The sales office opened six weeks ago and the pro forma calls for lease up by April 2003. The units range is size from 700 sf to 1150 sf, and in price from $320 per sf to $350 per sf ($225,000 to $450,000).
Developer Rick Moose tells GlobeSt.com "the units aren't selling as fast as we'd like them to," but hopes that the quality of construction materials and the location will help set the project apart.
Located near Seattle Center, the building is finished with brick on the outside and flat granite on the inside. The units have slate entries, bamboo floors in the kitchen and stainless steel appliances. "Based on the traffic to date, and the fact that we have a lot of one bedroom units, I think it's more for singles and young married couples," says Moose, whose partner in the project is Alan Bauman.
Moose and Bauman purchased the land, pre-approved for the project, for about $3 million. All other costs for the project total about $12 million. U.S. Bank is providing construction financing.
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