SEATTLE | Downtown Projects: Completed, U/C, Proposed/Approved - Page 123

InlandEmpire · #**2441** Posted **Dec 30, 2011, 3:39 PM**

8th and Seneca - new renders from today's DJC:

December 30, 2011
Laconia aims for tower near Freeway Park
The plan six years ago was for two condo towers. Now the developer is back with a single, taller tower of apartments.
By MARC STILES
Journal Staff Reporter

Rendering courtesy of Laconia Development [enlarge]
The developer of a 31-story apartment tower on First Hill hopes to start construction next spring. Kwan Henmi is the architect and PCL is the contractor.

Developer Paul Menzies is moving forward with long-held plans for a large apartment project on First Hill where he says his company, Laconia Development, is “trying to do something that is great.”

Courtesy of Laconia Development
http://www.djc.com/news/re/12036572.html

mhays · #**2442** Posted **Dec 30, 2011, 5:02 PM**

Thanks for the rendering. Great looking tower. Very marketable spot near hospitals a one-block walk to the CBD ain't bad.

cactus22minus1 · #**2443** Posted **Jan 1, 2012, 4:28 AM**

Some updates from my neck of the woods on Capitol Hill.

Dec 30, 2011 (A gorgeous day, I might add!)

Centro aPodment Suites (low income housing) - E. John Street

230 Broadway

South face, from John St

SW, from John & Broadway

Vashon118 · #**2444** Posted **Jan 5, 2012, 5:00 PM**

The exterior elevator at Alto Apartments was removed on Tuesday. According to their website pre-leasing began yesterday and move ins begin on April 1.

cactus22minus1 · #**2445** Posted **Jan 6, 2012, 2:42 AM**

Amazing day again today, so I ran around Cap & First Hills to snap some shots of the other projects in the works. I would like to have had my real camera with me, but I did the best I could with the iPhone:

Jan 5, 2012

514 East Pine - site of the former People's Parking Lot that served as a place holder after they razed the block pre-housing-meltdown, much to the neighborhood's dimsay

Pine St, facing West

Looking East, back up Pine st

Bellevue Terrace, 1623 Bellevue Ave

On Bellevue Ave, facing NW. You can see the dilapidated homeless squatter refuge directly to the left of this development that has yet to be torn down. There is a proposal(6-7 stories again) for this plot, but I haven't heard any news lately.

Another view of the lovely crack den.

No time to crop- deal with it!

8th & Seneca - This is the plot for the lovely project render posted the other day. The activity looks unchanged so far, but I'm not usually afoot in this area.

This crumbled half-of-a-facade has been been in place here since I moved here 2.5 years ago. From what I hear, it was torn down by the same developer that is now proposing the taller single tower.

The plot is really kind of extreme, actually. The grade is very steep leading towards a drop off into the area that passes under 8th and into the convention center / I-5 conglomeration.

cactus22minus1 · #**2446** Posted **Jan 6, 2012, 3:15 AM**

More from Jan 5, 2012

1200 Madison

Citizens Apartments - 1250 E Madison

Cascadia Center for Sustainable Design and Construction - 1501 Madison Ave, aims to be one of the worlds most energy efficient office buildings in the world when completed.

Cameo - 15th & Pine.

They just started moving on this project. You can see the units on the west side will have quite the unobstructed view (for now)

More of that view

mhays · #**2447** Posted **Jan 6, 2012, 3:35 AM**

Lots of stuff happening out that way. Between First Hill, 12th, and the near parts of Capitol Hill, I count 900 housing units underway along with the office project and a subway. Plus some medical stuff, including the big VM project that might be complete now. I wonder when 11th & Union Apts. is starting...rumor about demo starting related to the Occupy occupancy?

mSeattle · #**2448** Posted **Jan 7, 2012, 3:12 AM**

Thanks for the the updates you guys!

There was a residential tower proposed on First Hill east of Harborview. Has that completely gone away?

1200 Madison is ugly to me but I love the height and bulk it's bringing to one of my once most hated parking lots.

mhays · #**2449** Posted **Jan 16, 2012, 8:54 PM**

The Martin, a 24-story, 188-unit apartment in Belltown, has a new fence and appears to be starting. The site is a parking lot, and fencing that revenue usually means they're serious. Also they announced that this would start around now a couple months ago. Parking is 125 spaces, a fairly typical ratio for rentals in Belltown.

