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Harvest Time in Seattle: Commercial Real Estate

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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:

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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.

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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.

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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.

A Look at Title Insurance

November 8, 2010 by  
Filed under Buying, Featured, Land Use

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Title insurance refers to indemnity insurance for your property. First established in the U.S. in 1853, it is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens, or other surprises involving your property purchase. This insurance defends you against a lawsuit attacking your title, or will reimburse you for actual monetary loss incurred up to the dollar amount of insurance the policy provided.

Real property interests insured are either fee simple (full outright ownership) or a mortgage (loan secured by a lender).  However, title insurance can be purchased to insure any interest in real property, including easements, leases, or life estates.  Just as lenders require that you hold fire and other types of insurance to protect their investment, nearly all lenders (save for some non-institutional ones) also require title insurance to protect their interest in a loan secured by real estate. Buyers purchasing properties for cash often go for title insurance to protect their purchase. All in all, for a little money, you can save yourself a lot of headaches.

There are three types of policies for buyers to choose from. Standard is the cheapest, followed by ALTA® Homeowner’s (American Land Title Association), and finally, Extended.  Costs vary depending on the property value.

Standard Coverage insures only items found by searching public records.

ALTA® Homeowner’s Coverage has the same coverage as Standard, plus items which may pop up post-policy.

Extended Coverage involves having a survey done, and is probably the best choice if you’re purchasing land and you want to verify your property boundaries and outbuilding encroachments.

The chart below outlines the types of policies in more detail.

title chart use

There’s some famous examples of people who lost their homes due to no title insurance. When Abraham Lincoln was three years old, his family was forced to move from his birthplace because of title errors, and the same thing nearly cost them their second home four years later. Frontiersman Daniel Boone lost tens of thousands of acres of land he speculated in, also due to errors in his title documents.  Title insurance was established to ensure that what you buy is truly yours, with no worries about forgery, deceptive surveys, hidden liens, conveyances by minors or mentally incompetent persons, and other title errors.

This information is based on rules and regulations issued by federal agencies, but please check with your bank or loan adviser to discuss your title options in more detail.  Or, just contact us at this Stroupe Group link for more info.

Last Dance at the McGuire

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There’s a lot of mixed feelings as you pass by the McGuire Apartments.  This 25-story, 272-apartment high rise is only nine years old but steps are being taken to finally begin demolition and arguably, it’s the first time in Pacific Northwest history that a high rise is being de-constructed due to structural defects.  

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The last of McGuire’s renters moved out in August and most of the street level venues are gone. FedEx/Kinko’s looks to be the last retailer to turn out the lights. They’re working nearly round the clock to relocate to Fourth and Cedar, in space formerly occupied by Katie’s Formal Wear and The Christian Science Reading Room. They expect to be relocated by the second week of November or sooner.

But let’s move to the tale of a project gone horribly wrong. McGuire was built in 2001 at a cost of $32 million. Its owners, Carpenter’s Tower LLC, is a property-owning collective of Carpenters Union Local 131 and the Multi-Employer Property Trust (pension funds).  The contractor, Mc Carthy Building Companies Inc., was founded in 1864 and is now employee owned.  Headquartered in St. Louis, they are one of the top ten commercial builders in the U.S., with $3.5 billion in annual revenue and nine offices nationwide.  The McGuire location was prime Belltown property at Second Avenue and Wall Street.  This looked like a partnership made in heaven.

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Until 2007, that is, when Carpenter’s Tower filed a lawsuit against McCarthy over construction problems. Reports surfaced that the post-tensioned steel cables reinforcing the concrete slab floors were corroding because the ends were not properly protected with corrosion-preventive paint. Claims arose that the grout used to seal the cable ends and anchors was not the specified non-shrink grout and was defectively installed. This resulted in water leaking into these areas, causing cable ends to rust and corrode.  Deficiencies in the concrete material and reinforcement placement were also getting notice.  

After a number of inspections by a number of firms, it was concluded that the cables were likely to start breaking in 2011, and nearly one-third of them would fail by 2019. The Department of Planning and Development declared that the city intended to issue an order calling the building unsafe and if the problems couldn’t be fixed, that McGuire be demolished.   After trying to work out ways to save the building, it was decided to let it go.  Recently, legal questions were finally resolved between Carpenters Tower and McCarthy about the decision to raze the building and they have reached agreements with all the project’s subcontractors.  Settlement terms were not disclosed. Applications have now been made to the city for a demolition permit. A contractor has not been selected and a timeline has not been set.

