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

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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!

This coming Friday, 5th and Madison will host a grand opening celebration for the new half acre Green Plaza from 12:30pm until 2pm. 

The event will be open to the public and the official ribbon cutting will be at 1pm.  Light refreshments, live music and beverages will be served, visit the 5th and Madison website for more details. 

A few Green Plaza benefits:

• A half acre of ground level green space
• Open to the public during the day
• Cisterns sunk into existing underground parking capture rainwater to satisfy all exterior landscaping needs
• Lushly landscaped with drought tolerant and native plants and a water channel with waterfall. 
• This park-like space helps offset the “heat island effect”. 
• The green plaza is actually a green roof over the parking garage and retail space.
• A green roof helps filter pollutants and carbon dioxide out of the air.

Brought to you by Equity Green / Architechnophilia…the push-button boxcar home designed by Adam Kalkin. 

I have officially entered The Parc with my first listing for lease! 

The building is coming together nicely and the common areas are set to be completed at the end of this month.  I was very relieved to see that the lobby is now fully furnished and the concierge is already getting things together for the new residents.

Right now it looks like there are a couple other units on the market for lease and 12 are listed on the MLS for sale. 

Let me know if you are interested in unit #711!

The SeattleTimes put together an informational piece about our new “1” Hotel & Residences this past weekend.  You may or may not be familiar with the newest condo-hotel concept but here is the general overview:

- Located on the corner of 2nd and Pine
- 23 floors, 176 condo-hotel rooms and 51 traditional condominiums
- Scheduled for fall 2009 occupancy, sales start in a couple of weeks!
- Prices are ranging from the low $600k up to $10M
- Condo-hotel rooms managed by Starwood Development
- Rooms are expected to go for between $290-$400 per night
- For a change investors are welcome! 
- The building offers a full-service athletic club and day spa as well as a grocery store, restaurant and ample guest/public parking

Click here to read more!
I will soon have additional, firsthand information for you but please feel free to contact me with questions - AJH