Realogics Sotheby’s International Realty became Olive 8’s new listing agent on January 1st, and it is open for business! Dubbed “The Sky Collection”, up for sale at Olive 8 are homes located from the 27th floor and up. Tap on this Olive 8 link to check out a five-minute video with author and syndicated columnist Tom Kelly. He examines the new condominium development market in Seattle, specifically focusing on this exciting property.
The video also refers to the amount of new condominium homes available in the Seattle area, and below is a copy of the graph as referenced by Dean Jones, Principal and Owner of Realogics Sotheby’s.
Note the amount of available condominiums in orange, in comparison to the number of condominiums that were converted to apartments (apartment conversions) in green. As a result, Olive 8 represents 25% of the available new condo market.*
Olive 8 is a 39-story luxury hotel/condominium building on the corner of Olive Street and 8th Avenue in downtown Seattle. Atop 17 floors occupied by the Hyatt at Olive 8 hotel, it includes one-bedroom and two-bedroom luxury view homes, plus three world-class penthouses. Your new home at Olive 8 will boast panoramic views and high-end touches, combined with world-class hotel amenities and services. Better still are special privileges for homeowners including private elevators and controlled access, a 24-hour concierge, a private residential club lounge and discounted rates at Elaia Spa.
Fans of green living are in for a delightful surprise with Olive 8, the first hotel/ condominium building in Seattle to receive an LEED Certification (Silver)! Its green roof, one of the largest in Seattle, provides an urban habitat for birds, bees and butterflies while reducing storm water runoff to city sewers. Olive 8’s dedication to the environment also results in 36% less water usage (approx savings of 2.4 million gallons annually) and 23% less power usage.
Olive 8’s environmental stewardship also reaches far beyond its walls. It was the first Seattle building to participate in King County’s Transfer of Development Rights program. In exchange for building higher, developer R.C. Hedreen Company contributed nearly $1 million to preserve 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat.
We’re busy retooling our own websites for the new Olive 8 opportunities. In the meantime, you can stay in touch on the latest Olive 8 news, or schedule a private tour with us by contacting this Stroupe Group link.
*Units are identified as being sold as a non-refundable earnest money deposit (pending) or closed. Please note that title reports are often late with real time information and often show fewer homes sold than actual.
An exclusive listing agreement was signed last week with developer RC Hedreen Company to sell all of Olive 8‘s remaining inventory, now starting from the 27th floor and up. Olive 8 is a 39-story, 229 unit mixed-use condominium and hotel ( Hyatt at Olive 8 ) high-rise located at 8th Avenue and Olive Way in downtown Seattle.
In order to maintain 50% project sales as required by Fannie Mae lending guidelines, 32 units at Olive 8 were recently sold at auction to replace mostly investor presales that were unable to close in today’s credit environment. The auction helped establish a base for current market values, enabling RC Hedreen to restructure its construction debt with US Bank, providing a long term runway to sell into an improving marketplace.
“We’ve eliminated many of the pressures that we faced, so it’s now time to realign values for today’s market,” said Dick Hedreen, RC Hedreen’s chairman. “2011 represents a new beginning for Olive 8 and Realogics Sotheby’s International Realty is uniquely positioned to lead us through a successful sellout.”
Dean Jones, Principal of Realogics Sotheby’s International Realty, added that there is a finite supply of new construction condominiums in downtown Seattle. No new developments have broken ground since the credit crunch in 2007 and since that time, several condo projects reverted to apartments and sold to REIT’s, reducing inventory.
According to Jones, fewer than 450 new condominiums remaining unsold in the city center and most pundits agree it could be many years before any new condominiums are developed. RC Hedreen and Realogics Sotheby’s are researching home values by retaining appraisers and meeting with real estate brokers and potential homebuyers to reassess the marketplace. Olive 8 is expected to be reintroduced to the public in 2011 with new lower pricing.
“I’m confident that our business philosophy will make perfect sense to those homebuyers that have been waiting on the sidelines for an opportunity,” says Hedreen. “And considering that our available inventory now starts on the 27th floor, we saved the best for last.”
We are in the process of retooling our own websites for the new Olive 8 opportunities. If you would like to stay in touch on news or private tours when Olive 8’s new releases come on market, please contact us at this Stroupe Group link.
With the recent announcement regarding a $90 million load by U.S. Bank to Olive 8, the condominium project is being allowed two years to adjust while the market recovers by renewing thier construction loan.
Full press release:
U.S. Bank Leads Syndication of $90 million Loan to Olive 8, Providing Financing for Green Downtown Seattle Condominiums
Two year extension of construction loan is a ray of hope in today’s market
(Seattle) December 14, 2009 ― Long-time Seattle developer R.C. Hedreen Company has received a crucial renewal of its construction loan for up to two years for Olive 8 through a $90 million loan syndication led by U.S. Bank. At a time when many regional projects are at a standstill and unable to secure financing, this loan renewal helps Olive 8 earn its distinction as an urban and sustainable condominium project that has been able to move forward as planned while continuing to be a desirable option for buyers.
Olive 8 is Seattle’s first Leadership in Energy and Environmental Design (LEED) Certified (Silver) hotel/condominium building. Hyatt at Olive 8 occupies the first 17 floors with another 22 floors of luxury condominiums above. Of the 229 condominium homes, 51 have closed. A wealth of new research indicates green building is forward-thinking, offers many long-term financial benefits and is an investment that pays off in terms of lower energy and water bills, as well as healthier indoor air.
