Oct 27th

Seattle Times- Construction Sites Currently Stalled in Downtown Seattle

Categories: 1915 2nd Ave, Apartments, Ava, Commercial Space, Condominiums, Insignia, Market Trends, New Construction, One Hotel & Residences, Real Estate News, Smith Tower, Stewart|Minor

This past Sunday, The Times featured a worth-mentioning piece on the stalled condominium and apartment buildings downtown Seattle and Bellevue.  With over 23 projects in Seattle alone, the lack of construction financing is the number one contributing factor for the dead sites. 

1. 151 John Street (17 Apartments, 1st & John)
2. Icon (283 Condominiums, 6th & Denny)
3. Insignia (646 Condominiums, 5th & Battery)
4. 2030 8th Ave (230 Condominiums, 8th & Lenora)
5. Stewart & Minor Lofts (150 Apartments/160-Room Hotel)
6. 7th & Westlake (365 Condominiums/342,000 SF Office)
7. 1800 Terry Ave (261 Retirement Apartments, Terry & Howell)
8. 2nd & Bell (102 Apartments)
9. 2700 Elliott Ave (100 Condominiums, Elliott & Cedar)
10. The Martin (170 Condominiums, 5th & Lenora)
11. AVA (236 Condominiums/190-Room Hotel, 8th & Pine)
12. 1519 Minor Ave (80 Condominiums, Minor & Pine)
13. Art House (140 Condominiums, Elliott & Battery)
14. Western & Blanchard (113 Condominiums)
15. Heron & Pagoda Towers (400 Condominiums/200-Room Hotel/267,000 SF Office, 5th & Virginia)
16. 2000 3rd Ave (441 Apartments/40-Room Hotel, 3rd & Virginia)
17. 1915 2nd Ave (175 Condominiums, 2nd & Virginia)
18. 1 Hotel & Residences (51 Condominiums/44 Suites/192-Room Hotel, 2nd & Stewart)
19. SkyGarden (116 Condominiums, First Hill)
20. 5th & Columbia Tower (760,000 SF Office)
21. Colman Center (170,000 SF Office, Pioneer Square)
22. Smith Tower Condo Conversion (12 Condominiums, 2nd Ave & Yesler)
23. 200 Occidental Ave S (62 Condominiums/130,000 SF Office, Pioneer Square)

The total is close to 4,200 residential dwellings! Click here to read more.

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Jan 8th

Smith Tower- Only 12 condos to be converted!

Categories: Condo Conversions, Condominiums, Downtown, Property Type, Real Estate News, Seattle Neighborhoods, Smith Tower, Vintage Condos

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?

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