Seattle’s Market Pivots as SPIRE is Set to Shift to Condominiums
An article recently featured in NW REporter explains that “what was initially planned as downtown Seattle condominiums, and then reconceived as luxury apartments, will, in fact, be condos.” They’re referencing the SPIRE project, a 41-story tower planned near the Seattle Center, which “will encompass 352 residences with prices starting from below $450,000, according to Laconia Development.”
“We are clearly experiencing a pivot in the development cycle,” Jones tells NW REporter. Adding that research by O’Connor Consulting Group, indicates “there is a paradigm shift with consumer preferences trending from renting to buying.”
The feature outlines that “homes at SPIRE will fall into three classifications: ‘city suites’ on levels 4-23; ‘tower residences’ on levels 24-37; and penthouses on levels 40-41, where prices will top out at more than $5 million.” A suite of amenities will include the first-ever automated valet system in the city of Seattle, a co-working lounge, conference rooms, an exhibition kitchen and private dining, a billiards room, bar, art gallery, rooftop terrace and more.
“It’s quintessentially Seattle,” Jones says. “SPIRE is on point and will meet with eager homebuyers awaiting the next evolution in urban design. Laconia will deliver much needed inventory for individual purchase.” Jones says he hopes elected officials and city planners will review the Washington State Condominium Act in 2019 to spur additional development projects, which he sees as affordable paths to homeownership for first-time buyers, millennials, and beyond.
See related article, SEATTLE'S CONDO DROUGHT CONTINUES.
Given the size and configuration of the site, SPIRE will follow a 28-month construction timeline, with occupancy scheduled for fall 2020.