The New Developments Preview Center at 2715 First Ave. opens for the release of 200-plus condominium homes at KODA.
SEATTLE — At 11 a.m. on Feb. 24, KODA will open the doors to its New Developments Preview Center at 2715 First Ave. for the release of the mid-rise’s 200-plus condominium homes.
Set to break ground at Fifth Avenue and South Main Street in Seattle’s historic International District this summer, KODA is expecting its first occupants by mid-2020. It is among the only new condominiums available at a time of meteoric demand but limited supply, says Dean Jones, president and CEO of Realogics Sotheby’s International Realty (RSIR).
“This will be a very exciting weekend for prospective homebuyers in Seattle and our preregistered buyers around the world,” he says.
KODA will be offered by Taiwan-based Da-Li Development, LLC, with innovative designs and amenities for modern living within its historic surroundings. The eclectic mix of studios, urban one-bedrooms, and one- and two-bedroom condos range in size from less than 400 square feet to nearly 1,200 (BOMA measurements), and will be presold at introductory pricing from less than $400,000 to more than $1.4 million.
“KODA represents the latest new condominium offering in downtown Seattle and a deposit of $5,000 will reserve a residence for priority presales,” Jones says.
He calls RSIR’s reservation program a “presale to a presale.”
“Essentially, the preliminary home plans, initial specifications, amenities, price ranges and HOA budget is shared with homebuyers who understand that the final product offering, complete with the public offering statement and confirmed pricing, will not be available until later this spring after the developer concludes numerous design decisions, receives entitlements from the city of Seattle and confirms construction costing from the contractor,” Jones says.
Actual presales to these reservation holders will follow commensurate with the opening of the KODA sales center and groundbreaking by this summer, when a nonrefundable 5 percent deposit will be collected with final payment due upon occupancy by mid-2020.
“The primary benefit with reservations is buyers don’t have to worry about missing out or being subject to the risks of price escalation with multiple offers or a lottery process,” Jones says. “Our seller is simply organizing the demand for the homes and agrees to offer individual listings to the reservation holders in the order that they are received. It’s a very fair and logical process.”
KODA’s name stems from the flowering tree that is found throughout the Asia Pacific region, and also means “friend” in the language of Native Americans. This inspiration of new growth, organic roots to historic significance and social inclusiveness were all paramount to Da-Li Development when conceiving of the condominium tower, according to Kevin Hsieh, vice president of development for Da-Li.
“First and foremost, we wanted to encourage homeownership for hundreds of new stakeholders in the neighborhood,” he says. “We will welcome local and international consumers to create a dynamic community. Our focus was to engineer efficient use of space and keep our price points within reach, while KODA’s robust amenities program will bring our homeowners together.”
Hsieh says home sales at KODA will be offered separate from parking stalls — thereby removing their cost from the base purchase price. He believes owning a car in downtown Seattle is an option instead of an obligation, so real estate should follow suit.
“Downtown Seattle is one of the most walkable cities in North America, while KODA offers quick connections to the Link light-rail service, the Seattle Streetcar and the Metro bus tunnel all within a block,” he says.
Homeowners and their guests will enjoy a voluminous lobby with concierge services and prominent co-working space that features mix-and-mingle areas for leisure, professional meetings and patrons of adjacent retail.
The seventh-floor amenities area will include a fitness center with yoga studio and outdoor stretching areas. The adjacent library, work lounge and conference room will offer another quiet area for resident work spaces and meetings. All spaces face an outdoor terrace with access to a Zen garden.
The 17th-floor KODA Club will include a game room with a billiards table, screening room, fireside lounge, and a catering kitchen with private dining room and restrooms for larger events and happenings. The club links to an expansive rooftop terrace, which includes outdoor sitting areas, two firepit gathering spaces, and city and mountain views.