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Belltown Real Estate

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Okay Belltowners, we all know we live in the BEST neighborhood in Seattle, right? Well, now’s our chance to make it known across the city!

The 2016 Curbed Cup is up for grabs and we’ve made it pretty darn far already.

Currently we are in the Final Four, and poised to make it to the final round of voting! But, we only have today, December 28th 2016, to make it to the final round.

The Final Four sees Green Lake facing off with Ballard for a shot at the final, and our lovely Belltown is going head to head with Columbia City for the other spot in the final. Voting ends tonight at midnight, so vote, vote, VOTE until the clock strikes 12!!

If we make it to the final round, we will have 5 (yes, F-I-V-E) days to vote for Belltown to take the title over either Ballard or Green Lake. That is, THE title, the whole shebang, The Curbed Cup.

Head over to Curbed Seattle to cast your vote (or click here and skip the extra typing) for our ‘hood before midnight tonight for it to count.

And don’t just stop there, share the link with your friends! Text, them, email them, bribe them into casting their vote, whatever you have to do, get others to join so we can come out on top!

The title is within our grasp, so close we can taste it, let’s not let it slip away! We all know Belltown is where it’s at, but now it’s time for all of Seattle to know!

 

Martin Selig Real Estate has long been a leader in luxury and class A commercial real estate in Seattle, and in 2016, the company has made its first foray into luxury residential real estate. Their first creation will be the 3031 Western Apartments. It’s located on the north end of the Olympic Sculpture Park.

Project renderings on the website show a beautiful modern building with two levels – the taller side of the building (east) being 14 stories high, with the shorter end being nine stories high with what appears to be a rooftop community area.

The website promotes the new apartment building as having “stunning views, a beautiful glass exterior, outside decks, a green roof and solar shading.”

Advantages to living at the 3031 Western Apartments include being walking distance to the shops and restaurants in lower Queen Anne as well as Belltown, being right next to the Olympic Sculpture Park and the adjacent Myrtle Edwards Park with its walking and cycling trails, and easy access to I-5, Downtown, Queen Anne and Ballard neighborhoods via Denny Way.

More than two years ago in August 2014, ground was broken on a 41-story mixed-use project known as Potala Tower. However, development stopped a year later when the developer, Lobsang Dargey, was accused of stealing millions from the project’s investors. Earlier this year, a judge ruled that two new developers could partner to complete it, and that plan is now progressing.

The new developers, Binjiang Tower Corp and Molasky Group, are moving forward with construction on the building at 2116 4th Avenue.

When Potala Tower is complete, there will be 339 residential apartments, 142 hotel rooms, and 1,824 square feet of retail space on the ground floor. Underground parking will be available, with 177 spaces.

It won’t be called Potala Tower anymore either — it will be renamed and rebranded. In addition to the new developers, new investors have joined the project along with some investors from the initial EB5 project with Lobsang Dargey.

Featured photo credit: Weber Thompson.

The commercial building at 3rd Avenue and Battery Street in Belltown has been completed, according to a news release from Lease Crutcher Lewis (follows). Not only is the building substantially complete, but it is also 100 percent leased.

 

Seattle – Lease Crutcher Lewis and Martin Selig Real Estate have substantially completed the new Third & Battery Building at 2400 Third Avenue in Belltown.

The three-story building features 68,429 square feet of commercial space on three levels above-grade, plus 63 parking spaces below. Floor-to-ceiling windows contribute to an airy, loft-like design. A 45′ by 30′ rooftop terrace features views of Elliott Bay and the Olympic Mountains. A green roof is alongside the terrace.

Lewis is separately building out 30,000 square feet for Antioch University on the second and third floors. That work is underway and scheduled to complete this fall.

The building is fully leased, with Sound Community Bank leasing 15,000 square feet (all of the first floor) for their headquarters, and Zymeworks Biopharmaceuticals, Inc. leasing approximately 11,000 square feet on the third floor. All tenant spaces will be complete by December 31, 2016.

The building’s design team was led by Perkins+Will as architect with KPFF as civil/structural engineer, Key Mechanical as mechanical design-builder, McKinstry as fire protection design-builder, and Stantec for electrical design. Additional major subcontractors included Harris Rebar, Lundahl Ironworks, Corona Steel, Malcolm Drilling, McClone, Midmountain, Nelson Electric, R&D Masonry, Sessler, and Snyder Roofing.

Below-grade construction was within one foot of the existing Highway 99 Tunnel walls. The team installed steel rakers to brace the tunnel until the new foundation was complete.

Photo source: Lease Crutcher Lewis

In  August 2016, the sales price per unit on downtown Seattle condos increased an incredible 31% over the previous month. According to the Urban Condo Spaces site, condo units sold, on average, in 17 days, possibly driving the number of buyers making offers sooner, due to the short turnaround. The highest price unit was on the 39th floor of Insignia Towers (see photo) and sold for $2.8 million.

Although the Seattle Times reported that 30-year fixed mortgage rates recently rose 3.46%, mortgage rates still remain at a historically low level. Depending upon the circumstance, this may be good news for buyers as well.

Developers base their projects on demand, comparing what’s charged per square foot to costs and timing needed for construction. Since the average sale price per unit in July rose from $755,828 to $993,320 in August, the condo building boon will most likely continue for some time into the future.

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