Seattle Housing Buzz

Vulcan announced the opening of its third apartment complex, The Borealis, in the South Lake Union district. The development is the result of a land purchase deal with the city back in 2001 that’ll provide 53 workforce units available to individuals and families earning less than 80% of the King County median household income.

As defined by the U.S. Department of Housing and Urban Development, 2008 median incomes for 80 percent are $43,050 or less for a one-person household and $61,500 or less for a four-person household. Rents at Borealis Apartments will start at $875 for a studio, $1,052 for a one-bedroom and $1,244 for a two-bedroom unit.

Borealis features studio, one-bedroom and two-bedroom apartment homes ranging in size from 400 to 850 square feet. The project incorporated green built features such low flow fixtures, Energy Star appliances, low VOC finishes, green screens and bike lockers.

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Tags: Borealis Apartments, Seattle Apartments, South Lake Union, Vulcan

It has been speculated for some time that Amazon has been contemplating a move to the South Lake Union area. Initial reports indicated that Amazon was considering up to 1 million square feet of office space.

In today’s Crosscut, it now appears likely that Amazon will be moving its headquarters and consolidating in South Lake Union.

Though 5,000 employees would eventually be transplanted to SLU, it’s unlikely to have much of an impact on housing or condo sales in the short-term, since the move is only a couple of miles in distance. Longer-term, landing Amazon, Microsoft, UW and Group Health will add to the appeal of SLU. And, it bodes well towards enticing retail and service-related businesses to the SLU district.

Update 10/12/07 - Vulcan and Schnitzer announced plans to build a large office complex in the heart of SLU. The 1.5 million square feet complex, to be completed in 2011, will have just one tenant - Amazon, according to the DJC. The first phase will begin later this year with initial occupancy in 2010.

Image: Seattle PI

Read: Seattle PI - Vulcan reveals plan for six more buildings

Tags: Amazon, South Lake Union, Vulcan

Ok, not really a showdown but a significant homeowners association vote is coming up on July 17th, whether or not to extend concierge services 24 hours. Extending concierge to 24 hours can add more than $100 per month to owner’s monthly dues which are currently around $.55/square foot, about average for the services at a downtown area complex.

Some owners are not particularly happy, though, with the high additional expense for 24 hour concierge, especially since the board recently passed a non-refundable $1000 move-in/move-out fee.

Update: The increase will be approximately 10% above current dues. In addition to the 24 hour concierge, it will also provide for expanded janitorial services and facilities technician.

Tags: Vulcan