June 27, 2019

Terrene breaks ground on 135 Kirkland condos

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Terrene Urban of Bellevue announced that Realogics Sotheby's International Realty (RSIR) will be selling the condos at its six-story, 135-unit Jade at 11903 N.E. 128th St. in Totem Lake. With units running from studios to two-bedrooms, prices will range from just below $400,000 to over $900,000. Construction began on Wednesday. Delivery is expected by early 2021. Terrene's Wade Metz said in a statement, “We saw a market underserviced for a unique area ripe for development.” Terrene bought the land, home to an old medical office building, for about $5.8 million last year. Three levels of underground parking will have about 169 stalls. The team includes group CES Properties, financial partner; Johnson Braund, architect; Blueline, civil engineer; and LA Studio, landscape architect; and Sechrist Design Associates, interiors. Terrene, related to single-family homebuilder Terrene Homes, will apparently act as its own general contractor. RSIR says that Jade is the largest Kirkland condo project since the recession. RSIR's Dean Jones said, “Condominium development overcorrected since the last housing cycle as developers overwhelmingly preferred to build apartments for rent.” Of prospective Jade buyers, he said, “Many of them have been living in these expensive rental communities for years and seek to build equity in a home they own. That's been the challenge at the more affordable price points, until now.”