SEATTLE--(BUSINESS WIRE)--A joint venture between Lowe Enterprises and Alecta announced today that it has started construction of Luma, a 24-story, 168-unit condominium tower at 1321 Seneca Street. Luma is the first condominium high-rise building to be developed in the First Hill neighborhood since 1982 and among the first in the downtown Seattle area since 2008.
“The First Hill neighborhood, with its concentration of medical, educational and research facilities, has the highest job density in downtown Seattle. Its proximity to the vibrant Pike/Pine triangle and multiple rapid transit lines make the location extremely desirable. Yet the area is experiencing a shortage of new for sale condominium properties,” said Suzi Morris, senior vice president of Lowe Enterprises Real Estate Group.
Luma’s design blends modern high-rise architecture with the old world charm of its tree-lined neighborhood. Designed to fit the needs of creative urban professionals and empty nesters, Luma will feature a mix of open one bedroom, one bedroom and two bedroom residences as well as four top floor penthouse homes. The residences range in size from 600 square feet to more than 1,700 square feet with prices starting in the mid $300,000s. The building is being constructed to LEED Silver standards using the most current sustainable building practices and products.
Luma will feature a large community rooftop area with indoor community amenities and outdoor terraces all designed to maximize the expansive views of downtown, Lake Union, Mount Rainier and the Olympic and Cascade mountains. Luma will also feature a resident fitness center, pet facilities and special areas for bike storage with a five-level underground parking garage.
Located three blocks from the new First Hill Streetcar, Luma will offer residents easy access to neighboring communities, employment areas and entertainment venues. With the vibrant Pike/Pine Triangle nearby, residents will be steps away from a wide variety of restaurants, shops, galleries and clubs. Construction is anticipated to be complete in summer of 2016.
“First Hill has excellent access to downtown, the Denny Triangle, South Lake Union and at project opening, a new transit tunnel connecting downtown to the University of Washington,” said Julie McAvoy of McAvoy Real Estate which is managing sales at Luma. “First Hill is a great neighborhood for people who want to live near these major employment centers but also seek the unique character and diversity that distinguishes First Hill and the Pike Pine Corridor.”
The project team includes Lease Crutcher Lewis as general contractor, Weber Thompson providing architecture, interior design and landscape architectural services, and Magnusson Klemencic Associates providing structural and civil engineering.
Red Propeller and McAvoy Real Estate are leading the marketing and sales of the condominiums. Sales are anticipated to begin in the spring of 2015.
Lowe’s activities in the Pacific Northwest date to the firm’s development of the Klahanie master-planned community in the 1980s and 1990s. More recently Lowe has made commercial and hospitality property acquisitions in the Seattle area, including the recent acquisition of North Creek apartments and the Covington Farms apartment community in Everett, and the acquisition, renovation and recent sale of the Red Lion Hotel on Fifth Avenue now known as Motif Seattle. Lowe Enterprises is a joint venture partner in Suncadia Resort in Cle Elum, Wash. and Sunriver Resort in Central Oregon. Those properties, as well as the Woodmark Hotel, Yacht Club and Spa in Kirkland, are operated by the firm’s hospitality subsidiary, Destination Hotels.
About Lowe Enterprises and Lowe Enterprises Investors
Los Angeles-based Lowe Enterprises is a leading national investment, development and management firm active in commercial, hospitality and residential real estate. Over the past 42 years, Lowe has acquired, developed or managed more than $21 billion of real estate assets nationwide. The firm maintains regional offices in Seattle, Denver, Philadelphia, Washington, DC, Southern California and Northern California.
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, joint venture partnerships, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s.