Adjacent to the Colman Ferry Pedestrian Bridge between Western & Post Avenue, this 16-story, 208-unit apartment building is well on it’s way!

Project Description by Weber Thompson: Capitalizing on a massive shift from home ownership to rental housing, downtown’s upcoming Colman Tower is a front runner to fill a demand projected to quickly be seriously undersupplied. With a spring 2011 construction start, this 16 story, 208 unit project is targeted towards young professionals who are looking for a vibrant, urban home. The building features compact units and ample, targeted amenities to draw this market. Colman Tower is an elegantly designed tower that is decidedly modern, yet speaks to the medley of styles, heights and character drawn from the historic buildings in the adjacent Pioneer Square and downtown financial district. A glass curtain wall gives way to terra cotta shoulders of various scales that relate to these neighboring buildings. Materials are used in a contemporary way to underscore these relationships with articulated terra cotta panels echoing the brick and heavy stone used in the area. A transparent, two-story structure, “The Cube,” sits in a 40 foot deep, landscaped public plaza linking Colman Tower to the Colman Ferry Pedestrian Bridge. An adjacent stair and elevator structure links this pedestrian bridge with the retail on Post and Western Avenue. Retail space is featured along Colman Tower’s entire Western Avenue frontage and on most of Post Avenue. These are high quality spaces with 20 foot high ceilings and large glass panes creating inviting storefront entries. On Post Avenue, the building is held back to relieve this slender street and create an active retail / pedestrian zone with festoon lighting strung between Colman Tower and the neighboring Colman Building. This illumination creates a sense of canopy and an active outdoor space with a festive atmosphere. Click here to view the Seattle Times Article- August 2010

For more details, click here! 

SEATTLE, April 10 – Carpenter’s Tower, LLC, the owner of the 25-story McGuire Apartments in the Belltown area of Seattle, today announced plans to vacate the building at Second Avenue and Wall Street over the next several months due to extensive construction defects which are financially impractical to repair.

“While there are no imminent tenant safety issues, the experts involved in the investigation and repair of the building have indicated that there will be structural issues that could present safety issues by 2011 and beyond,” said Brian Urback, with Kennedy Associates, the real estate advisor for Carpenter’s Tower.  ”The McGuire is not in imminent danger of a structural failure and the experts have advised that the building be vacated by the end of 2010.  Under the circumstances, we are taking steps to vacate the building over the next several months and to help our tenants relocate.   Since the necessary repairs are impractical, the decision of the owner is to dismantle the building.”

The building owner has informed officials at the Seattle Department of Planning and Development (DPD) of the extensive construction defects, which principally involve corrosion of post-tensioned cables and concrete material and reinforcement placement deficiencies.  The post-tensioned cables are corroding because the ends of the cables were not properly protected with corrosion preventative paint, and the grout used to seal the cable ends and anchors was not the specified non-shrink grout and was defectively installed.  As a result, water leaked into these areas and caused the cable ends to rust, and then corrode.  In addition, reinforcement placement in the building’s exterior frame is defective, resulting in cracking and spalling of concrete, as well as structural impairment.

DPD has written a letter indicating it will issue an order later this year finding the building no longer safe to occupy and requiring the owner to “correct the unsafe conditions or vacate the building by December 31, 2010, or earlier.”  The letter also indicates that the city is “requiring that the owner monitor the building condition and periodically submit inspection reports to DPD.”

“We are providing an incentive package to help our tenants relocate much faster than the end of the year,” Urback said.  ”We recognize that this is a major inconvenience so we are trying to make it as easy as possible under difficult circumstances.  We are providing what we think are generous financial incentives if they move quickly.  We are paying moving expenses.  And we are having our building staff help them find new apartments.”

Carpenter’s Tower is owned by Carpenters Union, Local 131, and by MEPT, the Multi-Employer Property Trust.  Construction of the McGuire was completed in 2001.  There are 272 residential apartments and four street-level retail spaces in the building.  Carpenter’s Tower has filed suit against the general contractor responsible for the construction of the building and against the building’s architects.

SOURCE Kennedy Associates Real Estate Counsel, LP

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!