Competitive pricing from below $500,000 announced amid a market increase signaling opportune timing for investments ahead of neighborhood growth.
As the result of a long-overdue transformation of the Pioneer Square adjacent waterfront, Seattle’s Alaskan Way Viaduct is finally coming down—and so are the interest rates for home financing and the cost of owning at Gridiron Condominiums.
Gridiron stands on the edge of Seattle’s historic Pioneer Square as an ode to the city’s past and a toast to its future. By carefully preserving the brick façade of the 115-year-old iconic Johnson Plumbing building, Gridiron combines new concrete and steel modern finishes to industrial-chic architecture, an aesthetic that is quickly attracting the next generation of in-city homebuyers in the burgeoning neighborhood.
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“Something HEWITT and I were excited to do with Gridiron is being able to take that warehouse building and maintain the character of it while expanding it,” explained Julia Nagle, Principal Director of Design and Architecture at HEWITT. “I nickname these building-in-a-building projects Russian nesting dolls.”
In the midst of rising demand, Daniels Real Estate and Realogics Sotheby’s International Realty (RSIR) have just announced the listing of 16 Gridiron homes at all new pricing, ranging from $499,900 to $999,900, for immediate occupancy. A recent closing on April 30—a one-bedroom for $721,900—marks the ongoing interest in these one-of-a-kind homes.
“A combination of improved selection, affordability, and low-interest rates are generating increased home sales in downtown Seattle,” explained Dean Jones, President and CEO of RSIR. “Spring has sprung and homebuyers are active, especially first-time buyers that are migrating from pricy apartment buildings and tech workers that are cashing in on some restricted stock units now that the markets have rebounded.”
Downtown Seattle’s real estate resales in April 2019 were up 17% over the prior year, and pending sales saw an 11% increase as well. RSIR notes strong sales at new developments as well, with more than 500 presales since the Fall 2018.
“New developments are struggling with rising construction costs, which are reflected in higher sales prices,” added Jones. “Contrary to the market’s environment, homes at Gridiron are now being offered below replacement costs while still enjoying one of the best market positions, a surrounding neighborhood with huge changes afoot, and convenient access to jobs and transportation.”
In conjunction with a prime location, Gridiron’s amenities are another factor that makes the condominiums so attractive to buyers. Despite being a relatively boutique community of 107 homes, the building boasts a full floor Penthouse Club with an expansive rooftop terrace offering 360-degree views of Seattle and the waterfront. A state-of-the-art fitness center, co-working lounge, and pet lounge and play area also offer something for everyone. Ample storage of any kind—including refrigerated wine storage, bicycle parking, and personal storage lockers—are available to residents to declutter their living spaces and expand their concept of home to the entire building.
And with Gridiron positioned at the cusp of Seattle’s largest transformation in years, residents will have a front-row seat to the attractions and amenities that the refashioned waterfront will bring. Under the planned expansion of the waterfront, following the demolition of the Alaskan Way Viaduct, Seattle will soon host an expanded city aquarium—complete with a 350,000 gallon shark tank visible from the walkable plaza below, a reconstructed Washington State Ferries terminal, a beach with access to the water, a protected bike lane, a seasonal ice-skating rink, a landscaped pedestrian promenade, a cruise ship terminal, and public spaces hosting year-round events.
“For Gridiron, you really do feel rooted in the three past, present, and future conditions of this city,” adds Nagle. “You have historic Pioneer Square and the Johnson Plumbing Supply warehouse that this project was started on. You have the present living conditions of this new offering and this experience of living in these condominiums near the stadium, which will all be a part of the future and the new waterfront development that is yet to be realized. Here you will be a part of that.”
Nagele joined GeekWire’s Jonathan Sposato in a panel discussion about the new waterfront alongside Gridiron’s developer, Kevin Daniels of Daniels Real Estate, former Seattle Mayor, Charles Royer, and listing brokers Moira Holley and Scott Wasner of RSIR. The presentations further evidenced the residential renaissance of the neighborhood and the opportunity for existing and prospective homeowners at Gridiron to be part of the revival.
For more information on the remaining residences at Gridiron, visit their newly relaunched site here.
