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Ten Twelve First Ave – Only $438/sf

By Matt Goyer September 5, 2008

1012 1st Ave #3001 just popped up the other day. Put your check book with $1.75 million away, they won’t be ready until 2011. Now what’s odd is that until it hit the MLS no one appeared to know about it and know everyone is talking about it.

Ten Twelve First Avenue is downtown’s newest hotel/condominium high rise soaring 25 stories above street level & offering approximately 290 hotel suites & 25 exclusive luxury condominiums. Special pre-sale pricing! Be the first to own one of the two 30th floor penthouse shells featuring 4000 SF of phenomenal un-chartered views of the city & sound. The desirable 1st Avenue location, exquisite building design by Ismael Leyva Architects and limited presale opportunity is a one of a kind!

Now is $438/square foot a good deal for a shell in a hotel/condo project in downtown Seattle?

If you look at the buildings immediate neighbors finished luxury units are going for $780/sf to $1500/sf. What’s the range of build out costs?

And is the architect Pb Elemental or Ismael Leyva Architects (Levya is listed on the yet another twin tower, Heron and Pagoda project.)

Oh, and if you bought a million dollar unit with north facing views at Hotel 1000 / Madison Tower. Sucks to be you.

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

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8 responses to “Ten Twelve First Ave – Only $438/sf”

jcricket says:

September 5, 2008 at 4:52 pm

Hotel 1000 was built with a possibility of north-facing building in-mind. Nearly all of the north side is solid brick – the views are almost east/west and south. There are balconies that wrap over to the north side a little bit (i.e. one edge is north, one edge is east/west), but it’s nothing like the Cosmo situation.
jcricket says:

September 5, 2008 at 8:52 am

Hotel 1000 was built with a possibility of north-facing building in-mind. Nearly all of the north side is solid brick – the views are almost east/west and south. There are balconies that wrap over to the north side a little bit (i.e. one edge is north, one edge is east/west), but it’s nothing like the Cosmo situation.
EconE says:

September 5, 2008 at 6:16 pm

What exactly were the “air rights” that I heard Hotel1000 had? Just to the west? What if a building goes up to the east? That would do some damage to the views wouldn’t it?
EconE says:

September 5, 2008 at 10:16 am

What exactly were the “air rights” that I heard Hotel1000 had? Just to the west? What if a building goes up to the east? That would do some damage to the views wouldn’t it?
RealityCheck says:

September 6, 2008 at 12:20 am

I live in Madison Tower and the statement that “nearly all of the north side is solid brick” is not true. The center 1/3 portion right on the property line is CMU block, the balance of it is glass that is set back about 15′ from the property line. Believe me, those of us that bought view units on the north side of this tower are not going to allow another project to slam up against our building like this. Someone is smoking something. It is also not true that Madison Tower/Hotel 1000 has air rights, in any direction [you might be thinking of the Cristalla project?]. And speaking of air rights easements, this proposed project will never be built as shown without securing such rights from the property to the north and from the homeowners at Madison Tower/Hotel 1000. The building code does not allow unprotected glazing [glass that you can see through] right on the property line as is indicated in the illustration, and the Downtown Design Review Board is not likely to approve a project with “blank facades”, slammed right up against another building. How likely to you think it will be that such air rights would be granted from the homeowners at Madison Tower? Don’t bet the family jewells on that one. Conversely, securing the air rights on the property to the north would kill that corner site for future development and the cost of doing so would be prohibitive because that is zoned for a 400′ tower as well. It is very interesting that this project is already for sale, even before it has been presented for what we are told is called Early Design Guidance. The person I spoke to at the city says that projects are not supposed to come to the design review board already designed and ready for marketing. I do admit though that the tower design looks interesting, but it needs to find another site, preferably one with a corner that does not need air rights.
RealityCheck says:

September 5, 2008 at 4:20 pm

I live in Madison Tower and the statement that “nearly all of the north side is solid brick” is not true. The center 1/3 portion right on the property line is CMU block, the balance of it is glass that is set back about 15′ from the property line. Believe me, those of us that bought view units on the north side of this tower are not going to allow another project to slam up against our building like this. Someone is smoking something. It is also not true that Madison Tower/Hotel 1000 has air rights, in any direction [you might be thinking of the Cristalla project?]. And speaking of air rights easements, this proposed project will never be built as shown without securing such rights from the property to the north and from the homeowners at Madison Tower/Hotel 1000. The building code does not allow unprotected glazing [glass that you can see through] right on the property line as is indicated in the illustration, and the Downtown Design Review Board is not likely to approve a project with “blank facades”, slammed right up against another building. How likely to you think it will be that such air rights would be granted from the homeowners at Madison Tower? Don’t bet the family jewells on that one. Conversely, securing the air rights on the property to the north would kill that corner site for future development and the cost of doing so would be prohibitive because that is zoned for a 400′ tower as well. It is very interesting that this project is already for sale, even before it has been presented for what we are told is called Early Design Guidance. The person I spoke to at the city says that projects are not supposed to come to the design review board already designed and ready for marketing. I do admit though that the tower design looks interesting, but it needs to find another site, preferably one with a corner that does not need air rights.
durr says:

September 6, 2008 at 1:41 am

Not sure about the Pb involvement, but I am so excited to see the possibility of another Ismael Leyva Architects project in Seattle since the Heron and Pagoda project is kind of dead in the water. Our city really needs a shake-up architecturally.

Dang, their site seems to be down though: http://www.ilarch.com/

More info:
http://findarticles.com/p/articles/mi_m3601/is_4_47/ai_65174990
durr says:

September 5, 2008 at 5:41 pm

Not sure about the Pb involvement, but I am so excited to see the possibility of another Ismael Leyva Architects project in Seattle since the Heron and Pagoda project is kind of dead in the water. Our city really needs a shake-up architecturally.

Dang, their site seems to be down though: http://www.ilarch.com/

More info:
http://findarticles.com/p/articles/mi_m3601/is_4_47/ai_65174990

Ten Twelve First Ave – Only $438/sf

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