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.
Klee Lofts ~ 2717 Western Avenue ~ Unit # 634
Sunday, January 16th, 2011
Open: 1 to 4 p.m.
Your Host is: Julie Roh ~ 206.354.1030 ~ firstname.lastname@example.org
Large top floor unit with bright south facing double-sized private deck. This one bedroom unit has a large den – easily used as a second bedroom or entertainment area. Unit comes with storage next to unit, and a great parking space — no car neighbor!
The marvelous Klee Lofts features an on-site manager, media center, fitness center, and a club room with an adjoining deck.
~ AND ~
Bolero ~ 1323 Boren Avenue ~ Unit # 410
Sunday, January 16th, 2011
Open: 2 to 5 p.m.
Your Host is: Jim Stroupe ~ 206.910.5000 ~ email@example.com
Immaculate 4th Floor corner unit with 2 bedrooms, 2 baths, and plenty of natural light! This unit also offers a gourmet kitchen with granite counter tops and newer appliances, private balcony, plenty of windows and updated carpets.
Bolero homeowners enjoy the use of the rooftop terrace with its breathtaking views, along with a formal lobby, fitness center, community room and secured parking. You are minutes from downtown, I-5, mass transit, Broadway, medical centers, shopping and restaurants. This is a must-see, so see you on Sunday!
We are currently experiencing a bumper crop of new and existing property changes in Seattle, and receiving national notice as well. Let’s go through the latest on the commercial side:
7th & Madison: Nine stories, 204,000 square feet, zero tenants! But that may be changing. Rumors are that HAL Real Estate and Urban Renaissance Group have purchased the property and The Polyclinic may become the primary tenant.
818 Stewart St: DCI Engineers took advantage of their expiring lease in Bellevue’s Skyline Tower to move, occupying 16,000 square feet on 818 Stewarts’s tenth floor by the end of November. A caveat is that DCI was the structural engineer of this building and will now be able to show their work, onsite, to potential clients. Although 55 employees will be relocating to work in Seattle, DCI will still maintain a presence in Bellevue and is looking for other space. 818 Stewart has 14 stories, 238,000 square feet, and is 86 percent leased.
1301 Second Ave: Tacoma’s largest private employer, Russell Investments, bought the former 42-story WaMu Center on Second Avenue in 2009 and moved in 900 employees this fall. What’s next for the company? An outdoor sign! In the works is an amendment to the City’s Land Use Code (Title 23) “to allow placement of wall identification signs in certain downtown zones on buildings at heights above sixty-five feet when tenants have a lease in effect for a minimum of 200,000 square feet of floor area in a single building.” The City would still retain sign design approval.
1321 Seneca St: Owned at the time by the now-defunct Barclays North of Lake Stevens, plans had been to turn this quarter-block of property into a 24-story tower. Now a parking lot, its bank group recently put it up for sale. Happily, representatives are now fielding queries from interested buyers at better than anticipated prices. A sale is expected by year-end or by early 2011.
1501 E Madison St: The former home of CC Attle’s bar is undergoing a bit of transformation. The Bullitt Foundation is going to turn the space into a six-floor, 52,000 square foot building called the Cascadia Center for Sustainable Design and Construction. Its goal is to be a “living building”, designed to satisfy all its energy, waste and water needs onsite. It will headquarter Bullitt, plus provide office and commercial space for companies involved in the green building industry. It also plans to position itself as a focal point for education and sustainable development awareness. Construction begins this winter, scheduled to be completed in early 2012.
224 Westlake Ave N: The former Athletic Supply building was recently sold to Northwest Retail Partners. Built in 1926, plans are underway to remodel the entire 32,000 square foot building, plus add a fifth floor penthouse. The penthouse will house Northwest Retail’s offices, and NRP plans to lease out the rest of the building.
On the national front, the Urban Land Institute, in conjunction with PricewaterhouseCoopers, performs surveys and interviews with over 875 real estate investors on the country’s top 50 markets, then releases annual rankings and forecasts. For 2011, they ranked the Seattle Metropolitan area at No. 6 for commercial and multifamily investments. When you take into context that Seattle was ranked No. 1 in 2009 and dropped to No. 8 in 2010, the climb back up is great news! There’s more to come, and we’ll keep in touch.
