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The Sanctuary: Meet the Team!

October 6, 2011 by  
Filed under Capitol Hill, Featured

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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:

sanc dineContractor 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.

ArchitectRunberg 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 RepresentativeThe 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 DesignerRobin 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.

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Along with completing construction of the 12 concrete and steel townhomes and restoring the historic façade of the original building, The Sanctuary will feature:

sanctuary diningNew construction homes with state-of-the-art building systems, designer finishes and premium fixtures and appliances throughout;

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. 

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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. 

sanctuary foyerThe 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 urgent@stroupe.com

Behold! “The Sanctuary” is Returning to Market

July 11, 2011 by  
Filed under Capitol Hill, Featured

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sanctuary better extThe 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.

sanctuary kitchenRanging 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.

sanctuary dining room deepResidences 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.  

sanctuary bedroomUnlike 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.

sanctuary bathResidence.  Architectural Landmark.  Object d’Art .  With only 12 homes available, The Sanctuary is expected to be a hot property with high demand. 

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.