R.C. Hedreen President David Thyer says, “As the developer, it’s not unexpected for us to think Olive 8 is unique and will hold its value in the long-term. But the extension of this loan syndication led by our long-time partner, U.S. Bank, reinforces our belief that this hotel/condominium combination in the heart of Seattle is a project with a strong future. We see it as a very positive sign in what has been a slow and challenging market.” Olive 8 was designed by the internationally acclaimed New York City firm Gluckman Mayner Architects in partnership with local architect, MulvannyG2.
Minneapolis-based U.S. Bank’s history of doing business with R.C. Hedreen dates back 15 years, with a variety of projects being financed over the years.
“We are proud to be involved with the construction of Olive 8, which shares our commitment to quality and environmentally-sound business practices that help sustain our resources and the environment,” says John Swanson, senior vice president in commercial real estate at U.S. Bank. “Also, this a shining example of the fact that U.S. Bank is a strong leader within the banking industry, and that we continue to make loans and provide financing to projects like Olive 8, even in this difficult economy.”
Due to its sustainable design and construction, which includes one of the largest green roofs in Seattle, Olive 8 is expected to use 23-percent less energy and 36-percent less water than a comparable non-green building. It is the first building in Seattle to participate in King County’s Transfer of Development Rights program; in exchange for higher building rights, R.C. Hedreen paid nearly one million dollars toward the preservation of 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat. The carbon footprint of the Olive 8 building will soon be reduced by 21-percent when Seattle Steam Company, which provides heating for the hotel, will begin using mostly biomass as fuel instead of natural gas. Olive 8 also features preferred parking spaces for highly fuel-efficient vehicles and outlets for electric cars in the underground parking lot.
Olive 8 is offering their buyers security by knocking down the price of an offer made yesterday to reflect a price tomorrow if any reductions are made. The new sales pitch is an attempt to boost sales. Developers of Olive 8 (R.C. Hedreen) sold 175 of the 230 units a year ago, but there’s only been 10 sales since.
Analyst believe it’s because of buyer’s fear that a recession is near and/or an expected drop in prices. However, considering our local economy and number of people that are moving to Seattle, a recession isn’t likely and developers haven’t given any hints that dropping prices is in the horizon. Also, David Thyer (R.C. Hedreen’s president) reported that Olive 8 is more than likely to raise their prices due increasing construction costs and overall market value.
R.C. Hedreen Co. has filed preliminary plans for a 51-story hotel on a lot they purchased for $4.5 million in 1995. The new location would replace the current Greyhound bus station at 811 Stewart in 2013. David Thyer (president of R.C. Hedreen) said the hotel will include 1,200 rooms, 100,000 square feet of meeting space and 2 ballrooms. Designers Spencer Decker Architects will be striving to meet Platinum LEED standards.
November 14, 2007 by James
Filed under Concierge, Exercise Room, Game/Rec Room, Gluckman Mayner Architects, Guest Suite(s), Hot Tub, Hotel Services, LEED Certification, MulvannyG2 Architecture, Olive, Olive 8, Pacific Place, Paramount, Pilates/Yoga Room, Pool Indoor, R.C. Hedreen Co., Sauna, Terrace, Westlake Center
Address: 737 Olive Way, Seattle, WA 98101
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Located in a central downtown location near Seattle’s retail core, Olive 8 is a 39-story, 231 unit, clear, translucent and blue glass tower designed by Gluckman Mayner Architects and MulvannyG2. The mixed-use tower built by R.C. Hedreen will include a full-service luxury Hyatt hotel within the lower 17 floors. Residents will be able to take advantage of 24-hour room service, 20,000 square foot full-service luxury spa, maid service, dry cleaning and valet. Homes range from 665 square feet to 1,586 square feet. Penthouses range from 1,833 square feet to 2,552 square feet. Originally pricing was around $400,000 to $2.5 million. Interiors are designed in rich colors with Italian Pedini Kitchen systems, Bosch appliances, Kohler sinks and Italian fixtures.
- Year Built: 2009
- Number of Units: 231
- Number of Stories: 39
- Exterior: Cement/Concrete
- Parking: Common Garage
- Pets: Subj to Restrictions
- H/O Dues Included: Cable TV, Central Hot Water, Earthquake Ins., Garbage, Water/Sewer
- Common Property Features & Amenities: Elevator, Exercise Room, Fire Sprinklers, Game/Rec Room, Hot Tub, Lobby Entrance, Sauna
- Advantage Rent A Car
- Barney’s New York
- Casimir Cleaners
- Dragonfish Asian Cafe
- Gene Juarez Salon Pine St
- Greyhound Concourse
- Kelley-Ross Pharmacy
- Pacific Place
- Pamela’s Fine Foods
- Paramount Hotel
- Ramuta’s Shoe Repair
- Red Balloon Co.
- Ruth’s Chris Steakhouse
- The Oceanaire Seafood Room
- The See Center
- Wells Fargo Bank
- Westin Hotel
ADDITIONAL OPINIONS & REVIEWS
*Data is deemed to be reliable, but not guaranteed. In some cases, number of units may include commercial and residential spaces and/or height may or may not include a 13th floor.