40-Story Tower Headed For SLU.

970DennyIt seems as though all systems are ‘Go’ on a project that will bring a 40 story apartment tower to 970 Denny Way.

The project, put forth by Holland Partners Group, will include 15,580 square feet of retail space, 468 units and 359 parking spaces. Located in the “bullseye of the whole South Lake Union area”, this structure promises to boast many of high-end amenities, including a roof-top deck, gym, media room and business center, and of course, a location to boot.

Development director for Holland, Marty Goodman, said the project has been approved for a master use permit , and demolition is ready to go. Once the permits are in hand, construction will likely start within a few weeks.

Holland Group is working closely with retail experts to ensure a ground floor design that is appealing and fresh, complete with outdoor dining areas, plenty of windows and other desirable featured for retailers.

The building’s first occupants are expected to be able to move in as soon as summer 2018.

More Deliciousness Headed to SLU

Photo courtesy mamnoonrestaurant.com

Photo courtesy mamnoonrestaurant.com

By now you’ve probably heard that beloved and acclaimed Middle Eastern eatery Mamnoon will be opening a new venture called ‘mBar’ in SLU, but it seems as though that’s not enough to keep Mamnoon’s owners busy this year.

In addition to the Mediterranean inspired rooftop spot (sure to be glorious with it’s 100-seat, glass railed patio, so as to protect and enhance your mealtime view), and the recently announced ‘Mamnoon Street’, it looks like the Mamnoon team will be opening yet another spot next door at Amazon’s new 6th Ave Doppler campus.

The newest addition to the Mamnoon line up will be called ‘Anar’ meaning pomegranate in Farsi, and will focus mainly on the “ancient traditions of juice and vegetarian dishes.”

From the proprietors:

    Anar will  be an ideal destination to get energized for the day, starting with a breakfast yogurt blend, Persian mint tea, or a specially blended kombucha.  Juices will range from sweet to savory to hearty, and will include such ingredients as orange blossom, rose water and pomegranate with available additions like yogurt, cashews and chickpeas.  Food options include small plates; a mezze dish with dolma, pickled and raw vegetables, arugula and gluten free crackers with a choice of Carrot bi tahini, muhammara, or ‘Persian’ green hummus, and big plates; Fatteh with cauliflower, garbanzo, gluten-free crackers and mint cucumber salad.  For a late afternoon pick-me-up, Anar will feature desserts, snacks and ‘mocktails’, such as muddled cucumber, cilantro, mint and soda. Items from Anar will be available for take-away or to enjoy in its warm, open, colorful space.  With seating for 18, Anar will be ideal for an intimate meeting or to settle into a cozy space to work with a delicious beverage and great music.

Anar will be opening later this month at 2040 6th Avenue with business hours of Monday through Saturday from 11 a.m. to 9 p.m.

Lake Union Housing Market: June Recap

By Tommy Kulvanish, Ewing & Clark, Inc.

Greetings from Lake Union, where over the last month fireworks lit up the sky for the 4th of July, and the real estate market was booming, as well.

Yes, inventory remains low around Lake Union, but when a property hits the market, a feeding frenzy begins with the number of buyers hoping to find a home they can call their own.

Since May, 13 single-family homes have sold in the area, according to the Northwest Multiple Listing Service (NWMLS). With an average selling price of $949,000, homes are selling at an average of 1.5 percent over asking price, due to such high demand and low supply. Once homes are listed, they sit for roughly seven days before there is an offer accepted.

And we aren’t even talking about large two- or three-bedroom homes; the average size of the homes being snatched up is only 1,700 square feet. That’s it, 1,700 square feet in today’s crazy market.

And let’s not forget about the condo market, which is also very competitive. According to the NWMLS, 28 condos have sold since the beginning of May, with an average sales price of just over $401,000, for roughly 900 square feet. Properties were selling at an average of two percent above asking price. Condos did not sell as quickly as single-family homes, but still only lasted on the market for an average of two weeks.

What does this all mean, you ask? Well, if you have an investment property, there has not been a better time to sell and take advantage of this insanely hot and competitive market. If you’re looking to buy, with the lending rates hovering near four percent, now is the time! But as prices are likely to continue to increase, buyers should move quickly.

If you’re interesting in finding out what your home or condo is worth, or you’re tired of renting and want to see what is out there, please feel free to reach out to me at tkulvanish@ewingandclark.com.

South Lake Union Wedding Venue Shuts Down Suddenly, Leaves Couples Stranded

Wedding plans of dozens of soon-to-be brides and grooms went up in flames this past week… nearly literally.

Owners Roland and Amanda Crane of EM Fine Art wedding venue in South Lake Union abruptly ended their entire business with an email to clients that said a fire had destroyed the space’s electrical system.

“The cost of repair is quite high, near $100,000, and the owner of the building has elected to terminate our lease rather than repair the damage,” the owners said in the email sent Monday morning. It went on to say “we do not have any obligation to make any payments to you.”

Funny, because the Seattle Fire Department has no record of a fire in that location, according to the Seattle Times. Also funny, because that building is set for destruction and the land-use action has been in place since last month. The Cranes’ story doesn’t add up, and neither of them has been reachable since the email was sent.

EM Fine Art, located at 410 Dexter Ave N, was a beloved gallery space for weddings, art showings and events in Seattle. The venue was booked through September, leaving many Seattle couples scrambling to make new plans on short notice. What makes the situation even worse is the fact that all the deposits were paid with no sign of any money being refunded.

The most recent information reported by the Seattle Times said that the owners sent a new email this past Thursday. Their story changed to say the situation was “more complicated than we originally shared in our first letter” and “this was not a problem with the building. It was the landlord who chose to end our lease, ending our business.”

The EM Fine Art website is no longer running. Here is the venue’s Yelp page which is flooding with negative reviews from angry customers.

Featured photo found here.

New Hotels and Condos Will Add to South Lake Union Growth

The South Lake Union neighborhood has been booming ever since Amazon took over the area, and will continue to grow upwards in the next few years with plans for four new high rises.

The Stewart Street corridor in South Lake Union is Seattle’s new hot spot. Located in between Amazon’s ever-expanding campus and the Convention Center, this area is currently one of the most prime real estate spots in the city. Developers are snatching parking lots and any space they can to invest in this valuable commercial district. According to the Seattle Times, there are currently about 12,000 hotel rooms surrounding the downtown area and occupancy rates are expected to increase dramatically this year.

The addition of more than 2,000 hotel rooms, condominiums and apartments could transform the Denny Triangle area into a new hub for tourists, business travelers and downtown residents. Seattle had the fastest growing population in the country last year according to the U.S. Census Bureau, and with no sign of slowing down the demand for new accommodations is urgent.

Building of the Hill7, the first of the four hotel projects to break ground, began last summer and is projected to be complete by 2015. It will hold 11 stories of office space and a 14-story Hilton Garden Inn. The other prospected buildings are a 9th and Stewart hotel/apartment complex set for completion in 2017, Daola Tower boutique hotel/condo complex set for completion in 2017, and 1200 Stewart hotel/condo complex set to begin building in 2016 after the current permit expires.

The Washington State Convention Center will undergo a possible expansion along Olive Way, which would further affect new development in South Lake Union. The Honda of Seattle site on Howell Street and Boren Avenue was purchased by the Convention Center for future development.

Massive amounts of construction have already taken over the South Lake Union and Denny Triangle areas, and Seattle residents should only expect more in coming years to pave the way for these new developments.

Featured photo found here