The Stroupe Group is very pleased to announce that ENSO is now 100% sold, and we were the ones who just sold the last unit. In addition, we sold twice as many ENSO homes as other outside agent, including this lovely two-story unit you see here!
Thank you very much to all our ENSO buyers! We also want to mention the high level of professional service we received from ENSO’s sales associates, Emily, Javila and Angela. Our deepest thanks to all of you!
Built in 2009, ENSO was developed by Vulcan Real Estate and is comprised of a 19-story residential tower and adjoining 16 floor commercial building. Callison Architiects and Interior Designers created a truly spectacular environment by marrying high-end touches with green living. The ENSO is LEED Gold Certified.
The ENSO is located on the edge of the Denny Triangle at 820 Blanchard Street, well-positioned between the South Lake Union and Downtown neighborhoods. With the meteoric rise of businesses, retail and restaurants in the South Lake Union area, plus the conveniences of Downtown nearby, ENSO is situated among the best of all worlds. It is also steps away from the South Lake Union Streetcar line, and a short walk from Lake Union Park.
There are plenty of wonderful condominium homes on the Seattle market, and we’re in the know about all of them. Let us work on a home for you! Call us at 206.910.5000, or drop a line to firstname.lastname@example.org
Great news for Capitol Hill’s The Sanctuary – restoration is scheduled to be completed by December, 2011, and the project is expected to reenter the marketplace for sale in January, 2012.
Resource Transition Consultants, the court-appointed receiver for the lender of The Sanctuary, has just announced the appointment of a design and construction team to convert the century-old First Church of Christ Scientist on Capitol Hill into a 12-home condominium development, and they are:
Contractor –Belfor Property Restoration Based in Seattle, Belfor has been recognized as the country’s #1 remodeling contractor for 11 consecutive years by the National Association of the Remodeling Industry. They can then bring the most extensive network of resources to The Sanctuary project. Belfor Property Restoration is a division of Belfor Construction.
Architect – Runberg Architecture Group Runberg’s award-winning work in Adaptive Reuse projects finds them working closely with the Landmark Preservation Board to ensure that the new modifications are respectful of the church’s historical significance. Runberg Architecture Group is also based in Seattle.
Construction Representative –The Justen Company Representing owners, developers and lenders of complex developments throughout the Pacific Northwest, The Justen Company delivers value by anticipating, planning, coordinating and directing the process of real estate development from conception to move-in.
Interior Designer – Robin Chell Design Based in Seattle, they offer complete and comprehensive interior services, including design development, space planning, furnishing and fixture selection, construction administration and installation. Robin Chell Design’s work has been featured in more than a dozen regional and national interior design publications and its principals have been honored with numerous awards and acknowledgements for industry excellence.
Along with completing construction of the 12 concrete and steel townhomes and restoring the historic façade of the original building, The Sanctuary will feature:
New clear and operable window systems to complement the historic stained glass in several units;
Elevator options; and Acoustical attenuation.
In addition to warranties offered by manufacturers of installed systems and appliances, homeowners will benefit from a third party home warranty program that will be included with each sale.
One of the most striking attributes of The Sanctuary is its central atrium… an expansive interior common area with 38-foot-high ceilings and a breathtaking stained-glass dome. It will be converted into a residential amenity that draws on the building’s history and architecture and provides a central hub for residents and guests alike.
The Sanctuary is located at 1841 16th Avenue E on Capitol Hill, between E Denny and E Howell Streets. A more detailed map can be found here. Also check out our article dated July 11, 2011, for more information.
Although official listings for sale are still several months away, two unit reservations have already been accepted, with more expected in the coming weeks. Unit reservations provide prospective homebuyers with a first right of opportunity to purchase a particular home when it’s offered for sale.
The Sanctuary will incorporate high-rise quality within a historic landmark – the best of old and new. Every home will be distinctive with unique floor plans and features. And, since Realogics Sotheby’s International Realty is The Sanctuary’s designated marketing and sales team, you can sign up with the Stroupe Group for firsthand property information and pricing. Get ahead of the pack on this once-in-a-lifetime opportunity. Call us at 206.910.5000, or drop a line to email@example.com
If your American dream is to live in one of the best condominium communities on the West Coast, your dream just came out with new pricing.