So, a project filled with promise takes a final bow before fading away in plain sight. The dreams of Carpenter’s Tower LLC will be taken down piece by piece, a slower death than usual because of the building’s location.  One can’t help but feel the pain and anger of the union and the pension funds, and astonishment as to how McGuire’s construction could have so bad to have warranted an actual demolition. We’re sure we haven’t heard the last of this tale, and will keep you apprised of further developments.

A Bulletin from Bellevue: The Bravern’s North Tower Goes Rental

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It’s been one of the hottest rumors around and now sources have confirmed that developer Schnitzer West is converting The Bravern’s second tower in downtown Bellevue from condominiums to luxury apartments. Its North Tower is 33 stories high and will have 211 apartments available. Units range from 600 to over 2,000 square feet, and rents will start at $1,550.

Schnitzer acknowledged that while the North Tower received conditional mortgage financing approval through Fannie Mae and FHA, sales demand simply wasn’t there. All purchase agreements have been terminated, and earnest money deposits are being returned. The Bravern’s first residential complex, its South Tower, also started out as luxury condominium building. Lack of demand caused Schnitzer to convert it to apartments in April 2010. Also 33 stories high, 65 percent of its 236 apartments are currently leased.

The Bravern isn’t the only complex experiencing slow sales. Units in two other downtown Bellevue high-rise condo projects aren’t doing big business either. However, the Bellevue apartment scene is a different picture. Demand for in-town living is increasing across the Seattle area, causing rents to rise and vacancies to shrink. In addition to The Bravern, Schnitzer converted its 204-unit Equinox condo complex in Seattle’s Eastlake neighborhood to apartments in 2009. At least four recently built Seattle projects have converted from condominiums to apartments.

Why is this a silver lining for the Bellevue condo community?  Conversions to apartments means more inventory is off the table, further solidifying its condo market. And, Schnitzer sees its actions as a temporary situation. Its press release states that “…a structural shift has occurred in residential demand from owned to rental housing. Over time, we expect the pendulum to shift back to more normalized market conditions and The Bravern Residences will be positioned to capture ownership demand when market conditions warrant.”  

We can’t emphasize enough how good a time it is to buy. With apartments approaching historical highs, plus home pricing and interest rates at historical lows, maybe it’s time to take a second look at sticking your rent money into an investment, and a place, to call your own. Contact us at this link and let’s get you started!

McGraw Square Renovation Underway

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The McGraw Square renovations officially began on September 24. One of the smallest parks in Seattle, it is located near the Westin Hotel at the intersection of Fifth Avenue, Stewart Street and Westlake Avenue. This project permanently closes Westlake Ave between Olive Way and Stewart St to create a transit, bicycle, and pedestrian-friendly plaza at the current terminus of the Seattle Streetcar South Lake Union line.

The goals of the new, centrally-located plaza are to make walking and biking through north downtown safer and more comfortable, while improving the transfer abilities of the Seattle Streetcar, Monorail, light rail tunnel, and major bus routes. The project also seeks to better connect the South Lake Union and Denny Triangle neighborhoods to the existing retail core, offering a “sense of place” to help orient new housing and promote economic development.

Just follow the numbers. The McGraw Square Transit Mall renovations include:

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1. A second streetcar platform to improve rider access to/from the new plaza

2. Integrated transit shelter/covered bicycle parking for up to 10 bikes

3. Landscaped rain garden to infiltrate majority of stormwater and reduce runoff entering the sewer system

4. Illuminated seat walls with signage, to act as gateway for Westlake Hub

5. ADA access, lighting, and seating improvements near the historic McGraw statue

6. Inlaid, energy efficient (LED) light tiles as part of a comprehensive dynamic, colored lighting scheme

7. Salvaged granite pavers for detailing, taken from overstock of original Westlake Park installation

8. New street trees to replace (two-for-one) those being removed near McGraw statue; new large specimen trees to anchor Westlake Ave terminus

9. Oversized curb ramp, utility connections to facilitate mobile food vending and plaza programming

SDOT is also considering converting 6th Ave between Virginia St and Westlake Ave to a two-way operation (and to relocate the charter bus zone), with the Westlake Ave to Stewart St approach reduced to a single southbound lane. The Seattle Streetcar and buses running along 5th Ave remain in full service during construction.

McGraw Square is named after John Harte McGraw. This grocer from Maine was a Seattle police chief, harbor master, fire warden, King County sheriff, and Washington State governor from 1893-97. The designer of McGraw Square and its completion date are unknown, but it was influenced by the famous park plan that John Charles Olmsted of the Olmsted Brothers firm in Brookline, Massachusetts drew up for Seattle in 1903. Their vision of the Seattle park system was to celebrate, showcase and protect Pacific Northwest landscapes while providing residents and tourists with park access and recreation.  

