Tower 12 Apartments Break Ground on 2nd Avenue & Virginia
Seattle’s 12th Man, rejoice: you will soon have an apartment building named after you. Continental Properties, the company behind The Cosmopolitan and various multifamily developments in the Puget Sound area, has broken ground on Tower 12 on the northwest corner of Virginia and 2nd Avenue.
The 34 story project will feature over three hundred units. The majority of the apartments will be one-bedroom homes and many will have dens as well. In addition, potential tenants will be able to pick from forty-four studios and a dozen penthouses. Top floor amenities will include a gym, an outdoor terrace with a fireplace, and a clubroom. On the north side of the building, the 7th floor area between Tower 12 and Cristalla will feature an outdoor area and a media center. Residents will also be able to take advantage of 325 parking stalls and retail space.
The area near Pike Place market is certainly bustling, with two construction sites located along Stewart Avenue, one along First Avenue and the other along Second Avenue. The architect behind Tower 12 is Weber Thompson, also responsible for the design Madison Tower and Fifteen Twenty-One Second Avenue. Claudio Guincher, the head of Continental Properties, told PSBJ that he pondered making Tower 12 a condominium project. However, he stated that because he has been “seeing apartment [buildings] selling for the same or more per foot than condos, with less risk,” he chose to go with the for-rent route.
Adding a third tower to a single city block, with Cristalla to the north and One Pacific Tower to the west created some challenges. The residents of the neighboring buildings were concerned about the loss of views – and how it would affect the values of their residences. The building’s unique angles aim to promote views from every unit while preserving the views of residents occupying the neighboring structures. When asked his opinion on the effect the new structure will have on the value of existing condominium units, James Stroupe said: “Most buyers fear the unknown. Now that construction has broken ground and the architectural renderings are readily available, buyers will be able to see that due to the unique angles of Tower 12 not all view corridors will be blocked.”
Tower 12 will be completed in 2017.
For more information on Downtown Condominiums, please contact the Stroupe Group.
(Renderings courtesy of Weber Thompson)Email