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Real Estate Reporter
March 19, 2015
Holland Partner Group's 40-story apartment tower, Premiere on Pine, is seeing nice returns at the box office.
The 386-unit building at 815 Pine St. is 32 percent leased, with people living on pretty much every floor, said Marty Goodman of Holland.
Leasing began on the lower floors Dec. 7, and the upper floors Feb. 16. Crews are putting finishing touches on the last units and common spaces.
Holland says it's close to landing a restaurant for the ground floor, but won't give any details.
Investors are so intrigued by the building that Holland decided to put it on the market, Holland's Tom Parsons told the DJC last month.
Many of the residents have lived in Seattle for awhile, and after testing several options have decided downtown is where they want to be.
Studios start at $1,700 a month, and one-bedrooms start at $2,300.
The Buzz got a look at some upper-level units this week. On the 34th floor, we saw a two-bedroom, two-and-a-half-bath penthouse. All penthouses have high-end appliances and wine coolers, but this unit also has a TV embedded in the master bathroom mirror. Rent for the 1,350-square-foot unit is $6,200 a month. That's about $4.60 a square foot.
Units in the northwest corner are the most popular, and the last one just leased, Goodman said. From the kitchens are jaw-dropping views to the west along Pine Street and north across Lake Union. The 698-square-foot, one-bedroom unit that we saw on the 28th floor goes for $3,100 a month — about $4.44 per square foot.
“We've had strong leasing the whole time, but it really picked up when we could show them the top floor,” Goodman said.
The top floor is called Forty@400, and we checked it out back in December when it was still under construction. We had to use our imagination but one thing stood out even then: the views. You can see for miles in all directions, with few obstructions. Now that it's done, the top floor is a treasure trove of modern apartment amenities: giant TVs, barbecues, and limitless options for seating and gatherings.
Along the west side are several outdoor seating areas, a large communal table and multiple covered barbecues. Goodman said it's hard to keep outdoor fire pits lit on a high rise, so the team opted for partially encased torch lamps.
Inside is more seating and a club room with four TVs, three of which are 80 inches. The Crestron system TV controls are in the wall. The club room also has a large kitchen, pool table, shuffle board and booth seating.
Next up, is the media room. It doesn't have movie theater-style seating found in many new apartment complexes, but instead has large couches and chairs. Goodman said this creates a more friendly, comfortable atmosphere. Residents can bring their game consoles and connect them to the TV.
A conference room with eastern views should be popular with techies and business types who want to host a meeting. Or maybe a family dinner.
Bathrooms on the top floor are a point of pride for Holland. They are along the outside, not hidden in the middle, and have some of the city's best views.
“We have so much perimeter space, so we said ‘let's put the bathrooms around the outside and compete with the Columbia Tower Club,'” Goodman said.
On the south side of the top floor is an event space with a catering kitchen that can be rented by residents of the tower or local businesses. Nordstrom just held a retirement party in the space.
A red and orange color scheme can be seen throughout the top floor. There's a lot of orange, both inside and outside of the tower, thanks to feedback from the design review board. Goodman said the board wanted to complement the terra cotta on the Paramount Theater next door.
Getting to the top won't take long: 24 seconds. Holland says these are the fastest elevators in an apartment building in this region.
Weber Thompson is the architect and Holland's construction arm built the tower. Other team members are Susan Marinello, interior designer, Cary Kopczynski & Co., structural engineer; and Holland Residential, property manager.
Other big amenities are on the sixth floor: a dog walk, gym and full-time concierge. Concierges will do everything from delivering packages, to getting show tickets or bringing up a cup of soup if you get sick.
“They take care of things you need to do, so you have time to do things you want to do,” said Brian Killian, a Holland property manager.
More Insignia condos for sale
Bosa Development is selling units in the second of two 41-story condo towers it's building in Insignia at 2200 Sixth Ave.
Bemi Jauhal, Bosa's director of marketing and sales, said there will be a kickoff event for sales in the second tower this weekend. The tower is on the north side of the site.
Insignia will have 707 units.
Jauhal said 70 percent of the units in the first tower have sold. The first tower is expected to open this summer, and the second one will open next summer.
Perkins & Co. Architecture and Urban Design is designing Insignia. Bosa is the contractor and Mitchell Freedland is doing the interiors. The Mark Co. of San Francisco is the broker.
Amenities in the first tower include a top-floor deck and lounge; an open-air park terrace with outdoor grilling area and fireplaces; a fitness atrium with a yoga and Pilates studio; and a screening room with a bar.
There will also be an outdoor pet area with washing and grooming space; electric car-charging stations; car wash bay; and bike storage with work space.
The second tower will have an indoor lap pool and spa, steam room and sauna.
Got some news for the Buzz? You can reach Nat at firstname.lastname@example.org.
Got a tip? Contact DJC real estate reporter Brian Miller at email@example.com or call him at (206) 219-6517.