Located on the 2700 block of Western Avenue between Cedar and Clay streets, the development will include two buildings--one with nine floors and another at 13 floors--joined by the central courtyard. Amenities will include a grand two-story lobby with 24-hour concierge, an owner's lounge and a fitness center.
The design includes large corner window walls that showcase city and sound views. Units will range in price from the mid- $200,000s to more than $1 million. The unit mix will include studio, one- and two-bedroom units as well as street-level live-work lofts.
One distinctive feature of the concrete, glass and metal towers will be a series of large balconies with irrigated planters filled with bamboo. The goal is to create a "cascading green screen" that visually connects the landscaped streets at the base of the project to the rooftop deck.
Intracorp is managing the development on behalf of itself and institutional investors. The project architect is GGLO LLC of Seattle. The general contractor is Swinerton Builders of San Francisco. The construction lender is US Bank. Marketing and sales will be handled by locally based REAL Project Marketing and Windermere Onsite, respectively.
The Parc will be situated one block from Olympic Sculpture Park, an 8.5-acre property that the Seattle Art Museum is transforming into a public green space filled with permanent sculptures. The $81-million project includes a pedestrian bridge (over Elliott Avenue) to Myrtle Edwards Park on the Puget Sound. Olympic Sculpture Park is scheduled to be complete in summer 2006, a few months before the Parc.
Dean Jones, principal of REAL Project Marketing, says upward of 1,400 people have expressed interest in the development. "These are going to be very popular properties," he says.
Kathryn Armstrong, Intracorp's VP of development, tells GlobeSt.com the half-block Parc development is going up adjacent to Avenue One, a 116-unit quarter-block development Intracorp completed at the end of 2004. The last of those units sold in early 2005. The Parc units, ranging from 500 sf to 1,500 sf, will come to market in January 2006, and the first units will be ready for occupancy at the end of 2006.
"Even though many condominium projects have been announced, almost none are under construction and almost none are in this area," says Armstrong. "We expect to be sold out well before the project is completed."
Intracorp's Seattle operation began in 1986 when real estate development here was initiated as a division of Vancouver, BC-based Intrawest, the former parent company. The Seattle operation became the first Intracorp US entity in 1994 when Intrawest spun off its non-resort assets. Since its inception, the Seattle operation has completed over 3,400 residential units and 1.3 million sf of commercial space.
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