The McGraw project is also part of the City’s larger Center City Strategy to make Westlake one of three transportation “hubs” serving downtown (with King Street Station and Colman Dock). Construction of the plaza project is expected to be completed by Thanksgiving 2010.

The Grand Opening of Lake Union Park

 

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How long does it take to turn garbage into gold? The answer is 20 years.

And that’s really true. Back in 1990, serious attention was turned towards 12 acres of prime Lake Union property filled with contaminated soil and degraded seawall. It also contained tons of garbage, creosote piles, concrete and asphalt debris. A great deal of vision, paired with a groundswell of community support, would be needed in order to polish this polluted land into a true Seattle jewel.

And 20 years later, what a jewel it is!  Those 12 acres of land is now Lake Union Park, a world-class waterfront park on the south shores of Lake Union. It will have something for everyone. Environmentalists will marvel at the restored shoreline and the returned habitat of turtles, salmon, heron and native plants. History enthusiasts will enjoy the History Trail throughout the park. Outdoor lovers will enjoy the trails for walking, jogging and biking. There’s also a pedestrian bridge, waterfront boardwalk, terraced steps at the lake’s edge. There is a beach for hand-launched boats and a model boat pond. A place to have a picnic?  There’s a tree grove with tables and benches. Things for kids to do?  There’s a 300-foot long interactive fountain, a great lawn and sculpted landforms to play with. The park has a streetcar stop for commuting convenience.

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 The pre-dedication festivities kick off on Friday evening, September 24th with a lavish dinner dance. The “Green Tie Gala.” will introduce civic, business and philanthropic leaders to the beauty of Lake Union Park. On Saturday, September 25th, the real party kicks in from sunrise to sunset (7 a.m. – 7 p.m.) and you’re invited!  The community-wide celebration will begin with sunrise yoga and a family Fun Run. The ribbon-cutting ceremony starts at 11:30 a.m. Live music, a fitness field, parade of Seattle mascots, maritime activities, History Trail guided tours, kayak and paddle board demonstrations, and ample food and drink will set the stage for a great day in the park. All activities are free of charge.

Seattle Parks Foundation is a private nonprofit organization working to improve, expand, and create parks and green spaces, building a more vibrant community. Founded in 2001 to bring new resources to Seattle’s park system, Seattle Parks Foundation has completed 30 park projects and secured more than $29 million for parks and green spaces in Seattle. Lake Union Park was specifically chosen as its first major project because of its central location, a need for green space in the downtown area, plus the project’s amazing partnerships with The Center for Wooden Boats, Museum of History and Industry, The United Indians of all Tribes Foundation, and the City of Seattle.

Lake Union Park is located at 860 Terry Avenue. For more information, please visit their website. Come to the park, and come to it often!

272 Less Rental Units in Belltown, Rents Expected to Rise

There have been several rants posted about the teardown regarding the infamous McGuire apartment building, which has been an eyesore in Belltown for years.  The scaffolding has been leached along side the exterior for what seems like ages, and now infamously blends well with the building’s paint job.

First off, this is a positive story for a couple reasons:

  1. It’s the most interesting thing so far this year!  As opposed to a decline in home prices, or more fallout in the mortgage industry, the biggest news to hit the downtown Seattle market is the teardown of an ugly building. 
  2. For those who have investments downtown, there are now 272 less rentals available, and several people are expected to raise their rental rates somewhere around $100+ more per month.  This will influence supply and demand.

The questionable part of this news was brought to attention by Tim at SeattleBubble.com

This brings up an interesting question to me. Eight to ten years from now as the plentiful high-rise products of the housing bubble begin to age, how many similar situations will we see cropping up? With this so-called “upscale” apartment being torn down after less than ten years, I can’t help but wonder just how much attention to detail was really given to the latest batch of towers as developers rushed to cash in on the gold rush.

Tim brings up an excellent point.  Nine years ago, during the beginning of Belltown’s condo boom, the neighborhood was just starting to plant its roots of a residential urban community.  Now, almost 10 years later?  One of Seattle’s most respected architects also said this about the building on Facebook, “Top notch developer/architect/structural engineer on this project, it makes no sense.”

Now, when is demolition day and who’s selling front row seats?  Will there even be a demolition, or is it actually going to be “dismantled”?

Maybe now that prices on condos are agreeably low, many of these high-end paying renters may see this as a good time to buy… .

