Seattle: 2301 6th Ave (Insignia Towers)

[joefromws]

to bad for ralphs and dans .

[CityView Jim]

Originally Posted by joefromws

to bad for ralphs and dans .

Yes, I hear Ralph's is a diabetics dream.

[Mtoes]

Originally Posted by joefromws

the word i got from a very good source is that trader joes will be going in on the first tower .

trader joes would seem unlikely...they usually seek out low rent locations to keep their overhead down. Think of their current locations in Seattle. PCC or or another high end boutique grocer would be a more likely tenant.

[CityView Jim]

Originally Posted by Mtoes

trader joes would seem unlikely...they usually seek out low rent locations to keep their overhead down. Think of their current locations in Seattle. PCC or or another high end boutique grocer would be a more likely tenant.

That seems strange. Upper Queen Anne, Madison St. near 15th, U District at 45th and Roosevelt. I know there's one in LA on Santa Monica Blvd. These all seem pretty pricey locales to me. Sounds more like they strive for true residential neighborhoods with high densities. This would be unlike other grocery stores that gravitate towards other commercial biz to feed off of - near a drug store, near a shopping center, near other grocery stores even.

I see Belltown as an EXCELLENT opportunity for TJs given this pattern. Am I right?

[mhays]

Belltown would be great for Trader Joe's.

For many years I considered the 2301 6th block the best block in Downtown Seattle for a new supermarket -- it's a full block, it's got great outbound commute traffic on two streets, it's close to the existing Belltown population as well as the growing Denny Triangle and SLU... When Whole Foods opened its advantages diminished somewhat. But a different concept like Trader Joe's would be perfect.

It would also be a good deal for the developers. That location requires a lot of retail per zoning, but it's not part of a "retail district", even to the extent of First or Second Avenues in Belltown. If they can get some good neighborhood and "destination neighborhood" retail, then they're gold.

[Mtoes]

Originally Posted by CityView Jim

That seems strange. Upper Queen Anne, Madison St. near 15th, U District at 45th and Roosevelt. I know there's one in LA on Santa Monica Blvd. These all seem pretty pricey locales to me. Sounds more like they strive for true residential neighborhoods with high densities. This would be unlike other grocery stores that gravitate towards other commercial biz to feed off of - near a drug store, near a shopping center, near other grocery stores even.

I see Belltown as an EXCELLENT opportunity for TJs given this pattern. Am I right?

I suppose I should have been more specific. They seek out low rent buildings. It just seems that a brand new high rise downtown would not be in there budget.

[TheBellevueBoss]

I don't think TJ's cuts any corners on their locations or seeks out low rents to maintain cost control. There current locations are all fairly high profile and are probably on the upper end of retail space in terms of regional average annual rents per square foot.....

[TheBellevueBoss]

I as well think that a TJ's would do very well donwtown especially in Belltown/Denny Triangle/SLU.....

[jessejb]

Its still a walk for us downtowners, but with the combination of Whole Foods, IGA and TJ's theres really a lot to choose from for once!

[BellevueBoy]

from djc:

British Columbia-based Embassy Development Corp. plans to start construction on the first of two 41- story condo towers in the Denny Regrade in March, but may hold off if area condo sales don't pick up, according to company president Ryan Bosa.


They remind me of WaMu center with the roof. I'm surprised that they are aligned directly parallel instead of set back from each other to maximize views like the Bellevue towers. btw, we should change the thread title to Insignia Towers

[Bond James Bond]

Originally Posted by BellevueBoy

btw, we should change the thread title to Insignia Towers

Done. Thanks for mentioning it.

[citruspastels]

Originally Posted by BellevueBoy

I'm surprised that they are aligned directly parallel instead of set back from each other to maximize views like the Bellevue towers.

looks like the towers are far enough away so that the view will be just fine

[WESTSEATTLEGUY]

Damn! That's hot. Build it! It's so Vancouverish!!

[TheBellevueBoss]

djc reports today that they will break ground on the first tower next month, IF condo sales pick up, wishful thinking..if sales don't pick up then they will hold off....the towers will take 37 months to complete and the second tower will start one year after the first tower.....

I say build it and beat the next wave of condos to market and start the pre sales process....they are 3 and 4 years out from delivery which gives them plenty of time to weather the real estate storm and enjoy the future sunshine....

[jessejb]

About how high in feet are these? They look like they will really stand out in that area.

[flotown]

Getting financing for a prohect this size is a real problem, because lenders are assuming conservative absorption rates, which pushes the assumed completion date way out in the future and makes getting a decent return to equity near impossible. A site this size needs more phases so it can be built in smaller chunks. If they think they will get a big chunk of presales out of the gate in March they are crazy. I say this having worked in securing financing for a 600+ unit project over the past 6 mos.

[CityView Jim]

This is a terrible time for presales, especially with a 3 year lead.

[TheBellevueBoss]

isn't a 3 year horizon better than a shorter time horizon? Doesn't the market have to recover before it gets better??? 3 years will provide this.....maybe..

yes, arranging financing for any multi-family "for-sale" project is a rela challege right now with the residnetial RE market where it is but that is not a newsflash.

by the way, who financed your 600 unit deal?

[Mtoes]

Originally Posted by flotown

Getting financing for a prohect this size is a real problem, because lenders are assuming conservative absorption rates, which pushes the assumed completion date way out in the future and makes getting a decent return to equity near impossible. A site this size needs more phases so it can be built in smaller chunks. If they think they will get a big chunk of presales out of the gate in March they are crazy. I say this having worked in securing financing for a 600+ unit project over the past 6 mos.

There is a banner on the fence now that states that BofA is the lender. So it looks like the financing is not the issue. Unless the terms of the financing state that they must pre-sell x number of units prior to construction.

i thought that these had been changed to apartments anyways. But i see the DJC lists them as condos.......

[CityView Jim]

Originally Posted by TheBellevueBoss

isn't a 3 year horizon better than a shorter time horizon? Doesn't the market have to recover before it gets better??? 3 years will provide this.....maybe..

yes, arranging financing for any multi-family "for-sale" project is a rela challege right now with the residnetial RE market where it is but that is not a newsflash.

by the way, who financed your 600 unit deal?

There are more factors than just property values. I'd wonder if the job I have today will still be around in 3 years. Look at whats happening in a variety of fields in Seattle. It's just me, perhaps, but I can't roll the dice 3 years out. Things change too quickly it seems.