Fifteen Twenty-One Second Avenue, arguably one of the West Coast’s most successful high-rise communities, has released revised pricing on its remaining homes. As follows, in order of square footage:
Designed by Weber + Thompson Architects, and developed by William Justen, Fifteen Twenty-One Second Avenue is a 38-story luxury high-rise community located on 2nd between Pike and Pine Street. Each level is designed to only accommodate 3 to 5 homes. The property also boasts a Seattle rarity: protected water views over Pike Place Market. Its floorplans are designed to maximize visual potential, and its exclusive interiors are designed by Susan Marinello.
In addition to achieving LEED Silver status, Fifteen Twenty-One Second Avenue also features high tech, engineering, and space-planning standards. And check out this list of amenities!
Located between Pike Place Market and the Retail Core, and with a Walk Score® of 95 and a Transit Score™ of a perfect 100, Fifteen Twenty-One Second Avenue is steps away from the best that the Belltown/Downtown Seattle area has to offer in shopping, restaurants, services and entertainment.
With 117 homes sold (84%), it’s a great time to make your move into one of the best communities in Seattle. Check out our website, then call us at 206.910.5000, or drop a line to firstname.lastname@example.org for more information or to schedule a private tour.
To say life is busy at Pioneer Square is an understatement! From building rezoning to preservation, the changes now occurring in Seattle’s oldest neighborhood are fast, huge, and potentially historical. With change, of course, come a few growing pains.
Pioneer Square is on the north end of what the City of Seattle deems “South Downtown”, stretching across the International District and over the Stadium District. The City does not set official neighborhood boundaries, but the Pioneer Square zone is roughly bordered by Alaskan Way S/Occidental Ave S; S Royal Brougham Way; 4th Avenue S; and a little north of Yesler Way. More on that later.
In April, 2011, the Seattle City Council ratified new building heights for South Downtown. Addressing concerns that area development was not keeping pace with the rest of the city, hopes were that the new height limits would spur construction and stimulate growth. It got a little heated when the talk came to Pioneer Square.
Developers and the Downtown Seattle Association wanted heights up to 180 feet (18 stories if you calculate 10 feet per story). Preservationists argued that this would be way too high, and radically alter the face of Pioneer Square (also on the National Register of Historic Places). Preservationists further stated that increased heights in surrounding neighborhoods would still draw people to Pioneer Square without threatening its culture and character.
Compromise was made. Zoned as Pioneer Square Mixed, buildings may go as high as 100 feet as long as they’re not more than 15 feet taller than the adjacent buildings. Some areas could rise to 120 feet (without the 15-foot restriction) when certain provisions were met. Part of the entire new South Downtown rezoning plan, these provisions include: Affordable Housing; Historic Preservation; Public Safety; Parking; Economic Development; and Walkability.
The City’s recent focus on Pioneer Square began in June 2010 when it released a plan called Pioneer Square 2015, A Strategy for Seattle’s First Neighborhood. This link points to how we’re doing one year later.
More changes are occurring to encourage growth in the area. The City is now laying conduit under First Avenue for fiber-optic broadband internet, and Comcast has been selected as the service provider. Access begins in September.
Businesses are giving Pioneer Square a second look, and moving in! Two examples are Onehub, specializing in file sharing resources, arriving from Bellevue and Jones Soda, currently at South Lake Union, relocating near CenturyLink Field.
Pioneer Square’s legacy is important to the history of Seattle. On the historical side, the Trail to Treasure was introduced in May, 2011. Its goal is to bring the story of Seattle’s beginning to life through a walking tour of Pioneer Square. There’s still much to do to complete the full project, but you can currently hit a number of stops (and some side trips) that helped shape the history and development of Pioneer Square, and Seattle/Puget Sound itself. Pick up a free map at the Cadillac Hotel (which is also a national park) at 319 Second Avenue S, or you can download it here.