The Value of the View by William Justen

A recent study has shown that condos with a view are of course more likely to sell, but by how much?  Unfortunately there is no magic formula to accurately pinpoint the value of downtown Seattle view.  However, it sure would make our jobs easier if it could be as easy as:

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Former Planning Director and owner of 22 downtown Seattle properties, William Justen, has pointed out that buyers are attracted to views of Elliott Bay more so than amenities and/or finishes.

Today about 175 units remain unsold within four condominium buildings west of 2nd Avenue. This compares to 481 units remaining between 4th and 8th avenues to the east. These view premiums can range from 25% to more than 50% over a comparable home, especially if the view is protected. That’s why the West side of 2nd Avenue may soon look like Park Avenue – there are four permitted condominium towers planned between Pine and Lenora streets, and the City of Seattle recently extended all permit holders’ development rights for six years to maintain this trajectory.

A Value of View Flyer presented by William Justen’s project Fifteen Twenty-One, shows that many downtown addresses still have threatened views.  This in turn threatens your investment’s value, and should be a well thought- out precaution before making a decision that could potentially cost you $10,000’s from something as simple as an application for a building permit.  Although many of the proposed projects that have been postponed from 2006/07 may still not break ground for another couple of years, developers are still holding onto permits as Seattle continues to be one of the top cities people relocate to.

Over the past 18 months, 123 units have been sold within six condominium towers with an average purchase price of $2 million. The top property sale was more than $9 million. In 2009, the vast majority of King County’s condo sales valued at more than $1 million were located within a single address: Fifteen Twenty-One Second Avenue, just a half-block east and high above the Pike Place Market. What’s the secret to such success? Every home offers a protected view of Elliott Bay.

Have you seen our zoning map?  According to specifications presented by the City of Seattle, we created an interactive map that shows how high a residential/commercial lot is allowed to go.  You can find the map under the Search button, or click here to view it now.

By the way, William Justen and all those over at Fifteen Twenty-One would like you to know…

Open House This Weekend
March 27th & 28th
12:00pm to 4:00pm

What’s the Sales Difference at Cosmopolitan by View?

March 9, 2010 by  
Filed under Cosmopolitan, Featured, Land Use, Selling

Cosmopolitan closings, N, S, E facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
3204
1 1.5 1,093 6/27/2008 11 549,950 503
3102
2 1.75 1,316 10/8/2009 5 510,840 388
2804
2 2 1,186 8/15/2008 102 715,000 603
2706
1 1 734 2/1/2008 79 438,000 597
2704
2 2 1,195 9/7/2007 118 735,000 615
2702
2 2 1,318 5/2/2008 243 800,000 607
2606
1 1 734 4/19/2007 104 441,950 602
2511
1 1 954 6/8/2007 12 590,000 618
2505
1 1 767 2/25/2010 262 330,000 430
2504
2 2 1,195 7/20/2007 27 710,000 594
2502
2 2 1,316 6/20/2009 139 750,000 570
2402
2 1.75 1,318 7/24/2007 35 892,000 677
2305
1 1 740 6/19/2007 31 455,000 615
2301
1 1 943 6/18/2007 24 572,300 607
2206
1 1 739 8/30/2007 112 412,000 558
2011
1 1 954 6/5/2007 41 579,950 608
2005
1 1 735 5/31/2007 23 430,000 585
1904
2 2 1,195 2/6/2009 138 535,000 448
1806
1 1 739 9/25/2008 245 377,000 510
1805
1 1 738 7/25/2008 24 370,000 501
1711
1 1 954 10/7/2009 100 367,000 385
1703
1 1 820 3/13/2008 41 504,750 616
1505
1 1 738 11/10/2009 136 240,000 325
1505
1 1 735 6/8/2007 27 431,000 586
1401
1 1 965 8/13/2007 115 532,500 552
903
1 1 820 10/10/2007 62 425,000 518
1204
2 2 1,186 3/1/2010 105 500,000 422
1202
2 1.75 1,316 7/29/2009 35 650,000 494
1006
1 1 738 12/14/2007 212 366,000 496
1001
1 1 943 9/28/2007 151 495,000 525
906
1 1 735 6/13/2007 28 439,900 599
Averages 963 89.903226 $520,811 $540
Cosmopolitan closings, West facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
3010
1 1 979 7/31/2007 63 625,000 638
2910
1 1 943 10/5/2007 145 607,000 644
2708
1 1 722 3/25/2008 50 400,000 554
2708
1 1 722 9/6/2007 82 439,000 608
2607
2 2 1,248 8/2/2007 76 760,000 609
2009
1 1 719 7/10/2007 53 400,000 556
2008
0 1 427 6/21/2007 59 255,000 597
2007
1 1 800 3/2/2009 537 330,000 413
1907
1 1 800 6/14/2007 98 445,000 556
2109
1 1 719 10/29/2007 16 400,000 556
2409
1 1 719 7/19/2007 42 440,000 612
2209
1 1 719 5/15/2007 23 330,000 459
2208
0 1 424 9/28/2009 17 202,000 476
2309
1 1 719 8/24/2007 93 415,000 577
1808
0 1 427 6/30/2008 370 222,000 520
1708
0 1 419 9/24/2008 528 220,000 525
1609
1 1 719 5/30/2007 56 399,950 556
1511
1 1 943 4/27/2007 19 560,000 594
1508
0 1 419 5/4/2009 23 206,000 492
1409
1 1 711 5/25/2007 36 379,950 534
1407
1 1 800 5/8/2008 27 380,000 475
1209
1 1 719 8/16/2007 76 378,950 527
1109
1 1 719 4/30/2007 14 389,950 542
1107
1 1 800 10/8/2007 112 425,000 531
1009
1 1 711 5/8/2007 17 377,000 530
1008
0 1 427 7/27/2007 27 242,900 569
Averages 710.538462 102.26923
$393,450
$548
Curently on market, west facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
1905
1 1 738 2/27/2010 237 299,000 405
2908
1 1 722 12/12/2009 241 299,950 415
1607
1 1 800 12/3/2009 318 307,000 384
1801
1 1 954 12/2/2009 183 325,000 341
2808
1 1 722 2/9/2010 127 350,000 485
2407
1 1 800 2/16/2010 195 360,000 450
2909
2 2 1,322 3/1/2010 244 599,950 454
3009
2 1.75 1,324 3/2/2010 511 645,000 487
Averages
922.75
257
$398,238
$428