You may find yourself torn as to what you want in a condominium home. You thrive in the high energy of a city. Then you come across a photo of a street with big, shady trees and think, “I’ll never find that here”. Surprise! The Decatur Condominiums not only offers you a neighborhood lifestyle but you’re also minutes away from a lot of Seattle living. And, at up to 35 percent off its original prices, The Decatur is a bargain to boot!
The Decatur was designed by Space Needle architect John Graham Jr. in 1950. The recent restoration and upgrading of its 13 stories by Wysong Group (who also worked on Tobira and the Press) now feature 146 one-bedroom (starting at $189,950) and two-bedroom (starting at $269,950) homes. There are four floor plans to choose from, all homes sporting Brazilian cherry wood floors, plush carpeting, granite countertops and top-of-the line stainless steel appliances.
If you’re into green living, this building is a beauty. It has a Zipcar service plus a parking area for bikes and scooters. You’ll also be living in what’s ranked as Seattle’s third most “walkable” neighborhood. Want a place with views? From the ground floor where you enter from tree-lined streets, to the rooftop terrace with wraparound city, mountain and water views, there is beauty from top to toe. Is security an issue? You have a controlled access entry with CCTV surveillance. There’s even a live-in building manager.
But what’s really nice about The Decatur is that when you come home from a busy city day, you really feel as if you’re not IN the city anymore. Its First Hill location is in one of Seattle’s most established neighborhoods, which prides itself in keeping its streets quiet and safe. Neighboring buildings and homes are beautiful and carefully kept. Actually, it’s hard to believe that all this peace and quiet is sandwiched between two of the hottest areas in Seattle. To the north is the edge of Capitol Hill’s Pike/Pine neighborhood, and to the south is Downtown. Both areas have something for everyone, with a wide range of shops, restaurants, culture and nightlife.
The Decatur is located at the foot of Capitol Hill on the corner of Boren Avenue and Spring Street. Over 65 percent sold, The Decatur is ready for immediate move-in. Take advantage of their final sales release, with FHA financing* available. There’s also 3.5% down payment options, and closing cost credits available.
Want to check it out? Contact us at this link!
NOTE: Seller reserves the right to change the product offering without notice. *Financing assumes 3.5% down payment (FHA) on a 30 year fixed mortgage with a 2-1 buy down by seller for 2.25% interest first year, 3.25% interest second year and 4.25% thereafter. Payment includes P&I and MI. (HOA dues and taxes not included). This is not a commitment to lend – certain restrictions and qualifications required. E&OE.
You have ten chances left to live in a work of art. Two-thirds of this remarkable building’s homes are already sold. Priced to sell at 35% off the original price, and taking FHA financing, it’s a great time to get in on a Seattle original.
Eleven Eleven East Pike (Eleven Eleven) have open one-bedroom loft floorplans and is the debut boutique condo project of local award-winning Seattle architect Tom Kundig of Olson Kundig Architects. Kundig is famous for combining architecture with invention in his designs, or “working art”, and Eleven Eleven received special attention. Each unit has an exclusive “puzzle wall” system. With a track running along the ceiling and wheels along the bottom, you get a wall you can move around, giving you choices in how to shape your interior spaces. Kundig also introduces his original “Urban RV”. Another piece you can move around, you can transform the Urban RV as you need to 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.
Another closeout incentive includes a Smart Car “Smart fortwo” vehicle for selected homes. Smart Cars, manufactured by Daimler/Chrysler, are the country’s most fuel-efficient, non-hybrid, gasoline-powered vehicles. And here’s a piece of trivia for you: it was first developed in the late 1980’s by the makers of the Swatch watch! They wanted to create a small but stylish city car, using the same manufacturing and personalization methods that were so successful with their watches. Soon known as a Swatchmobile, the concept was first sold to Volkswagen, and eventually wound up with Daimler.
Eleven Eleven is located in the heart of Capitol Hill’s Pike/Pine corridor, central to a number of art venues, restaurants and retail stores. Trader Joe’s, Capitol Hill Arts Center, and Seattle University are all nearby. Home sizes range between 612 to 795 square feet, and prices run between $239,950 and $359,950. Make your move today by filling out our contact form at this Stroupe Group link!