Presales will begin in the fall and groundbreaking is planned before the end of the year at NEXUS, a condominium tower in downtown Seattle.
SEATTLE — The Burrard Group, a Vancouver, B.C.–based real estate development firm, will begin offering sales reservations next month at NEXUS, a condominium tower it plans to build in downtown Seattle.
Presales will begin in the fall and groundbreaking is planned before the end of the year. First occupancy in expected in 2019.
“NEXUS will be the first of several significant projects we plan for the Seattle area,” says Christian Chan, executive vice president of The Burrard Group. “We view downtown as a fundamentally strong housing market and believe trending will increasingly favor homeownership as home values grow, interest rates remain low and thousands of renters contemplate the benefits of homeownership.”
Chan points to Seattle-area rents, which have grown by 35 percent in the last five years. Seattle now ranks among the 10 most-expensive apartment markets in the U.S., according to CNN Money. That’s despite nearly 10,000 new apartments that have been built downtown since 2011, she says.
“NEXUS will anchor an emerging vertical village in the northeast corner of downtown Seattle, where high-rise zoning and a meteoric number of developments are creating a glimmering new, multi-billion-dollar neighborhood,” says Dean Jones, president and CEO of Realogics Sotheby’s International Realty.
This kind of transformation has occurred in peer markets like False Creek in Vancouver, B.C., Williamsburg in New York City, or Mission Bay/SOMA in San Francisco. Now it’s taking shape in downtown Seattle.”
Jones says NEXUS provides a unique opportunity to own the future as these homes can be purchased two years before delivery, offering homebuyers the opportunity to lock in preferred home plans and presale prices, as well as personalize their new condominium.
“We will help to establish a new core for urban living with immediate access to downtown Seattle attractions and residential services, and adjacent to thousands of new and relocation jobs at employers such as Amazon, Google and Expedia,” Chan says. “We also anticipate downsizing empty-nesters, second-home buyers and international investors will gravitate to NEXUS.”
At 440 feet tall, NEXUS is designed to include up to 403 condominium units over 40 stories. Floor plans will include one, two or three bedrooms, including a select number of two-level Sky Lofts and expansive penthouses.
Homeowners will have access to a range of amenities, including a retail and lobby level. The seventh floor will contain a co-working space, fitness center, dog run/lounge, great room, media facility and outdoor patio. A rooftop-level Sky Club offers social spaces; an exhibition kitchen; a private dining area; a bar; a recreation room; a view terrace with open-air kitchen; and a fireside lounge with views of downtown Seattle, Lake Union and Capitol Hill.
Residents will have the opportunity to reserve in-building guest suites, flexible parking options, business-center amenities and other services via a custom app that is in development.
Prices at NEXUS will start in the $300,000s, and mortgage payments are expected to be comparable to prevailing rents, according to Brian O’Connor, principal of O’Connor Consulting Group.
O’Conner says he believes NEXUS will meet pent-up demand for attainably-priced homes as nearby condominiums in downtown Seattle’s urban core have all but sold out of inventory below $900,000. Fewer than 75 resale condominiums remain available in downtown Seattle, according to the Northwest Multiple Listing Service.
“Prices are rising quickly in downtown Seattle, and NEXUS will offer owners the potential for capital appreciation, unlike rent, which only benefits the landlord,” he says. “I believe renters of those newer apartment buildings built since 2011 have missed an estimated $40 million in income-tax deductions in 2015. Sellers of principal residences also enjoy tax-free capital gains up to $250,000 for single owners or up to $500,000 for married couples.”
Prospective homebuyers can register at NEXUSseattle.com to receive priority sales information and learn about upcoming design preview events and unit reservations.