Bellora 2 is Definitely Maybe Back!

June 8, 2009 by  
Filed under 2700 Elliott, Bellora, Featured, Land Use, Schuster Group

An exciting Land Use Notice from DPD recently sent a notice of design review for 2700 Elliott Avenue, which has been referred to in previous rumors as Bellora 2.0.  The only information about the project that can readily be found is that for whatever reason, the project called for previous redesign/permitting. Below is the most recent information.

PROJECT DESCRIPTION
The proposal is for a new 13-story condominium building with approximately 120 residences and approximately 125 below-grade parking stalls. Street frontage on Elliott Avenue and Cedar Street will include small retail/commercial spaces. Project includes demolition of existing buildings.

PROCESS
The applicants have applied for Design Review related to development of this site.  At the early design guidance meeting, the applicants will present information about the site and vicinity.  The public may offer comments regarding the design and siting of the subject location; and, the Design Review Board members will also offer comments and identify those Citywide Design Guidelines of highest priority in developing the site.

MEETING
Date:               Tuesday, June 23, 2009
Time:              5:30 p.m.
Location:      Seattle City Hall
Boards and Commissions Room L280 600 4th Av / 601 5th Av
(You will need to use the 5th Ave entrance after 6 p.m. If the doors
are locked, press red door button south of doors for the
security guard to gain access. Use center elevator to access L280)

However, there are some interesting sources leading us to believe that the project may be a whole new concept altogether.  In fact, the name Bellora 2 could very well be nothing other than a rumor itself.

Urban Condominiums is a longtime owner of the site, and lists the project under “Elliott Avenue and Cedar Street”.
http://urbancondominiums.com/view/26792/

Back in May 2008, The Business Journal reported that the Schuster Group plans to develop at that address and build something similar to their award-winning Mosler Lofts.  The article does state that they’ll be waiting a few years before  beginning, but it does appear that the team involved is one different than that of the original Bellora–leading us to believe that the project will more than likely not be named Bellora 2.
http://www.bizjournals.com/seattle/stories/2008/04/28/daily28.html

…maybe another one of our blogger friends may have more information about that.  We have placed in a call to Schuster and confirmed they are in fact involved with the project, but waiting for a return call to gather more information.

The Bellora itself is quite arguably one of the most quality-constructed condominium buildings in Belltown.  The award winning Mosler Lofts is also an impressively built address, almost a comparable upgrade of Bellora in regards to overall construction.  Based on what little information is available, we’re very excited to see renderings and review more details about the project.  It’s certain to be another boutique-like building.

And, since we’re on the subject of the Bellora, you might as well check out our Bellora listing since you’re here.  It’s only a click away.

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