The Alliance for Pioneer Square is dedicated to promoting Pioneer Square’s history and its local/tourist destination. The Seattle Square, in Occidental Park, will run through the fall. This outdoor market operates on Thursdays from 4:00-9:00 p.m with vintage and craft vendors, plus a rotation of food vendors and music. Finally, catch Pioneer Square’s monthly First Thursday Art Walk. This is the oldest and largest ArtWalk in Seattle, ongoing for nearly 30 years.
We’ll continue to keep you informed as Pioneer Square evolves—in both body, and soul.
The Sanctuary — a century-old Capitol Hill church which began a 2008 conversion into a 12-unit multifamily community but fell on hard times before completion — will be back on the market in the late summer/early fall 2011, with Realogics Sotheby’s International Realty tapped as its Exclusive Listing Broker!
Originally built in 1908 as The First Church of Christ the Scientist, it was redeveloped a century later into The Sanctuary– a dozen fee simple concrete and steel townhomes within its historic structure. The original borrower defaulted on the development loan in August 2010. Construction and marketing has been halted for more than a year. Now with the senior loan sold to a new lender, the next steps are to complete construction and commence with sales.
Ranging from 1,278 to 2,438 square feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece — when completed this fall. Prices are anticipated to start at below $600,000, PLUS, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.
Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine. The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light.
Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay.
The Sanctuary was sold to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial institutions. Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the original lender syndicate since September 2010, will oversee construction completion.
Unlike a short sale where a bank has to approve a lower sales price, RTC, as the court-appointed receiver, has the opportunity to work with the court to set asking prices based upon what the market will bear. This provides greater confidence to the buyer that they are working with the decision maker so their efforts aren’t likely to be wasted, which can oftentimes be the case chasing a short sale.
It’s also very positive that RTC will now have the resources to complete the construction of the project including some new design features to optimize the marketability of the homes. More information on the finishes, construction scope and pricing will be made available in the coming weeks, with the project officially returning to the market by late summer / early fall.
We’ll post more information on The Sanctuary as development progresses, but–
As part of Realogics Sotheby’s marketing and sales team, sign up with the Stroupe Group for firsthand property information and pricing immediately after it’s made available. Stay a step ahead… just fill out this Contact Us form and we’ll be in touch within 24 hours. Or, if you’d rather call us first, just dial 206.910.5000.
After two years of litigation, we are pleased to report news that Cristalla’s Homeowners Association Board has reached an agreement with its developer to settle all outstanding building litigation claims, with a court dismissal of the lawsuit expected within the next thirty days. Terms of the settlement are confidential and will be disclosed to homeowners in more detail at a private meeting in early July.
Cristalla’s architect is working to finalize detailed plans to start repairs to the roof (Sky Terrace and external ledge, or its “eyebrow”), additional remediation treatments to the South Wall at parking levels to reduce the chance of further water intrusion (check out our coverage on last fall’s repairs here), plus a complete rebuild of its 6th floor Steam Room. Within the next few weeks, Cristalla’s Board intends to select a general contractor to complete the work.
One of Seattle’s most beloved high-rise condominiums, the Cristalla took its inspiration from the Crystal Pool, an Italian Renaissance structure built on the site in 1914. Architect B. Marcus Priteca planned a high-relief, neo-classical façade of glazed terra cotta with domed corner entries. Arched steel trusses supported a glass roof, which covered a huge pool with salt water piped in from Elliott Bay. At the time, it was one of the most popular recreation spots in Seattle. Priteca later designed a building which has lasted a little longer… West Seattle’s Admiral Theater.
Today, the base of Cristalla hearkens back to those times. And, in addition to the lobby’s elegant staircase and two-story water feature, Traver Gallery and artist Anna Skibska provided artistic decor throughout. Interior designer Mandy Reed continued the theme of the building’s history by maintaining a prevalence of water through the use of translucent panels on Cristalla’s doors, and glass panels on its upper kitchen cabinets. All homes feature hardwood flooring plus carpeted bedrooms. Studios, 1-bedrooms, 2-bedrooms and penthouses range from 420 to 2,800 square feet.