Speaking of nodes, this is 100 yards from another project that started this past Spring. That's three towers and 842 units in a tight radius.

alki · #**2450** Posted **Jan 17, 2012, 5:32 AM**

Quote:

Originally Posted by cactus22minus1

More from Jan 5, 2012

1200 Madison

Great photos. Thanks for taking them. Centro aPodment looks like a great infill project. Is 1200 Madison office? It sure looks like it.

mhays · #**2451** Posted **Jan 17, 2012, 5:45 AM**

1200 Madison is apartments.

Love the "apodment" concept. If it looks like a 15-unit building, it's probably 40 units. There's another just south of Seattle U going up, a few others done, and others coming.

alki · #**2452** Posted **Jan 22, 2012, 10:47 PM**

Quote:

Originally Posted by mhays

1200 Madison is apartments.

Love the "apodment" concept. If it looks like a 15-unit building, it's probably 40 units. There's another just south of Seattle U going up, a few others done, and others coming.

Thanks. I thought 1200 Madison might be office. I guess its still too soon.

Some interesting comments re. the condo market downtown:

According to Realogics Sotheby’s International Realty research, of the 2,142 new condominium units on the market in downtown Seattle from 2007 to 2010, about 242 remain unsold. The condominium inventory is less than half of what it was a year ago.

In downtown Seattle, 452 units sold in 2011, compared with 434 units in 2010. Median home prices in the city increased approximately 5 percent to $392,620 in 2011, compared with $375,000 in 2010.

Dean Jones, principal withRealogics Sotheby’s International Realty, says pending sales have exceeded the number of new listings, which signals a turning point in the marketplace.

“It’s become a rather bifurcated market downtown,” Jones says. “We’re witnessing consumer strength at both ends of the marketplace. First-time homebuyers and investors are snapping up bargains, while a limited number of distressed sales are available in the city. “At the same time, movedown buyers and second-home owners are vying for the best selection at the top of the market, especially for homes with water views and within newer buildings that offer designs, finishes and amenities not found within resale buildings. “Consumers realize it could be many years before any comparable inventory is added to the marketplace." http://www.fifteentwentyone.com/pdf/1-7_1521.pdf

mhays · #**2453** Posted **Jan 23, 2012, 12:59 AM**

At a December real estate forecast breakfast (the IREM one I think), the Windemere guy said the new condo inventory within Seattle was 92% sold. I suspect the 8% were mostly at the very high end, like Escala. Either way, the flood of inventory is long gone.

It's funny....some apartment analysts predict overbuilding, and one reason is that they expect people to start buying. But there aren't many condos left in Downtown or nearby areas, and nothing new (aside from apartment conversions maybe) will get completed in the next three years or so. People who want to live in these areas will be in apartments. Unless they're arguing that people will choose townhouses or houses, which can turn around more easily....

Complex01 · #**2454** Posted **Jan 23, 2012, 4:17 PM**

Great photos. Nice to see all the new stuff. Very Kewl...

pablosan · #**2455** Posted **Jan 23, 2012, 5:14 PM**

What great infill. Thanks for the updates.

InlandEmpire · #**2456** Posted **Jan 24, 2012, 2:01 AM**

Vulcan is set to start the 24 story Martin at 5th and Lenora this year. Another solid infill building!

Render from long ago:

mhays · #**2457** Posted **Jan 24, 2012, 2:55 AM**

The fence went up at 5th & Lenora last week. Nothing happened during snowmageddon last week, but I wouldn't be surprised if they mobilized this week. (On the other hand, one result of the snow is that building permits are generally behind due to City office closures and/or partial staffing.)

BuildGuild · #**2458** Posted **Jan 24, 2012, 5:12 PM**

Nice building, but the photos are awesome!

GRsupercity · #**2459** Posted **Jan 24, 2012, 8:11 PM**

I like how 24 stories is infill lol

alki · #**2460** Posted **Jan 28, 2012, 6:44 PM**

Quote:

Originally Posted by mhays

At a December real estate forecast breakfast (the IREM one I think), the Windemere guy said the new condo inventory within Seattle was 92% sold. I suspect the 8% were mostly at the very high end, like Escala. Either way, the flood of inventory is long gone.

It's funny....some apartment analysts predict overbuilding, and one reason is that they expect people to start buying. But there aren't many condos left in Downtown or nearby areas, and nothing new (aside from apartment conversions maybe) will get completed in the next three years or so. People who want to live in these areas will be in apartments. Unless they're arguing that people will choose townhouses or houses, which can turn around more easily....

If these inventory figures are correct, I expect a condo project will be announced for DT this year.......a big one......one that has all its entitlements in place.

Had to go over to First Hill this week. Which project is going up across from DT right next to I-5? Does anyone know? Looks like a big one.

Very impressed with all the infill projects under construction on Capitol Hill. Most are pretty good looking. Looks like CH's population will grow by a third this next decade.