 |
VULCAN ANNOUNCES NEW CONDO
DEVELOPEMENT AT 5TH AND LENORA
- New development will contribute to Seattle's growing and vibrant urban living environment
SEATTLE, WA – October 3, 2005
Vulcan Inc. today announced development plans for a new residential project at the northwest corner of 5th Avenue and Lenora Street in Seattle's Belltown neighborhood.
Vulcan is currently working on delivering more than 10 new residential developments in the next several years as part of its overall redevelopment portfolio. The 5th and Lenora project will feature 170 homes, including open loft homes and 1-2 bedroom homes ranging in size from 675 to 1500 square feet.
The 150,000-square-foot development will be 23 stories and will include 4,000 square feet of retail space on 5th Avenue. Construction for the project is expected to start in August 2006 and be completed by April 2008. An interest list is available now for buyers at www.VulcanRealEstate.com and presales will begin in late spring of 2006.
“Although the majority of our future projects will be located in South Lake Union, we also recognized the potential to provide additional live-work opportunities in an ideal urban location when we purchased this property several years ago," said Ada M. Healey, vice president of real estate for Vulcan. "As we begin to develop several new residential projects in South Lake Union in the coming years, it's also the perfect time to move forward with our development in Belltown--they will all offer convenient access to downtown and a variety of amenities for the growing number of urban dwellers in Seattle.”
All of the community amenities at the 5th and Lenora development, including an expansive community room and exercise facility, will be located on the top floor to provide all residents with the opportunity to enjoy the building's distinctive views.
A rooftop deck will feature an "outdoor living room" complete with grills, a summer kitchen and outdoor fireplace to provide an exclusive gathering place for residents. The building will also include eight levels of parking.
Directly adjacent to the development at 4th Avenue and Lenora Street is the Cinerama theatre, which Vulcan also owns.
Several of Vulcan's upcoming South Lake Union projects will also contribute to a more vibrant urban environment. Slated for completion in fall 2006, Vulcan's 2200 development located at the corner of Westlake Avenue N. and Denny Way will feature 261 condominiums, a Whole Foods Market and Pan Pacific Hotel. More than 90 percent of the condominiums were sold within a month after sales first opened for 2200.
Vulcan is also planning a new 450,000-square-foot, mixed-use development located across the street from 2200, which is currently in the design stage. The 2201 Westlake project will include 20,000 square feet of retail, 300,000 square feet of office space and 150 homes.
In addition, Vulcan recently announced plans for a new condo development at 9th Avenue North and Harrison Street in South Lake Union. The 72,500-square-foot development is targeted for first-time homebuyers and will include 90 homes featuring a mix of mezzanine and full height lofts, as well as 4,000 square feet of retail.
For more information about Vulcan's new residential projects, or to sign up on an interest list, prospective buyers can visit www.DiscoverSLU.com or www.VulcanRealEstate.com. Interested parties can also visit the South Lake Union Discovery Center, located at 101 Westlake Avenue North and Denny Way, or call (206) 342-5900.
Callison is the project architect and Mortenson is the general contractor for the 5th Avenue and Lenora Street project.
Vulcan Inc., which owns approximately 60 acres in Seattle's South Lake Union neighborhood, has delivered 650,000 square feet of new developments in the past two years. Nearly 900,000 square feet is under development in 2005 and another 2.1 million square feet is in the development pipeline. Vulcan's vision for the area is to partner with the community to encourage a vibrant, diverse neighborhood that blends housing, retail, office, life sciences research, open space and public transportation.
BACK TO TOP
ABOUT VULCAN REAL ESTATE
Vulcan Real Estate directs all real estate strategies for Vulcan Inc., a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate creates a diversified portfolio of high-performing, quality assets. The company’s experienced, talented team of real estate professionals offers a full range of development services from site selection to build-to-suit construction. Its real estate model is based on quality, sustainable development that builds new value across the entire community. For more information, visit www.vulcanrealestate.com.
BACK TO TOP
|
|
|
