new heights.

Select from a variety of floor plans, all with open layouts and expansive window walls. This 27-story modern tower features luxuriously appointed two bedroom + den residences as well as exclusive penthouse residences. You choose what best fits your personality!

I have yet to tour The Olivian, but will be visiting Rollin Street Flats (a neighboring condo-to-apartment conversion) tomorrow – stay tuned!

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!

Just across the street from the Pink Elephant Carwash on Denny and Dexter (109 Dexter Ave N), the Borealis Apartments are approaching completion as announced by Vulcan last week. This new workforce housing project will soon provide affordable apartments for individuals and families earning less than 80% of the median household income for King County.

The 33,000-square-foot, six-story building includes 53 apartments with studios, one-bedroom, and two-bedroom units ranging from 400 ? 850 square feet with approximately 3,600 square feet of retail space.

As defined by the U.S. Department of Housing and Urban Development, 2008 median incomes for 80 percent are $43,050 or less for a one-person household and $61,500 or less for a four-person household. Rental rates at Borealis Apartments will start at $875 for a studio, $1,052 for a one-bedroom and $1,244 for a two-bedroom unit.

As an environmentally friendly development, Borealis Apartments is designed to qualify for three-star Built Green certification from the Master Builders Association of King and Snohomish Counties, and is also participating in Seattle City Light?s Built Smart program. Sustainable features include low-flow fixtures, Energy Star appliances, low VOC finishes, increased natural daylight, green screens and bike storage lockers.

Click here to visit the Borealis Apartments website for additional details!

Last Wednesday, a City Council panel approved Vulcan?s plans to build three 12-story buildings within 6 blocks along Terry and Boren Avenues. The project will bring at least 4,000 more jobs to the neighborhood and is expected to be the new headquarters for Amazon.com.

In exchange for the zoning change, the panel determined that Vulcan will pay over $6M for affordable housing and public benefits, build environmentally friendly buildings with green landscaping and support commuters who get to work by bus, bicycle or car pool.

“South Lake Union isn’t the redheaded stepchild anymore. It’s not warehouses and broken trolley lines going nowhere. It’s beautiful, and it seems like changing the rules in light of that … seems like common sense.” - Ron Sandahl, Artistic Director of the Open Circle Theater

Click here to read more

A couple weeks back when I attended the IREM Forecast Breakfast, Mike Scott (from Dupre + Scott) talked a bit about the rental market and where it is heading. The topic of conversation seemed to go a little like this?

Seattle?s economy is stronger than ever, apartment vacancy rates are down and rents are still on the rise, but come 2009 we should expect to see the rental market flatten a bit due to a large amount of new construction apartments entering the marketplace.

The Seattle PI covered the topic today (and all the contributing factors) while announcing two new apartment high-rises that are well on the way.

- The Olivian will be a 27-story luxury apartment building with 224 units located at 8th & Olive?right across the street from Olive8.

- The Aspira, which was first slated as condominiums, broke ground yesterday and will soon be a 37-story apartment tower located on the corner of Stewart & Terry Ave.

Click here to read more

P.S. I am back!