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Belltown Draws $90-Mil Luxury Apartment Project by Legacy Partners

SEATTLE, WA-The targeted demographic sectors for the Olympus--a three-tower, 327-unit project near Seattle Center and Pike Place Market--are Seattle's affluent techies and professionals, more and more of whom are looking for upscale urban living options.

By Janet Parker | Updated on January 08, 2001

SEATTLE, WA-To capitalize on what it perceives as a trend toward Downtown living here, Legacy Partners Residential Inc. is constructing a three-tower, 327-unit luxury apartment project in Belltown, just north of Seattle’s Downtown core. The Olympus, to be located at 2801 Western Ave., will consist of three towers and 327 units, and will cost $90 million to develop. Completion is slated for March 2002.

Belltown, which includes the Denny Regrade neighborhood, is a half-mile strip between the Seattle Center and Elliott Bay. Over the past few years, numerous apartment and condo projects have popped up to take advantage of the growing number of Seattle’s urban dwellers and the high rents commanded in Belltown.

Joseph Strobele, VP of development for Legacy Residential’s northwest region, tells GlobeSt.com that Belltown was selected for the development because “even though it is still in CBD Seattle, it has a more residential feel,” and high rents commanded in the area “make it ideal” for the high-end residential project. The targeted demographic sectors for the Olympus, within blocks of both Seattle Center and Pike Place Market, are Seattle’s affluent techies and professionals, more and more of whom are being drawn to, and can afford, up-scale urban living.

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