DEVELOPMENTS
News about construction projects underway
Posted January 2007
Developments around the sound
Focus: Retirement communities
In the coming years, the wave of retiring baby boomers will have a massive effect on the residential real estate market. As those who were born between 1946 and 1964 reach the traditional retirement age of 65, they'll be making the decision of where to live. To help meet the emerging housing demand, three retirement communities are beginning work on senior residences in Seattle.
Pacific Retirement Services is constructing a 289-unit building in Seattle's South Lake Union with move-in dates slated for 2008.
Christened as Mirabella, the facility will offer a wide breadth of services for active seniors. The residences feature an art studio, billiards room, library, computer center and a woodworking shop. A fitness center comes replete with an indoor saline swimming pool and spa, strength training equipment designed for seniors, treadmills and stationary bikes. A putting green, day spa and hair salon complete the amenity list.
Equally important for many future residents is the suite of health care services. Mirabella offers several levels of support, including independent living, assisted living and skilled nursing care (both short- and long-term).
Unit prices range from the mid $300s to north of $1 million for as much as 2,200 sq. ft.
For those seniors wishing to be even closer to the heart of downtown, the 26-story Skyline tower may be more attractive. Presbyterian Retirement Communities Northwest is constructing an entire city block on the corner of 8th Ave. and Columbia St. in the heart of Seattle at a price of $100 million.
Those electing for upper floor units will enjoy eye-catching views of Mt. Rainier and Puget Sound along with vistas of the Olympic and Cascade Mountains. Short walks will put residents within a few blocks of some of the finest restaurants, museums and art venues that Washington has to offer.
The retirement community, Presbyterian's third project in Seattle, is expected to be completed by early 2009. In addition to a health center with a pool, Skyline includes a 24th floor club room with an outdoor patio, several dining venues and a garage with self-parking and valet service.
About two-thirds of the 199 units available at Skyline are sold. Prices top out at $1.4 million for a penthouse residence with 1,832 sq. ft. and entry level one bedroom apartments start at $371,000.
The Ballard Landmark is a senior housing project located in historic Ballard on a parcel of land formerly occupied by Wilson Ford. A trio of developers collaborated on the 140,000 sq. ft., six-story structure with a façade that remains true to the city's character.
The rental community is conveniently located near food and entertainment options as well as bus routes leading to most major Seattle destinations.
The Ballard Landmark's facilities incorporate enough underground parking to accommodate guests, a complete gym, aerobics pool, crafting room, sizeable kitchen and dining areas, an outdoor courtyard and a bistro. The building also features 9,000 sq. ft. of ground-level retail space.
Monthly leases start at $2,000 for 450 sq. ft. units. Larger units rent for $4,800 for as much as 1,100 sq. ft.