Condo project planned for South Lake Union; Bellevue project switches from apartments
A new mid-rise building in Seattle’s South Lake Union is among the condominium projects springing up all over the Puget Sound region. Construction of the 113-condo project at 1170 Republican St. is scheduled to start in early 2019. It’s being developed by Plus Capital Partners, an affiliate of a Chinese company. Bellevue-based Plus sold a controlling interest in the massive Elev8 project in Bellevue for $128 million this spring. Residential units in the South Lake union condo project are being sold by Polaris Pacific, which has also been hired to sell homes in the Mira Flats, Emerald and 8th & Cherry Street condo projects. The four developments total 766 condos.
Polaris said on Tuesday that the Mira Flats development in downtown Bellevue will be sold as condos. The project was Initially planned as apartments by Beijing-based Create World and developed in a joint venture with Daniels Real Estate of Seattle. The Seattle office of Intracorp is buying the six-story property (10230 NE 10th St.) and will start selling the 162 homes next month. Most units will be studios and one-bedroom-plus units listed for between $500,000 to $700,000, with some larger units listed in the $1 million range.
The Emerald is a luxury project with 265 residences under construction near Seattle’s Pike Place Market. Chinese and other international investors organized as Mirador CWZ LLC are the developers. The sales gallery is set to open in early 2019.
8th & Cherry Street
Caydon USA’s previously announced 226-unit tower on First Hill is being developed by an affiliate of Australia-based Caydon. Sales will begin in 2019.
San Francisco-based Polaris Pacific opened a Seattle office two years ago to be ready for the condo development boom. To handle the growth, joining the real estate sales and marketing company’s Seattle office are Christina Milovancev from Los Angeles as project director and Dana Van Galder from San Francisco as senior marketing manager. Apartment developers have been going gangbusters for nearly eight years with condos rarely considered due to market economics. Now the region’s condo median sale price is up 16.3 percent year over year to $610,500 and high rise prices now at $1,010 per square foot, up 23.8 percent. “Eight years of no supply has led to pent-up demand,” Polaris’ Seattle Regional Manager Josh Nasvik said. Other recently announced condo projects include a 21-story proposal in Bellevue, a 41-story building near the Space Needle and three nearly finished Seattle buildings that will open as condos instead of apartments.
Read it at Puget Sound Business Journal