Seattle Local Business News & Data – Real Estate

June 22 2022

LMC Ovation opens, with 548 First Hill units in Town Hall

Looking northeast across the highway, the Ovation has been developed in the parking lots owned by the First Presbyterian Church, right, which is also likely to be redeveloped.

Four years after the land was sold, construction began in December 2018 on the Town Hall building of the two-tower luxury housing project Ovation in LMC.

Now with the new address 702 Spring Street, 548 units have begun to be rented in the East and West Towers. The 32-storey project received a temporary occupancy certificate last month. Perkins will design the Ovation, with JTM Construction as the general contractor.

In a statement, Brad Reisinger of LMC Ovation called it “probably our most amazing community to date.” In separate remarks at a NAIOP breakfast party last week, he said the average rent for the building would be about $4,000. Units range from studios to three bedrooms. He said that some large two-story penthouses can fetch upwards of $10,000; It has been rumored to be over $20,000.

But, having taken advantage of the city’s Multi-Family Tax Credit (MFTE) program, “this means that 110 much-needed homes will be allocated to middle-income earners.” These rentals should be affordable for families who earn 65% to 90% of the median income in the area. Thus, a 491-square-foot studio could fetch around $1,500.

The actual rental site does not provide any dollar numbers. Currently, up to eight weeks of rent free are offered to help speed up the rental process. Reisinger said last week that full occupancy is expected by late next year. The provisions of the MFTE expire after twelve years.

The long and long list of amenities includes app-controlled door locks, lighting, thermostats, and window shades; Roof decks, grill stations, fitness center, co-working spaces, movie room and multiple lounges; Pet spa and covered pet run; Haier quartz wine cellars, refrigerators, etc.

The celebration includes eight floors of underground parking with 436 booths, as well as rooms for bikes. Approximately 6000 square feet of retail/commercial space; Includes what’s programmed as a restaurant in the West Tower. This space faces a 9,000 square foot public plaza – also shared with the Town Hall.

LMC’s partner on the project is QuadReal Property Group; This is the arm of British Columbia Investment Management, which is a pension fund manager. (BCIM acquired the parking lot, which covers three-quarters of the building, in 2014 for $9 million.)

The Ovation team also included Coughlin Porter Lundin, civil engineer; DCI, Structural Engineer; MacDonald Miller, MEP; PFS Studio, landscape architect; GLOMACH, energy consultant; and Pangeo, a geotechnical engineer.

Meanwhile, parent company Lennar announced last year that it would separate from its multi-family division, LMC, and return to its roots as a single-family home builder. Reisinger says LMC will get a new name after the split, likely later this year.

Brian Miller can be reached via email at [email protected] or by phone at (206) 219 6517.

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