NEXUS — a 41-story, 382-unit high-rise — is among the few planned condo communities in the downtown Seattle pipeline.
SEATTLE — Among the few planned condo communities in the downtown pipeline, NEXUS is a 41-story, 382-unit high-rise designed by architects at Weber Thompson and developed by Vancouver, B.C.-based Burrard Group.
Under construction at 1200 Howell St., the iconic tower may look like a series of stacked cubes. But according to director of sales Michael Cannon, NEXUS will offer many out-of-the-box features when it opens in mid-2019.
“Savvy buyers will seize the opportunity to lock in today’s pricing in one of the few developments likely to deliver before the next decade,” he says. “NEXUS is unlike anything that has been offered before in downtown Seattle — progressive architecture, flexible floor plans, robust amenities and high-tech features. This is the evolution of downtown living.”
Cannon says following a high-rise development boom that delivered more than 13,000 new housing units in downtown Seattle since 2010, it’s curious that only 866 homes were available to purchase by individual homeowners. “Simply put, downtown Seattle is effectively sold out of condominiums and two-thirds of what’s planned to deliver by 2020 is already under contract.”
He says the lack of for-sale housing has more to do with a booming rental market, where developers have positioned themselves in one of the fastest-growing apartment markets in the U.S.
“Rents in Seattle have increased by more than 50 percent in the past several years given seemingly boundless job creation, population increases and mounting traffic that’s promoting urban lifestyles,” Cannon says. “A similar trajectory can be found with homeownership. For the past six months in a row, the Seattle metro area topped the 20 other large city markets in the U.S. for median home price increases, according to S&P/Case-Shiller, expanding by more than 10 percent annually.
“Market experts say the demand to own will only increase as new residents take root in their new jobs and eventually seek the tax benefits and capital gains associated with homeownership.”
That assumes, he adds, that there is inventory to choose from.
“It’s a stark reminder that when it comes to new-construction high-rises, demand can rise much quicker than supply,” says Christian Chan, executive vice president of Burrard. “It can take three to four years to design, entitle and build a new condominium tower, so for the foreseeable future the market will be moving faster than developers can build.”
Remaining homes at NEXUS are priced from the low $900,000s to more than $5 million. Prospective buyers must place a 5 percent earnest-money deposit upon contract, with a 5 percent deposit increase by June 30, 2018.
“Our deposit structure is particularly attractive for international buyers who can take the next 30 months to organize the funding,” Cannon says. “Meanwhile, our surrounding housing market plays catchup to peer markets like Vancouver, B.C., and San Francisco.”
Buyers at NEXUS will enjoy common areas that comprise more than 21,000 square feet and span multiple levels of the tower. A lobby lounge includes a concierge, package storage and access to both a café retail and destination restaurant space that flanks the entry.
On the seventh floor, the Podium Club will have co-working spaces, meeting rooms, a media lounge and theater, a wrap-around veranda, a dog lounge with both interior and exterior spaces as well as a dog wash bay, and a fitness center with adjacent indoor/outdoor yoga room and exterior zen space.
Above it all is the 41st-floor Sky Lounge, which boasts penthouse-level benefits for all homeowners. Features include a fireside lounge overlooking South Lake Union, an exhibition kitchen, a covered Sky Parlor with firepit, a Sky Garden sundeck, a barbecue area with outdoor seating, a catering kitchen and private dining room, and a games room — all with expansive views of downtown Seattle and the surrounding neighborhoods.