Olive 8 Hard Hat Tour Photos

Leslie Williams with Williams Marketing provided a fun and informative look at what’s to come by hosting hard hat tours which proved Olive 8’s lake views are even more impressive than the Cosmopolitan’s rooftop. Western views not only offer pink, purple, and blue sunsets, but also a foreground of city lights which will include other architectural masterpieces such as the Cristalla, Escala, and 1521 Second. Another unique detail that Leslie pointed out was the internal decks. Although this takes away from interior square footage, Leslie pointed out that the large patios will allow you to enjoy newly desired views without the gusts of wind you can expect from such heights.

From there, we got back on the orange construction elevator and traveled down to the 17th floor where the homeowner amenities were located. The massive exterior deck was impressive from looking down at the Paramount, Olivian apartments, and future site of AVA, to looking up trying to discover where the top of Olive 8 really ends. The rest of the tour included the structure of the grand lobby, porte-cochere, restaurant kitchen with a view for the cooking staff, pool wired for listening to music underwater, yoga and pilates gym, and homeowner’s lobby entrance.

Additional comments:

Matt

As it turns out I know a shocking number of people who bought at Olive 8. Only one of them is not an agent. Probably half these purchases are doing it as an investment.

Wendy

Some readers commented about the exterior a while ago. They are using ceramic fritted glass (ceramic based paint permanently bonded into glass) which also helps hide the columns from the exterior.

View of Lake Union from the 27^th Floor

View of Elliott Bay from the 27^th Floor

View of the Paramount and AVA Site from 27th Floor

Olive 8 Lap Pool in the 2^nd Floor Spa

Olive 8 Sun Deck on the 17^th Floor

Olive 8’s Crane in the South-Facing Glass Above the Sun Deck

We took several other pictures and made a slideshow below which includes some of Olive 8’s best features including:

• Views from 05 and 00 floorplate.
• 17th floor which is dedicated to homeowner amenities.
• Porte-cochere
• Ballroom(s)
• Olive 8 Green Features (.pdf)

[youtube=http://youtube.com/v/j060O-ai2YE]

New Boutique Hotel Proposed for 1st and Stewart

Touchstone Development (same company developing West 8th) has proposed a new mixed-use hotel project which will be built on the two parking lots one block south of One Pacific Tower. The 11-story “sister” project for the Inn at the Market will include 100 hotel rooms, 75 luxury apartments and 5,000 to 15,000 square feet of retail space. This is also another project to be designed by Tom Kundig who has also getting some recent recognition for his first condominium development at 1111 E. Pike. DPD’s design review is schedule for April 22nd. The same block is has also had other development proposals which include a 24-story condo tower, and a 38-story hotel/condo tower.

CLICK IMAGE TO ENLARGE 

1 Hotel & Residences Reduces Number of Investment Opportunities

Only a small fraction of 1 Hotel & Residences have sold, and the project has been delayed again.  However, even though the Seattle market hasn’t expressed acceptance of the hotel/condo concept as hoped, the developer still remains positive the project will be built with some consideration that 100% of the retail space has already been filled.  The major problem doesn’t appear to be lack of interest in owning a hotel room, but the nationwide credit crunch condo-hotel projects are seeing from lenders.  Therefore, plans are being redesigned to be more appealing to lenders.

If you have been considering 1 Hotel & Residence as an investment, we’re not sure all this hype is reason enough to look away from it. But, here are a few pros or cons to help differentiate between owning a hotel/condo versus owning a condo as a 2nd home.

1. Revenue – This is one of the biggest reasons someone considers such a project.  The majority of hotel/condo projects are more established in areas like Florida and Las Vegas and anyone considering the purchase should research tourism trends.
2. Pre-furnished – Most all successful businesses have some consistency in service and appearance.  As a business, hotel/condo projects will rarely allow you to change anything about the room including fixtures, paint color or even blinds.
3. Convenient Space – A common trait among hotel/condo projects is that they generally offer a superior location than a traditional condo and are generally larger than nearby hotels.
4. Check-In – Unlike owning a condo as a 2nd home, hotel/condo projects require a notice in advance that you’ll be staying in your room (in some cases up to 60 days in advance).
5. It’s a Business – But you generally don’t have the responsibility other than the equivalent of paying an HOA-type fee.  In addition to having management and staffing to service the guests and property, hotels are generally experienced in marketing.
6. You Just Don’t Know – …what the return will be.  The U.S. Securities and Exchange Commission prohibits hotels and real estate firms from making any predictions.  Therefore you’ll need to know what types of property has the highest probability in appreciating.
7. Consistency – Tourism is generally seasonal. Despite a large increase in overall tourism to Seattle, there’s not nearly as many potential visitors in the Winter as there is in the Summer.  Also, keep in mind that rates can and will change.

If you have any questions regarding this type of investment, but sure to contact an experienced expert before making making any decisions.