You’ll never lose your western view at Cristalla, either. Developers bought the air rights above the neighboring property, capping any future growth to eight stories.
The Cristalla enjoys a Walk Score® of 97 and a Transit Score™ of a perfect 100. As you can see by this link, its location is amazing. You’re steps away from the best of Belltown in any direction. The Cristalla is pet-friendly too. There’s even a dog run on the rooftop! Lots of other amenities as well, ranging from a 24-hour concierge to a rooftop BBQ area. Check out our Cristalla website for more details. Our website also has a Listings tab on available properties.
Getting a loan at the Cristalla during ongoing litigation was often a challenging task. With litigation now resolved, obtaining a loan will be much easier. There is a lot to love about the Cristalla. We invite you to learn more about this special place, and even arrange for a private tour. Just give us a call at 206~910~5000, or send an email to email@example.com.
If you’re in the market to buy a second home, Olive 8 has something special for you! A quarter of Olive 8’s recent sales have been to second homebuyers seeking an urban resort lifestyle, complete with access to hotel amenities and services. As a result, Olive 8 developer RC Hedreen Company has announced a marketing partnership with Alchemy Collections to offer turnkey furniture packages, with full price offers on remaining open one bedroom floor plans.
Olive 8 is unique in the Seattle condominium marketplace in that the 229‐unit condominium is built above the Hyatt at Olive 8 hotel. Amenities include concierge and room services, a 65‐foot saline lap pool, complete fitness center, restaurant, bar and lounge. Its residents‐only great room on the 18th floor has a billiards room, media room, catering kitchen, outdoor terrace with BBQ’s, and even a dog run.
Olive 8’s location is an amenity in itself. With a Walk Score® of 98 and a Transit Score™ at a perfect 100, Olive 8 is within walking distance to downtown Seattle shopping centers, major department stores, theatres and parks. The South Lake Union Streetcar is a couple of blocks away, and there is easy access to I-5. Life at Olive 8 is also environmentally friendly. It was the first hotel/condominium development in Seattle to receive LEED Certification (Silver).
All in all, Olive 8’s Turnkey Package is yet another sign that the Seattle condominium market is not only stabilizing, but that buyers are beginning to view real estate as a lifestyle choice, and not just a commodity.
Olive 8’s Sky Suite Collection starts at $370,000 for a 650‐sq. ft. home offering high-end appliance and finishes, plus awe-inspiring views of the downtown Seattle skyline and Elliott Bay. With a 20% down payment, furnished homes are available for just $1,961 per month including principal, interest, HOA dues, gym membership and real estate taxes (assuming a 5/1 ARM at just 3.0% interest or 3.267% APR). For more information or to schedule a private tour, please call us at (206) 910-5000 or send an email to firstname.lastname@example.org
Thanks to successful restructuring with a prominent Seattle investor group led by Jolene and Bruce McCaw, The Four Seasons Hotel and Private Residences Seattle is back on firm, long-term financial footing.
“The cloud over this project has lifted. Working closely together, our partners have created a great global solution to Four Seasons Seattle’s financial challenges,” Bruce McCaw said. “This landmark development is solidly back on track, giving our guests, residents, prospective residents, the local real estate market and Seattle community confidence that Four Seasons Seattle is positioned as the preeminent luxury address in downtown Seattle.”
Built during the height of downtown’s recent construction boom, the $180+ million project opened in the fall of 2008, just as Seattle’s real estate market started to visibly crumble. The project went into default a year later in December 2009, unable to meet the terms of its previous loans. The project faced possible foreclosure or bankruptcy, an untenable prospect to the investors, which include a number of prominent Seattle families and residents at Four Seasons Private Residences Seattle.
