East Madison Construction is Underway
April 25, 2011
SEATTLE, WA - East Madison construction was commenced in February of this year; completion is anticipated in March 2012. 1222 E. Madison is located in the Pike/Pine Triangle area of the Capitol Hill neighborhood of Seattle, Washington. (www.pikepinetriangle.com).
1222 E. Madison is within one-half mile of Seattle University, Swedish Hospital, Virginia Mason Hospital, Seattle Central Community College and Cal Anderson Park. Within 1 mile is the heart of Downtown Seattle’s business district. There are 60,502 residents and 122,201 jobs within one mile of the site. The average household income is $62,197. Due to its location in the heart of Capitol Hill’s transit oriented urban center, 1222 E. Madison receives a score of 98 out of 100 from www.walkscore.com. Sound Transit is under construction with a light rail station for Capitol Hill within one-half mile of the site (www.soundtransit.org/x1756.xml), scheduled for delivery in 2015. 1222 E. Madison is the second joint venture between Wallace Properties and Northwestern Mutual Life Ins. Co., following on the highly successful 507 Northgate, which is anchored by 24 Hour Fitness and contains 163 apartment units. The ownership anticipates receiving a LEED Silver designation for the building.
Residential. The 107 apartment units have been expertly designed for the Capitol Hill market. They are a mix of studio and one-bedroom units, and include a number of the open one-bedroom units that have been so successful at the 507 Northgate project. Four loft units are provided on the top floor. A first floor garden terrace is accessible from the community center, the manager’s office and six first floor units. Upper floors will have views of Mount Rainier, and the loft units will enjoy partial views of Downtown Seattle. The proximity to employment and urban amenities, coupled with stunning views and quality design makes 1222 E. Madison a fundamentally strong multi-family residential project.
· Manager projects the units will garner an average of $2.47/square foot/month in 2013. This is consistent with pricing for today’s (2010) rents.
o Studios. There are 36 studio units averaging 512 square feet.
o Open One-Bedroom. There are 59 open one-bedroom units averaging 535 square feet.
o One-Bedroom. There are six one-bedroom units averaging 816 square feet.
o Loft. There are four loft units located on the top floor of the building, averaging 753 square feet.
· Amenities. On-site amenities consist of:
Retail. The retail consists of five suites facing Madison Street. They range in size from 812 to 1,408 square feet and can be combined to 3,000 square feet.
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