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COVER STORY, APRIL 2007
A MULTIFAMILY PROGRAM
Luxury, convenience are hallmarks of new developments.
Brianne Gloski and Brian A. Lee
Western Real Estate Business recently took an editorial tour of several dynamic multifamily projects in the region. Lofty standards are being set in a burgeoning district of Seattle, high-rises are sprouting in the Mile High City and convenience is linking with luxury in prime areas of Las Vegas and Los Angeles.
Rollin Street and Veer Lofts
Seattle’s South Lake Union neighborhood could soon become the 90210 of Washington once two Vulcan Inc. residential projects are completed. The chic and environmentally friendly Rollin Street and Veer Lofts developments will deliver 208 SoHo-style flats and 99 lofts, respectively, to the already hot Seattle residential market.
Vulcan is building on the incredible momentum already underway in Seattle’s South Lake Union neighborhood, according to Ada Healey, vice president of real estate for the Seattle-based company. “As Seattle’s residential market continues to remain strong due to steady job and population growth, these new developments will help meet the growing demand for in-city living opportunities at a variety of price ranges.”
The 11-story Rollin Street is a 240,000-square-foot project featuring SoHo-style flats and 25,000 square feet of street-level retail space. The condominium units will range in size from 694 to 2,036 square feet and will feature wide open floor plans, 10-foot plus ceilings, gallery sized walls, floor-to-ceiling windows, an abundance of natural light, limited interior walls, hardwood floors, natural stone surfaces, fireplaces, spacious bathrooms and outdoor decks.
The complex will benefit from being located on the upcoming Seattle Streetcar line and directly across the street from Vulcan’s 2200 mixed-use project, which includes a Whole Foods Market, a Pan Pacific Seattle hotel, and several shops and restaurants. Amenities included within Rollin Street include a guest suite, an expansive community room, and two rooftop decks with grills and outdoor seating. Howard S. Wright is the general contractor, and Ankrom Moisan is the architect.
Featuring lofts and 1,500 square feet of street-level retail space, the six-story, 72,500-square-foot Veer Lofts will embody a loft concept that merges organic and industrial styles with abundant color and natural light, says Healey. The condominium units will range in size from 632 to 1,354 square feet and will feature concrete floors, flexible floor plans with nine to 16-foot exposed wood beam ceilings, large decks, natural eco-friendly finishes, and views of the city and Space Needle. Residents will have access to an expansive landscaped roof deck with gas grill, a bocce ball court, and washing stations for cars and pets. The general contractor for Veer Lofts is Walsh Construction, and the architect is Johnson Architecture.
Both projects broke ground in February, with Rollin Street scheduled to open in spring 2009 and Veer Lofts slated for a mid-2008 opening. They are being designed and constructed as healthy, green buildings with eco-friendly materials and finishes that will qualify for LEED-certification, says Healey. These sustainable features will include drought-tolerant landscaping, energy-efficient appliances, water conserving fixtures, renewable building materials and low-emitting, non-toxic paint.
“Our Veer Lofts and Rollin Street developments reflect Vulcan’s longstanding commitment to providing a diversity of housing opportunities in the neighborhood,” Healey says.
Verge Development
Las Vegas residents looking to live, work and play close to home have another housing option once VERGE opens in fall 2008. A development of VERGE Living Corporation, the $135 million, mid-rise condominium complex will feature 296 affordable, yet chic, units in downtown Las Vegas on the northeast corner of Main and Bonanza and in close proximity to two major freeways.
According to Darren Dunckel, VERGE developer, VERGE “provides high-quality living and upscale amenities at an affordable price to those who live and work in Las Vegas. It is helping revitalize an area of Las Vegas where people can work, live and play.”
