Schnitzer West has just announced that they will be renting the South tower at the Bravern Residences in Bellevue. This should not come as a surprise, given the market conditions and the current inventory levels in downtown Bellevue. What is surprising is discreet manner in which Schnitzer has been operating. The brokerage community has had no idea what direction the project was going in. Thus making it very difficult to recommend the project to prospective buyers. In addition, a few of the contracted buyers that I have spoken with also felt a little uneasy about the future and direction of the project.
This is a dramatic move that will ultimately change the inventory levels in Bellevue overnight. As seen on their new website, www.liveatbravern.com, they give you access to units for sale in the North Tower and units for rent in the South Tower. Rents will start at $1,100 dollars per month and are rumored to be as much as $5,000 per month. They are advertising the Grand Opening as coming “soon”.
There is just basic language on the website leaving interested tenants the option of leaving their e-mail for further updates:
Found on LiveAtBraven.com:
Introducing rental homes in the South Tower at The Bravern: homes in a wide range of floor plans, and whose quality, design, and amenities are as exceptional as the community they’re part of.
Eric Pryne of the Seattle Times wrote a great piece that can be found at SeattleTimes.com . According to his article Dan Ivanhoff the managing director of the project was quoted as saying “we’re shorting the supply” when referencing the inventory and lack of demand. He added, that the change to apartments is not permanent and that the South Tower may be sold in the future depending on the market conditions.
This news also dramatically effects all of the existing apartment inventory in Bellevue as well. I have not researched the exact number of available units for rent, but I can say that the number of vacant units is HUGE. There are a handful of projects that were just completed and more on the way.
The other interesting angle to this story will be how it impacts Bellevue Towers, Washington Square, One-Main and Continental. These are all active projects in Downtown Bellevue, fighting for each buyer looking to purchase in next 24 months.
Other blogs reporting on the Bravern:
Ben at TSCB: Read Here