There is definitely no shortage of inventory for luxury condos, ultra premier condo/hotels, and high-end residential condos in the downtown/Midtown area. Looking at all the projects going on, we are definitely going to see a significant change to the Seattle downtown skyline in a few years. Olive 8, 5th and Madison, Escala, the list goes on…
One interesting luxury condo is 1521 on 2nd Ave between Pike and Pine St. The condo has been receiving so much interest that more than 50% of their units were sold and the developer will be raising their price tomorrow for some of the units.
1521 is going to be the tallest residential condo in Seattle, rising 400 feet above the market district. There will be 143 residential units which start from the 7th level to 38th level. Each level will only have between 3-5 homes on each level. Construction starts end of July with estimated completion in 2009. The tower’s sculpture-like glass architecture is designed by Weber + Thompson, who also designed the Cristalla project. The condo will be more slender than most downtown towers and grows increasingly slim as it gets higher. This design provides great views and reduces the impact on other building’s views.
• A convenient porte-cochere for ease of arrival and departure
• Grand entry lobby with concierge service. A door man after hours
• High speed elevator
• Business conference space
• Digital video recording surveillance of building entry points
• Landscaped rooftop terrace with city and water view. Chef quality grill and fire place
• Private rooftop terrace room for entertaining
• Fitness center/spa, and yoga and Pilates studio
• Playroom for children
• Bike storage and maintenance area
The homes are elegantly designed, using high quality finishes. A residential building with a five start hotel feel.
• Fire place with satin finish slab limestone
• French wood entry door
• Motorized, open weave window shade system
• Pacific Northwest-crafted cabinetry in maple, white oak, or merbau
• Flexible indoor/outdoor glass room with operable bi-fold windows
• Large, open, walk in spa shower with built in bench
• Smart box system wired for phone, cable and satellite television
To request for a price list, please email me at wendyl<AT>johnlscott.com.
So what is so unique about this condo? First of all, it’s going to be developed by one of the nation’s largest and most respected real estate development companies, Opus NWR and they are working together with well recognized local developer/real estate advisor William Justen, who is the visionary behind this condo and a long time resident of downtown condo living. He believes there is a niche market that needs to be met.
There are a couple of other things unique about this condo:
• Their smallest floor plan starts at two bedroom. Investor cap is at 5%, making it a very exclusive residential tower than most condo.
Floor 7-29: Five homes per floor- average 1,787 square feet
Floor 30-35: Four homes per floor- average 2,233 square feet
Floor 36-38: Three homes per floor-average 2,600 square feet
• Distinctive architecturally design with clean lines. Instead of balcony, W + T incorporated into each home a creative solarium known as the Glass Room, where a large patio can be opened to the exterior serving it as a terrace or enclosed sun room. It could make for flexible living space given Seattle’s unpredictable weather. I could easily see someone enjoying a fine cigar during the winter beside the fire place in the Glass room or a resident sun bathing during the hot summer.
So far, the A floor plan is their most popular unit. They are all sold out. E and D floor plans are South and Southwest facing. However, they could potentially be blocked by future development. To get a more protected view, you need to be at least 16th level and higher or go with the F or K floor plan.
What’s going on in the neighborhood?
1.) Second and Pine– A upcoming development of a mixed use building with hotel/condo and retail spaces
2.) 1521 condo
3.) Second and Pike- Proposed plan for a high rise condo
4.) Recently completed SAM museum and Washington Mutual Tower
5.) Four Seasons Hotel on 1st and Union (under construction)
So is there anything a home buyer needs to be concerned? Most buyers will probably raise questions about the clientele along the Pike and Pine corridor between First and Third Ave. The area has been known to be a shady corridor at the same time a busy street used by residents and tourists all year round. With a few high-end developments coming up, it looks promising that the area will be more cleaned up. If the area develops similar to what happened in Belltown in the last few years, this may present a compelling investment opportunity, Based on the sales so far, it would appear many people are betting on it.
Technorati Tags: 1521, 1521 condo, fifteentwentyone, Fifteen Twenty One, Fifteentwentyone condo, Four seasons, Four seasons condo, Seattle luxury condos, Seattle high end condos, Willam Justen, Opus NWR, Weber and Thompson, Weber + Thompson
For the past 5 years I’ve worked in a building across the street from 1521 2nd Ave., which is currently a vacant shop.
I live in Bellevue, and 2nd Ave. between Pike & Pine is disgusting and scary. When I come to work in the morning, there are drug addicts smoking cocaine in doorways, drunks sleeping in doorways, and the sidewalks are so filthy they make me gag. Every day there are street people peeing and pooping in the parking lots.
