{"id":1004052288,"date":"2011-09-16T13:55:38","date_gmt":"2011-09-16T21:55:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=17476"},"modified":"2022-12-08T17:57:35","modified_gmt":"2022-12-09T01:57:35","slug":"avalonbay-adds-to-project-pipeline-connell-eyes-early-2012-completion-for-rebooted-condos","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/avalonbay-adds-to-project-pipeline-connell-eyes-early-2012-completion-for-rebooted-condos\/","title":{"rendered":"AvalonBay Adds to Project Pipeline; Connell Eyes Early 2012 Completion for Rebooted Condos"},"content":{"rendered":"

By Alex Girda, Associate Editor\u00a0<\/p>\n

Seattle has been one of the brighter spots of the real estate market\u2019s gradual recuperation over the past few years, and the region\u2019s multi-family development trend is adding to that luster. At least 14 apartment projects are in the local pipeline, the Seattle Times <\/em>reported, including three from AvalonBay Communities.<\/p>\n

The developer has disclosed plans to build a 265-unit complex on the site of Sunset Bowl, a bowling alley that was razed in 2010. The six-story project will feature underground parking plus 12,000 square feet of ground-floor retail. AvalonBay is also readying a 204-unit complex for opening in the Lower Queen Anne neighborhood, and expects to kick off construction of a third project in the University district in early 2011.<\/p>\n

Even in Seattle, however, multifamily projects are not without their bumps. Following a developer\u2019s default on a construction loan, last March East West bank foreclosed on the 85 percent complete Volta condominium project in Belltown, the Seattle Times <\/em>reported Sept. 12. \u00a0<\/p>\n

After sitting dormant, the 34-unit, eight-story property was acquired from East West by Berkeley Heights, N.J.-based Connell Real Estate & Development Co. in an $8 million deal.\u00a0 According to information on the Connell Web site, the purchase price was less than half the amount spent on the project before foreclosure. Connell added that it expects to complete construction by the first quarter of 2012 and intends to market Volta as a high-end apartment property.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Alex Girda, Associate Editor\u00a0
\nSeattle has been one of the brighter spots of the real estate market\u2019s gradual recuperation over the past few years, and the region\u2019s multi-family development trend is adding to that luster. At least 14 apartment projects […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[],"class_list":["post-1004052288","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle"],"acf":[],"yoast_head":"\nAvalonBay Adds to Project Pipeline; Connell Eyes Early 2012 Completion for Rebooted Condos - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/avalonbay-adds-to-project-pipeline-connell-eyes-early-2012-completion-for-rebooted-condos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AvalonBay Adds to Project Pipeline; Connell Eyes Early 2012 Completion for Rebooted Condos\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor\u00a0 Seattle has been one of the brighter spots of the real estate market\u2019s gradual recuperation over the past few years, and the region\u2019s multi-family development trend is adding to that luster. 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