Seattle Condo Comeback: Realogics Sotheby’s International Realty Reports Strong Demand for Attainable Price Points
Executives of DA LI Development USA and Realogics Sotheby’s International Realty (RSIR) jointly announce the official groundbreaking of KODA – a 201-unit, 17-story condominium high-rise community located at 450 South Main Street in Nihonmachi (Japantown), the gateway to the historic Chinatown-International District. Following a successful market debut a year earlier when the majority of units were reserved for priority presales, DA LI confirmed receipt of the Master Use Permit and held an official groundbreaking ceremony yesterday, February 28th. Remarkably, KODA is the first new construction for-sale development to be offered in the popular in-city neighborhood, which is located just steps from King Street Station and the regional transportation hub.
“We are very pleased to have earned the unanimous support of the International Special Review District (ISRD) and the City of Seattle to move forward with this transformative and timely community,” said Kevin Hsieh, Vice President of Da-Li Development USA, based in Pioneer Square. “We will now begin presales and groundbreaking to welcome our new homeowners by winter 2020/21.”
The ISRD is a panel of community stakeholders that regulate design and development within the Chinatown-International District (CID). This unique oversight is established to preserve the CID’s unique Asian American character and encourage the rehabilitation of areas for housing and pedestrian-oriented businesses.
Being the fastest-growing large city in the US, market observers note that 93-percent of the 27,000 multi-family housing units added to the downtown skyline since 2010 have been purpose built for rent and not for sale. Attainable homeownership has become an issue and an opportunity requiring creative solutions brought through design and careful planning.
“Downtown’s residential population has grown by nearly 40 percent since 2010, and with projects like this more people will be able to call downtown home in one of our most vibrant neighborhoods,” said James Sido, Senior Manager Media Relations and Issues Management with The Downtown Seattle Association. “Condominium production has been lagging in Seattle and increased ownership potential is sorely needed in this market. What’s more, this transit-oriented development will be steps away from King Street Station providing access to one of the city’s major transportation hubs.”
Ben M.Y. Chen, Director of Culture Center of Taipei Economic and Cultural Office in Seattle, provided opening remarks acknowledging DA LI’s investment in the region, appropriately within the Chinatown-International District.
Throughout the groundbreaking ceremony, DA LI recognized numerous members of the KODA development team, many of whom were present for the event. Key consultants and subtrades include:
KODA Design + Development Team
- DA LI International, LLC | Developer
- PCL Construction | General Contractor
- KMD Architects | Architectural and Interior Design
- Holmberg Company | Mechanical Contractor (Design/Build)
- RDH Building Science | Building Envelope Consultant
- DCI Structural | Structural Engineer
- DCI Civil | Civil Engineer
- Brumbaugh & Associates | Landscape Architect
- A3 Acoustics | Acoustical Consultant
- McCullough Hill Leary | Land Use Attorney
- Bucklin Evens, PLLC | Condominium Attorney
- Hart Crowser | Geotechnical Engineer
- Justen Company | Project Consultant
- McKinney and Associates | Civil Consultant
- Bergelectric | Electrical Consultant (Design/Build)
- Realogics, Inc. | Marketing
In order to convey the full vision behind KODA, a Sales Gallery has been built at 510 Occidental Avenue South in Pioneer Square, which will open to the public in late March 2019. A Grand Opening celebration is planned for March 14th, 2019 and will be followed by the official sales debut of the homes. A new release of studio, urban-one, one-, two- and three-bedroom flats (464-1065 sq. ft.) will be offered from below $450,000 to more than $1.4 million.
For more information and to register for advance unit reservations, visit: www.ownKODA.com