Though we could easily afford a condo in the proposed new highrise at 1521, there is no way I’d want to live in this neighborhood. I don’t even like working here!
What good is a nice view if you have to struggle though scary, dirty drruggies to get to it?
I walk by every day as well and it’s defintely on the salty side. Knock on wood, I haven’t yet felt unsafe there but it’s not a place I’d typically hang out alone at night.
Just had a nice presentation from 1521 folks today. I agree about the bum-o-rama concerns but I think the area is will get cleaned up considerably… Its proximity to the holy trinity of Westlake, Pike Place Market and Benaroya Hall is a-w-e-s-o-m-e.
they just need to move that needle exchange somewhere else. that’s really the achilles heal of the location.
Agree with the previous post that the needle exchange will hopefully be relocated for the benefit of all the future downtown highrise residential homeowners. Drove through there today around sunset, and Pike street between 1st and 2nd avenue has lots of junkies and drunks congregating. It is like this during the evening and the daytime is much the same. While unlikely, I would wish for the strip club on 1st and Pike to go out of business as well.
We do feel that changes will eventually take place as the city needs to address this eyesore considering that their beloved landmark Pike Place market suffers as tourists regularly travel Pike street to reach the market from the shopping district to the East.
With this in mind, we did purchase at 1521. Hopefully the changes will take place sooner than later.
I work in the block of from 1521, and the following email was sent to staff from a coworker Aug. 22nd:
“I almost stepped on a hypodermic syringe this morning in the north parking lot. I was wearing sneakers. I took the syringe to the second floor as they have a sharps container.
Watch your step out there!”
My husband’s his father was born on 7th & Olive in 1888 and used to spend lots of time at Pike Market 1908 until he died in the late 1950’s. According to my husband and his longtime Seattle friends, this area has been a magnet for all kinds,including lots of low-lifes, for almost 100 years. Do you think a pretty glass building is going to change 100 years of history?
We watched the “ground breaking” for 1521 yesterday, noting that the workmen diligently washed the parking lot so the poop and pee smells were absent. And they put up a big black plastic screen so the 1521 celebrants couldn’t see the back entrance to the Deja Vue strip club.
So much for smoke & mirrors.
I don’t understand why people feel a luxury condo will magically change the “Block”.I agree with Sandie 100 percent.Seattle is great because all types live together.The commoners bother you that much,go to another condo. I suggest when you walk by those street people consider yourself blessed you have a pot to piss in.
Having lived in Seattle over 36 years, I have seen many changes to this city. My opinion is that the 1521 2nd Avenue project alone will not bring change to 1st and second ave along Pike street. However this building along with the Four Seasons, 2nd and Pine, 2nd and Pike, Madison Tower, Cristalla and others, it will make a big difference.
Partially because the demographics will change as retailers will change to accomodate the folks now “living” in the area. Also with the new projects, there will not be as many parking lots for people to loiter around in. Finally, I think a big driver of change in the area is the new bill passed which bans the sale of fortified wine and beer in this downtown area.
With the contributions from the items mentioned above, it will slowly change the feel of downtown along 1st and 2nd avenue. I may be wrong, but we are moving there with the anticipation of just such a change.
It’s called gentrification and it’s been going on in other neighborhoods and other cities for centuries. Pike Place is not immune to it. If money moves in the destitutes will move out. It’s also a great way to profit from appreciation, buy when the common folk are scared of the area and sell when they are attracted to it.
noli makes a good point. belltown used to be quite salty and now has the highest price per square foot in the city.
I see on the Opus construction web site that the opening for 1521 is delayed a year, until April 2009.
At the rate they’re going so far I think it will open even later.
Anyone who bought in 1521 and had a change in plans (or knew someone who did)? I am interested in taking over your contract because the developer had increased the price up and out of my range. Thanks.
I am interested to take over contract for 1521 if someone dont want to complete the P&S. firstname.lastname@example.org
I live in the area all ready. I have never had a problem with the needle exchange or the people who go there. I have however had problems with Opus working at all hours, and their garish advertising. I am really disappointed that such prime real estate in front of the market would be alloted for high price condos. How inventive. As long as the public market is there, you are going to have “the public” good and bad.
Yes, the area has changed. My taxes jumped by about 20K. Pretty much an example of the obscenity of riches in my book.
I am interested in buying at 1521 as well. Please call Virginia on 206-940-9182 if you have a lead.
You are from Bellevue, there is your problem!