Regions West | Seattle/Portland
Oct 2, 2007
By: Barbra Murray, Contributing Editor
A soaring new mixed-use high-rise is about to sprout up in the middle of downtown Seattle, courtesy of a new development planned by The Executive Group and the Fana Group. The partners will spend $200 million to build AVA, a 39-story luxury hotel and condominium property.
With an address at 8th Avenue and Pine Street, AVA (pictured) will sit in the midst of a bustling area surrounded by shopping, dining and cultural venues. The 190-room lodging portion of the project, Hotel AVA, will occupy the first 17 floors of the skyscraper; while the approximately 200 residences and custom-designed estates will top the structure, starting at the 18th floor. AVA will also feature a 4,000-square-foot ground-level restaurant, a 3,000-square-foot spa, a business center and meeting facilities. Weber + Thompson Architects is behind the design of the project, which is on schedule to get underway next year and open in 2010.
On fire a year or so ago, the condo market has cooled off considerably across the country, but Seattle appears to be impervious to the downturn. "We definitely have one of the best markets in the country; we aren't seeing the fallout like other places," Ryan Kidwell, associate with real estate investment services firm Marcus & Millichap, told CPN today. "It has slowed down a bit over the last couple of years, but the reason why it is still strong is we have job growth, and that drives everything. Also, our local economy is bucking the trend of the rest of the country. More people are moving here to take up new jobs that are being created, and that is creating demand for condos." Condo conversions are plentiful in the outlying markets, but most ground-up projects are rising up downtown, frequently as part of upscale mixed-use developments. A joint venture involving Avalon Holdings and Starwood Capital Group Global L.L.C. is developing 1 Hotel & Residences, a 23-story project that will cost $200 million to complete; and Vulcan Real Estate is in the midst of constructing 2201 Westlake, which will feature office space, retail space, and 135 condo units to debut in 2009.
Vancouver-headquartered The Executive Group develops residential, commercial, industrial and hotel properties. The company has developed and sold in excess of 2,500 multifamily and single-family residences over the last two decades. Based in Tukwila, Wash., Fana Group is an investment company with diversified real estate assets in the United States, Canada and the Caribbean.
By: Barbra Murray, Contributing Editor
A soaring new mixed-use high-rise is about to sprout up in the middle of downtown Seattle, courtesy of a new development planned by The Executive Group and the Fana Group. The partners will spend $200 million to build AVA, a 39-story luxury hotel and condominium property. With an address at 8th Avenue and Pine Street, AVA (pictured) will sit in the midst of a bustling area surrounded by shopping, dining and cultural venues. The 190-room lodging portion of the project, Hotel AVA, will occupy the first 17 floors of the skyscraper; while the approximately 200 residences and custom-designed estates will top the structure, starting at the 18th floor. AVA will also feature a 4,000-square-foot ground-level restaurant, a 3,000-square-foot spa, a business center and meeting facilities. Weber + Thompson Architects is behind the design of the project, which is on schedule to get underway next year and open in 2010.
On fire a year or so ago, the condo market has cooled off considerably across the country, but Seattle appears to be impervious to the downturn. "We definitely have one of the best markets in the country; we aren't seeing the fallout like other places," Ryan Kidwell, associate with real estate investment services firm Marcus & Millichap, told CPN today. "It has slowed down a bit over the last couple of years, but the reason why it is still strong is we have job growth, and that drives everything. Also, our local economy is bucking the trend of the rest of the country. More people are moving here to take up new jobs that are being created, and that is creating demand for condos." Condo conversions are plentiful in the outlying markets, but most ground-up projects are rising up downtown, frequently as part of upscale mixed-use developments. A joint venture involving Avalon Holdings and Starwood Capital Group Global L.L.C. is developing 1 Hotel & Residences, a 23-story project that will cost $200 million to complete; and Vulcan Real Estate is in the midst of constructing 2201 Westlake, which will feature office space, retail space, and 135 condo units to debut in 2009.
Vancouver-headquartered The Executive Group develops residential, commercial, industrial and hotel properties. The company has developed and sold in excess of 2,500 multifamily and single-family residences over the last two decades. Based in Tukwila, Wash., Fana Group is an investment company with diversified real estate assets in the United States, Canada and the Caribbean.
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