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Nov. 12, 2013

New Condo Building in First Hill Announces Construction Start Date; Hospitality Market Continues to Raise Interest

By Alex Girda, Associate Editor

As Seattle’s multifamily market soars with a large number of projects currently going and a backed up development pipeline for the next five years, a new project has popped up in First Hill. Developer Lowe Enterprises Investors has announced the start of construction on its Seneca St. condominium project some time during the middle of 2014.

The 169-unit condo tower will be developed by a joint venture between L.A.-based Lowe and Swedish pension fund Alecta, an entity that has ramped up its activity in the area’s real estate market. The location for the 24-story residential tower is just two blocks away from the First Hill streetcar line, scheduled to open a few months from now.

In other news, following our report of the hospitality industry’s emergence in the Puget Sound area last week, another important hotel sale has taken place. The Residence Inn in Bellevue just traded hands for a large amount of money. Chatham Lodging, a Florida-based real estate investment trust, purchased the hotel for about $71.8 million, the Puget Sound Business Journal reports.

The 231-key facility was developed in 2008 near Interstate 405. The hotel has reportedly seen its per-room annual revenue for the year that just ended reach the $131 mark, PSBJ writes. Chatham Lodging has hailed the new acquisition as falling into line with its current strategy, being similar to the other properties that are part of its portfolio.

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