New Condos Planned for Seattle's Belltown

Tsang Enterprises is planning on a new 17 story hotel/condominium tower at 2121 5th Ave. in downtown Seattle's Belltown neighborhood. Richard Tsang of Tsang Enterprises paid $4.1 million for the location in 2015. New plans are calling for 88 hotel rooms, 68 condominiums and 1700 ft.² of retail space on the ground floor. There will be separate lobbies for both the hotel and the condominiums but the towers limited to 160 feet due to its proximity to the 24 story Martin apartment tower. Plans are also projected for the Potala Tower project which is still up in the air as to whether it's going to be completed at all.

The drawback to this location is that there is very little parking. According to the plan, the lot does not have room for parking ramps or mechanical parking system, which would be cost prohibitive. However, the project is not required to offer parking so this might be someplace ideal for residents that either don't own vehicles or visitors that use public transportation.

These large parking garages could be something of the past as self driving car services could be roaming the streets by 2030. Because of this, people will no longer need to drive to the office. Because of this, projections predict that 80 to 90% fewer parking cells will be needed in the future.

 Caron Architecture is slated to be the architect on the project, which is already before the design review board for early guidance. Charles Wallace is the project manager, who is already done some small projects in residential planning here in the city. Paul Brienen, is also working on the project, who founded Brienen Structural Engineers in 2014. Wallace stated that a small site directly south of the new project was recently put up for sale and Tsang Enterprises could attempt to acquire it however, the focus is on the new project as proposed. The building will be only 58 feet wide and underground parking is not feasible because of the small site. Wallace said that there are plans to contract with other nearby landowners to use their property as parking.

Back to the proposed building, residential condominiums will be built at the top of the building with hotels and retail spots on the ground floors. The goal is to get a master use permit before the end of the year. Currently a one story office building constructed in 1924 occupies the property.

For more information on this new proposed condominium building in Seattle's Belltown neighborhood contact my office today. Stay top of news, changes, and presales for these condos by contact me directly.