Construction Tops Out at Luxury Seattle Tower
- Jul 22, 2020
Developers of a 342-unit luxury residential tower in the heart of downtown Seattle have topped out construction.
The 41-story high-rise community Spire is being developed by Laconia Development along with PCL Construction. Located in the waterfront neighborhood of Belltown, the project is slated to open to residents in the spring of 2021.
Construction on the tower began in 2018. The unit mix includes one-, two- and three-bedroom apartments with varying layouts and sizes with nature-inspired interiors by Robin Chell Design. Pricing for the apartment homes starts at $600,000 and goes up to more than $3 million for the larger penthouse units, according to the development team. Realogics Sotheby’s International Realty is heading up sales at the property.
Amenities at Spire will include a valet lounge, on-site cafe, co-working space, pet wash station, bicycle storage, private rooftop club and theater. Wellness programming will include a studio for yoga, spin and private training sessions and a top-floor fitness center.
In January of 2019, Laconia and its capital partner Vanke US secured a $185 million loan to finance the project. Square Mile Capital Management originated the loan together with senior financing provided by The Union Labor Life Insurance Co.
Located at the corner of Wall Street and Sixth Avenue, the community is within a five-minute walk to major tech campuses, public parks and transportation. The area has recently garnered attention from multifamily investors. Earlier this month, a joint venture acquired a 185-unit community in Belltown from Hartz Mountain Industries for $66.5 million, followed by Oxford Properties paying $320 million for Kiara, a 461-unit luxury rental tower in the South Lake Union neighborhood, just north of Belltown.
In prepared remarks, Laconia Development CEO Paul Menzies said reaching the topping out milestone during a challenging time was an “incredible accomplishment” for the development team.