$10M Boutique Condo Project Under Way in Ballard

SEATTLE-Origin Development LLC this month closed on a construction loan and broke ground for Metropole Off Market, a six-story, 30-unit condominium building just off the main route through the Ballard neighborhood. Home Street Bank is providing $7.3 million in construction financing for the $10-million infill development, which is expected to be complete early in 2006. Origin Development principal Rob King tells GlobeSt.com that he is holding off on the marketing and sales push for the condominium units until construction is almost complete because he expects demand to be high and wants to maximize sale prices. Tentatively, units will range in size from 700 sf to 1,400 sf and prices will start at $250,000. The ground floor will contain 3,000 sf of commercial space. “Since it’s such an easy commute to Downtown, it’s becoming a target,” says King. “All we have done is put up a sign on the site with a phone number and a website address and the sales agent says he’s receiving two phone calls a day.”King says Ballard’s composition has changed greatly over the last decade, from marine-related businesses and an older population to a pedestrian-friendly area with restaurants, bookstores and cafes, health clubs and specialty shopping that is attracting a younger population. In addition, the area is slated to be served by the city’s new Monorail system that will run to Downtown. The Metropole will be located on a quarter-acre lot previously used for parking at 24th Avenue NW and NW 57th Street. The site is less than two blocks from the neighborhood’s main shopping area along Market Street. A park is being planned to replace the public library across the street from the project. The library is moving to a new building three blocks away.Units will be designed with curved walls. Kitchens will have granite tile countertops, bathrooms will be finished in porcelain tile, floors will be done in maple or oak and each unit will have higher-end appliances. The building will have a 2,228-sf landscaped roof deck and underground parking for 41 vehicles.Home Street’s Bob Pascal, who arranged the construction loan, tells GlobeSt.com that there is not yet much condominium development occurring in Ballard, though more and more are being planned. The 250-unit Ballard Place condominium development on 15th Avenue NW has sold out over the past couple of years since its completion. “Demand for mid-priced units appears to be real strong,” says Pascal.