Pre-recession, you may recall the name – 1 Hotel & Residences. It was a luxury hotel and condo site poised for development at the corner of 2nd and Pine in Downtown Seattle. Avstar had plans for the $200m project until the recession hit. Half of the site was purchased by Equity Residential in 2012.
According to the DJC, Equity, a Chicago Based firm has plans to develop the site. The permit was issued by the City last week and it calls for a 40 story town with 398 apartments. The tower will feature luxury amenities including 24 concierge, two lounges, a theatre room, fitness facility, dog lounge, pool room, game room, full grade kitchen, and amenity space/rooftop deck on the 40th floor.
The project is expected to earn LEED certification and according to the Journal it was partnership of architects including Seattle’s Weber Thompson and GBD of Portland.
This new Tower adds to the 10,000 apartment units that are planned, permitted and under-construction in Downtown Seattle. According to the Downtown Seattle Association, the total number of households in Downtown Seattle has increased 10 percent since 2010 and is projected to increase 10 percent over the next 5 years. Additionally, 20% of family households in Downtown Seattle have children.
That should lead to an in-city school soon – We are hearing that it may be the Federal Building at 2nd and Madison. Stay tuned.
Photos courtesy of Google and Weber Thompson