“To protect and preserve this true Seattle icon, our investor group remained firmly supportive throughout this lengthy process, and we all worked very hard to reach a great solution for the Four Seasons Seattle investors, homeowners, contractors and lender,” McCaw said.
Under the restructuring announced on April 26th, affiliates of the Seattle Hotel Group LLC, owner of Four Seasons Hotel and Private Residences Seattle, invested additional funds and negotiated new terms with its construction lender, Washington Real Estate Holdings, LLC, which has agreed to extend the senior debt on terms and rate more closely resembling conventional first mortgage debt.
Craig Wrench, president and CEO of Washington Real Estate Holdings, said, “As a local company, we wanted to ensure the long-term success of this great property, and we’re proud to be a partner in the solution. This puts an end to the uncertainty that’s been swirling around this project.”
Washington Real Estate Holdings, headquartered in Seattle, invests in real estate assets throughout the western United States.
The investor team also settled a lawsuit brought by building contractor Lease Crutcher Lewis and liens against the property by Lease Crutcher Lewis and its subcontractors. Terms of the settlement were not disclosed.
Bill Lewis, president and CEO of Lease Crutcher Lewis and an original and continuing investor in Four Seasons Seattle, said, “Everyone gave up something, which was challenging, but ultimately this is a reasonable outcome for all parties. This is a great project that opened at a challenging time in the market. This restructuring solution is good for the project and good for Seattle’s real estate market.”
McCaw added, “I would like to thank both Washington Holdings and Lease Crutcher Lewis for their constructive efforts to resolve these complex issues. There were so many moving parts to this deal; this is a remarkable outcome.”
Other details of the restructuring:
- The McCaws will lead a new ownership management board that will control the development. Original managers John Oppenheimer, Tom Alberg and Paul Schell support this management transition plan and remain investors. In addition, Alberg will participate in the new management board.
- Substantial financial reserves are in place to meet loan payments, homeowner association dues, capital improvements, etc.
- The McCaws’ team, led by David Brady, worked with restructuring specialists Ragan Powers at Davis Wright Tremaine and Michael Newsome of Zachary Scott.
Widely embraced by international business and leisure travelers and the Seattle community, the Four Seasons Hotel Seattle has been exceeding expectations. Management of the hotel, under seasoned general manager Ben Trodd, remains unchanged in the financial restructuring.
“Four Seasons Hotel Seattle is performing exceptionally well, and we are delighted that we have been welcomed back to Seattle in such a warm and positive way by the local community. We will continue to provide our guests with the uncompromising commitment to faultless service and attention to detail for which Four Seasons is proudly known,” Trodd said.
The 147 guest rooms and 36 private residences at Four Seasons Hotel and Private Residences Seattle are ideally situated in the cultural and business heart of downtown, just steps from Pike Place Market, Seattle Art Museum and the city’s best shopping, dining and entertainment venues.
Four Seasons Hotel Seattle offers the consummate Seattle experience. The modern waterfront hotel has a full spectrum of amenities that incorporate the best elements of the Pacific Northwest, such as sweeping views of Elliott Bay, poolside lounge, spa treatments that feature indigenous ingredients and a signature restaurant, ART, which just announced an exciting new menu that continues to highlight fresh, local ingredients.
Residents of Four Seasons Private Residences Seattle have access to 24-hour dedicated residential concierge service, valet parking, 24-hour room service and the hotel’s full spectrum of amenities and services. The private residences range from 1,300 square feet to more than 7,500 square feet and from about $1.5 million to more than $10 million. To date, 25 of the 36 private residences have been sold, closed and occupied.
Realogics Sotheby’s International Realty is selling the remaining residences. For more information or to schedule a private appointment, please call us at 206-910-5000, or send an email to email@example.com
Seattle architect Tom Kundig, FAIA, of Olson Kundig Architects and lead designer of Eleven Eleven East Pike (a debut condo project for the firm), is a winner in the Multifamily Living category of the American Institute of Architects’ 2011 National AIA Housing Awards, one of 18 honored nationwide.
