Condo's in Suburbia?
Several high-rise condo developments are under construction in downtown Seattle and Bellevue and more are planned, but until now development has been mostly non-existent in the suburbs. The Jade team said its project is the first new-construction condo to be built in the Kirkland/Juanita submarket in five years. It's been more than a decade since a building of more than 100 units has been proposed for sale.
"Attainably priced" is the buzz phrase driving the Puget Sound region's new wave of condo development, and Jade is taking this tack. Homes will range from 500 to 1,100 square feet with prices starting in the low $400,000s to more than $1 million.
"There just isn't any product for buyers in this range," said Wade Merz, president of Terrene Ventures.
Parent company Terrene Homes builds single-family homes with an average price of $1.6 million, and is developing seven communities across the Eastside and in Seattle.
Thirteen of the condos will be reserved for people whose income is 85 percent of the area median income, which is $72,380 for an individual and $103,400 for a four-person household.
Terrene, which launched 10 years ago in the depths of the recession, has built multifamily projects for other owners. Jade is its first condo development.
Units will have 9-foot ceilings, big window walls, quartz countertops and stainless steel appliances. The rooftop terrace will have Mount Rainier views. Jade is scheduled for completion in late 2020.
This article originally appeared in Puget Sound Business Journal, Written by Marc Stiles, Staff Writer.
Nov 15, 2018, 2:16pm PST