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April 29, 2021

Laconia announces price cuts and new broker at Spire condo tower

Real Estate Editor

Rendering by Laconia Development [enlarge]
This somewhat outdated rendering, looking west, doesn’t reflect the post-tunnel street grid north of Denny.

Laconia Development broke ground on its 41-story, 343-unit Spire condominium tower nearly three years ago, about the same time pre-sales began. PCL Construction topped out the project, at 600 Wall St. in the Denny Triangle, last summer. At the time, prices were running from the $600,000s to over $3 million.

Since then, of course, the pandemic has affected condo sales and every other category of real estate. In response, Laconia recently announced a relaunching of its sales effort, now led by Polaris Pacific, which replaces Realogics Sotheby's International Realty. At the same time, Laconia announced limited-time price reductions of up to 10% for one- and two-bedroom units, which now start in the high $400,000s.

Laconia CEO Paul Menzies said in a statement, “It's no secret that the pandemic has impacted the condominium market in major cities across the country. With the end of the pandemic in sight, we want to react to what has happened by offering a significant, limited-time discount on many of the residences at Spire.”

He continued, “We quietly introduced the new pricing last month, and we've already seen increased demand with 10 sales in just four weeks. It's our hope that this repositioning in the market will provide a finite opportunity for buyers to get a once-in-a-lifetime deal on one of the most intelligently designed buildings in downtown Seattle.”

There's been no certificate of occupancy issued yet for Spire, which was designed by VIA Architecture. From the street, it appears that work on the interiors — by Robin Chell Design — is still underway, and the county hasn't yet recorded any sales for the triangle also bounded by Sixth Avenue and Denny Way. PCL's website says that June is the target date for completion.

Units run from one to three bedrooms. Sizes had originally been expected to run from about 520 to 3,000 square feet; those figures may have changed during construction. The marketing website is SpireSeattle.com.

Laconia, of the Bay Area, is also now emphasizing a new concierge program to help future owners with maintenance, repairs and other needs. The project also features what Laconia calls the 40th floor Spire Club, with lounge, amenities and terraces. Other amenities include an on-site cafe, co-work spaces, fitness center and private theater.

Laconia values the LEED silver-targeted project at about $350 million; its financial partner is the U.S. arm of Chinese company Vanke. The project includes some retail space and automated, stacked parking on six underground levels with over 300 stalls.

Spire doesn't have much direct competition right now among new Seattle high-rise condominiums. The recently completed Nexus and Emerald are believed to be mostly sold out. Westbank's First Light doesn't have its crane up yet, while Daniels Real Estate is well above ground on its Graystone. And while Bosa Development is quite active in Bellevue, there's no sign of pre-sales or other activity at its full-block 3rd & Cherry site downtown.


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.

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