Eleven Eleven East Pike is located in the Pike/Pine corridor also known as “Auto Row”. The first car dealership opened there in 1905 and for a good number of years, this used to be the only area in Seattle where you could buy a car. A century later and Auto Row is now home to a number of art venues, restaurants and retail stores. Trader Joe’s, Capitol Hill Arts Center, and Seattle University are all nearby.
Kundig drew from the area’s history and gave Eleven Eleven East Pike tall, wide windows, high ceilings and an extensive use of steel. The exterior siding panels are selected, by each unit owner, from a selection of classic 1950’s car colors. It’s designed to give current and future buyers a mix-a-match aesthetic.
Kundig took that concept a step further. Famous for combining architecture with invention in his designs, or “working art”. Eleven Eleven East Pike’s units contain an exclusive “Puzzle Door” system. With a track running along the ceiling and wheels along the bottom, you can move the door around and place it as a wall wherever you want one, giving you the freedom to customize the shape of your interior spaces.
Kundig also introduced his original “Urban RV” in this project. Another piece you can move around, you can transform the Urban RV into a coffee table, a kitchen island, or even a desk. The kitchen has stainless steel appliances, and a rooftop garden offers a peaceful place to enjoy the famous Seattle views.
The AIA Housing Awards was established to recognize the best in housing design, and ”to promote the importance of good housing as a necessity of life, a sanctuary for the human spirit, and a valuable national resource.” Its jury was impressed by the exterior space flexibility, “which gives the project richness and a joyful appearance.” Both high and low-density projects for public and private clients were considered which, along with architectural design features, also included how well the projects fit into the neighborhood, open and recreational space, transportation and quality of life.
Eleven Eleven East Pike meets LEED requirements for Development Density, Site Selection, Alternative Transportation and Storm-water Management. There are five homes remaining, with sizes ranging between 623 to 754 square feet, and prices run between $229,950 and $314,950. An extra $15,000 buys you a parking space.
For more information or to schedule a private showing, you can either call us at 206.910.5000, or send an email to firstname.lastname@example.org
Last week we ran a story regarding the public meeting on March 28th which focused on the City of Seattle’s Draft Environmental Impact Statement for the South Lake Union Height Alternatives, outlining four Alternatives, or plans, for the future development of South Lake Union (planning for the next 25 years and beyond). The Draft EIS was compiled by the City’s Department of Planning and Development. We stayed for 35 minutes of the public commentary and during that time, most of the speakers advocated Alternative One, which offers the greatest height and density zoning.
You can hit this link, select the Draft EIS plan, then go to Section 3.10, Aesthethics, and see how all the Alternatives stack up visually. Draw your own conclusions as to what you think would be best for South Lake Union. Our attachment here only focuses on the Alternative 1 scenario, but it presents some compelling visions as to the full potential of SLU. slu alt 1 graphics print
How the Alternatives differ:
Alternative 1 – outlines the greatest potential for height and density increases for commercial and residential development
Alternative 2 – mid-point between Alternatives 1 and 3, it contains lesser height and density increases for commercial and residential development
Alternative 3 – provides the least potential for height and density increases, and only cover residential development
Alternative 4—“no action”, retaining existing zoning, and no height increase incentives
Finally, two things that all the Alternatives will share: it was stated during the March 28th meeting that there will be no changes to current shoreline designations, and that views to designated South Lake Union viewpoints would not be obstructed.
If you would like to read more about any of these Alternatives, please go to the full Draft EIS on this link. It’s 659 pages long, but the document is also broken out by sections. The DOPD engaged a number of consultants to help prepare the Draft EIS, and the Alternatives renderings shown here and in the Draft EIS were done by NBBJ, which worked on aesthetics, light/glare, shadows and viewshed for this project.
Finally, if you have comments or opinions, good or bad, about which Alternative to select– or about anything else covered in the Draft EIS, send an email to email@example.com no later than Monday, April 11. After that, the DOPD will commence work on a Final EIS, which should be finished this summer. We’ll let you know when that report is released.
Map: USGS, 1897– from the Draft EIS