The more than 300,000 square feet of residential space at VERGE will be divided into studios; one-, two- and three-bedroom condos with 11-foot ceilings; and 66 two-story lofts with 23-foot ceilings. Units will range in size from 596 to 4,123 square feet and many homes will feature balconies and private terraces providing views of downtown Las Vegas and the surrounding mountains and valley. In addition, the development will feature a more than 40,000-square-foot, state-of-the-art recreation center and more than 30,000 square feet of commercial retail space. A multi-story, sub-terrain parking garage will provide ample parking for visitors and residents, which will benefit from the extra security of the access-controlled property.
Scheduled to break ground this summer, VERGE is hoping to attract several well-known tenants to its first-floor retail space, including a boutique gourmet grocery store, a coffee house and healthy fast-food establishments. Residents will also have access to a rooftop restaurant.
Amenities of the Dennis Rusk-designed project include a 10,000-square-foot fitness center with indoor racquetball courts, men’s and women’s locker rooms, and multi-station workout equipment; a pool, spa and deck on the fourth floor; and a lap pool and pet park on the ninth floor.
With all its many amenities and creative design, VERGE Living Corporation’s first Las Vegas development could become a hot housing option for downtown living. Dunckel sees downtown Las Vegas shifting from a largely tourist-oriented area to a more residentially friendly spot. “[VERGE] is an affordable multifamily project that complements the revitalization and emergence of downtown Las Vegas as an urban destination for art, music and entertainment,” he says. “It’s an urban lifestyle that parallels that of downtown.”
1401 Lawrence
While on vacation in Denver, Gary Switzer of Toronto-based Great Gulf Group noticed the lack of luxury, high-rise developments amidst the substantial growth of the city’s downtown and the significant investment in its arts and cultural amenities. He knew his company’s expertise and experience in that development niche would fill the void perfectly. The result will change the Mile High City’s skyline forever.
“1401 Lawrence will be our first high-rise development in Denver,” says Gary Switzer, executive vice president of Great Gulf Group. “The downtown site represented the perfect location to create an exclusive building with a high level of amenities, just one block away from Denver’s historical district filled with boutiques, cafes and restaurants and just a few blocks from the Denver Center for the Performing Arts, the Ellie Caulkins Opera House and the soon-to-be-completed Museum of Contemporary Art.”
The 51-story 1401 Lawrence will feature 570,000 square feet and an estimated 145 luxury condominium suites. Suite sizes will start at 1,000 square feet. Amenities include a state-of-the-art fitness facility, lounges, a private dining facility and a media room. Residents will also enjoy a dynamic rooftop garden featuring flora, an infinity pool, and outdoor fireplace and barbeque area.
Architects Alliance is the development’s designer, and Tucker Hi-Rise is the general contractor.
1600 North Vine
1600 North Vine will bring together luxury living and convenience at the world famous intersection of Hollywood & Vine in Los Angeles. Part of Legacy Partners’ $600 million mixed-use, transit-oriented project, the residential development will feature 375 luxury apartments, including 78 affordable units.
Located on the legendary “Hollywood Walk of Fame,” the 12-story 1600 North Vine development will feature 120 unique apartment floor plans. Studio apartments will average 800 square feet; one-bedroom units will range from 667 to 1,173 square feet; and two-bedroom units from 993 square feet to 1,591 square feet. One-, two- and three-bedroom townhomes will range from 1,277 to 3,134 square feet, including several dual-level penthouse units on the development’s 11th and 12th floors. 1600 North Vine apartments will have views of the Hollywood Hills, the Griffith Observatory and the Los Angeles skyline.
The development will also offer a top-notch fitness center, a swimming pool and spa, a community clubhouse, barbecues and fire pits, and 30,000 square feet of ground-floor retail space. The Hollywood/Vine Metro Rail Red Line Station is located at the northeastern corner of the mixed-use project site.
Project partners for 1600 North Vine include the developer, Foster City, California-based Legacy Partners Residential Inc.; CalPERS, Legacy’s equity partner; general contractor Webcor Builders; and project architect HKS Architects.
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