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VULCAN ANNOUNCES NEW
RESIDENTAL DEVELOPMENT
- New condo project in South Lake Union geared to first-time homebuyers
SEATTLE, WA – September 26, 2005
Vulcan Inc. today announced development plans for a new residential project in Seattle's South Lake Union 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 new development will be located at 9th Avenue North and Harrison Street in the heart of South Lake Union's 8th Avenue district. The 72,500-square-foot development will include 90 condominiums featuring a mix of mezzanine and full height lofts, as well as 4,000 square feet of retail.
Homes will be priced from the mid $200,000s and range from 680 to 1,100 square feet. The development will be geared to first-time home buyers. An interest list for prospective homebuyers is now available and presales for the new development will begin in spring 2006. Construction will start in late 2006 and occupancy is scheduled for fall 2007.
"We're excited to be moving forward with this new project based on the incredible momentum taking place right now in South Lake Union and the strong interest we're seeing from prospective homebuyers who are seeking a vibrant 24-7 urban lifestyle," said Ada M. Healey, vice president of real estate for Vulcan.
“This development is affordably priced to provide a great opportunity for people who want to live and work downtown," Healey added. "Our vision for this neighborhood is to foster development that encourages diversity of housing, businesses and residents so that South Lake Union is a truly inclusive community with something for everyone.”
The new condos at 9th Avenue North and Harrison Street will be characterized by open, flexible floor plans that will allow homebuyers to create their own distinctive imprint and style for their living spaces. Exposed wood ceilings, fireplaces and environmentally friendly building materials will also provide unique design elements and character to the project. Additionally, residents will be able to enjoy a community roof deck featuring expansive views of the Space Needle as well as a café with outdoor seating located on the ground level.
Vulcan is planning to develop the building as a sustainable, eco-friendly development that will qualify for LEED certification. LEED, which stands for Leadership in Energy and Environmental Design, is an industry measurement tool created by the U.S. Green Building Council to define green, environmentally and community-conscious projects.
The project team for the development includes Johnson Architecture and Planning and Walsh Construction.Several of Vulcan's upcoming South Lake Union projects will also contribute to a more vibrant urban environment in the growing neighborhood. 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 residential units.
For more information about Vulcan's new residential projects, or to sign up on an interest list, prospective buyers can visit www.DiscoverSLU.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.
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.
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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.
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