Boxy!


Holding the corner, all clean and simple, somehow just the right proportions. Located at 12th and Pike on Capitol Hill, formerly a surface parking lot. Designed by Weinstein A|U, developed by Dunn + Hobbes. How nice to see a new mixed-use building without a bulky brick storefront base. And it’s apartments, not condos. Could this be the perfect urban infill project? Well, almost: rents range from $1500 to $2500 for 680 to 990 sf, so it ain’t exactly cheap. But what are ya gonna do? High-quality construction is expensive.  Also, the developer chose to build three double-height residential floors instead of the typical five (e.g. Trace Lofts across the street), and so ended up with fewer rentable units. 

5 Responses to “Boxy!”

  1. Joshua Curtis

    I love this project and, dare I say, I love Liz Dunn. There needs to be more developers like her. But you know why there aren’t? As I understand it, Liz is willing to take smaller returns in order to have great projects (like this one). This is great when you’re independantly weatlhy and don’t have to sell a project to investors (who would say “are you crazy?”). But for developers trying to get something built in today’s environment of crazy expensive land, a year of construction cost inflation, and a investors who demand a certain return, finding the capital to do a daring project such as this is hard.

    So here’s my question. REIT’s are notorious for buying up grossly overpriced portfolios since they are incredibly well capitalized and can accept lower returns. So how do we get a similar sized fund which can accept 6-8% returns (real estate investors typically accept 12-15% on the very low end) and encourage great development such as this???

  2. michael

    It seems like in a place such as Puget Sound where there are numerous wealthy and progressive individuals, a local real estate investment consortium could be set up with goals that match the smart growth rhetoric we all mumble in our sleep while accepting more modest returns. Hmmmm

  3. kkurmudgeon

    Honey pie, I love me some sustainable design, but WhoTF is going to pay that for ze Big-Box rent? Might as well just condo them off for ze big-time mortgage brokers before it’s too late (or is it already?). What’s the difference?

    And let’s talk SQUARE. Dude, build up. Someday, you can fuck over even more folks with ze ridiculous rent you list.

    Good God. My brother pays fucking $1200 to rent a quality 2-bd flat smack dab in the middle of Park Slope Brooklyn. With a back yard that has a hammock and picnic table, dare I say. And a SUBWAY three block away.

    Seattle, you are being ROBBED!

  4. Dan Staley

    kk:

    Equilibrium rents are higher in Seattle due to the plethora of proximate natural amenities. People pay them.

    DS

  5. Apartments Coming To The Neighborhoods | hugeasscity

    […] The Pearl Apartments at 15th and Madison on Capitol Hill; 80 units; Barrientos LLC; designed by Weinstein A/U, who also designed Agnes Lofts, a few blocks West. […]

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