NEXUS is a new 374-unit high-rise condominium tower planned at 1200 Howell St. in downtown Seattle.
SEATTLE — Since beginning priority presales on June 4, more than 285 first-position, unit-specific reservations have been accepted at NEXUS, a new 374-unit high-rise condominium tower planned at 1200 Howell St. in downtown Seattle.
Priority presales include a price range for a $5,000 fully-refundable deposit to be held in escrow, says Dean Jones, the president and CEO of RSIR, the firm representing NEXUS. Reservations will convert to a purchase and sale agreement in the fall, commensurate with the opening of a formal sales center and the groundbreaking of the development.
NEXUS is scheduled for occupancy by mid-2019.
“Our opening-weekend results suggest a growing preference for condominium ownership after an unprecedented apartment cycle that added nearly 10,000 new rental units to our skyline,” says Jones. “Those apartment towers have been incubating future homebuyers who are increasingly recognizing the investment potential and benefits offered by homeownership. NEXUS provides an opportunity to own a slice of this fast-growing metropolis.”
NEXUS will be built in the northeast corner of downtown that some are calling the East Village, where more than 25 new projects representing investments in excess of $6 billion are planned. When complete, the projects would include 10,000 new housing units (mostly apartments), two million square feet of office space, 185,000 square feet of retail, 1,900 new hotel units and the $1.4 billion expansion of the Washington State Convention Center.
A virtual tour of the city’s future skyline can be viewed online at NEXUSseattle.com.
“NEXUS is turning heads and changing mindsets at the same time,” says Michael Cannon, the sales director at NEXUS and a broker with RSIR. “Our reservation holders are current renters, move-up buyers from other condominiums, as well as downsizing empty nesters and families setting up a second home, student housing, investments and retirement plans. It’s a diverse mix of homebuyers, but one thing is common: Everyone can see the future and they want to be a part of it.”
Cannon says buyers have been drawn to the development’s front-and-center location within a walkable neighborhood with access to I-5 and the expanding light-rail system.
Reserved homes were distributed across product type, from studios and one-bedrooms priced from the low $300,000s to two-story Skylofts and penthouse units for more than $3 million.
“Our tremendous market response to date suggests that NEXUS is exposing some pent-up demand for high-design, attainably priced homes,” says Christian Chan, executive vice president of Burrard Group, the developer of NEXUS. “Seattle is truly becoming more and more like the ‘Manhattan of the West Coast,’ where consumers can live, work and play within an urban context, and many will prefer a lifestyle without the burden or expense of a car.”
Cannon says the combination of compelling designs, an enviable market position and a buyer-centric program has led to the early sales at NEXUS.
“It’s not too late to participate if you act soon,” he says. “Given these are reservations, our inventory can change daily and we’re accepting second positions. If you’d like to explore homeownership opportunities at NEXUS, I’d recommend coming down to our preview center and we’ll make it happen.”