New Sanctuary Completion Date: December 2011

64300 0 New Sanctuary Completion Date: December 2011

Speaking of 100-year-old structures, we have an update on the Sanctuary on Capitol Hill. According to the release from Realogics today, a construction and design team has been appointed for the 12-unit development-in-progress and is set to complete construction at the end of this year.

Resource Transition Consultants (“RTC”), the court-appointed receiver for the lender of The Sanctuary, has announced the appointment of a design and construction team – led by Seattle-based general contractor Belfor Property Restoration – to complete the 12-home development by December, 2011. The project is expected to reenter the marketplace for sale in January,
2012.

The Sanctuary announced in July that it would be re-entering the market and was accepting reservations on individual units. When we checked a few weeks later, two of the 12 units had since been reserved and it looks like that number still stands.

We haven’t heard too much since then but the construction effort is reported to be “well underway and includes many design improvements recommended by brokers and prospective homebuyers.” While I haven’t been to see the units myself, the comments I heard from those who have — besides the expected “beautiful building” and “great concept” — is that the townhouses are “very vertical living” and “may be window-challenged” which is probably why the changes include an elevator option and clear, operable window systems to complement the stained glass in some units.

(full release after the jump)

Disclaimer: Realogics and Sanctuary are Urbnlivn advertisers.

RECEIVER APPOINTS CONSTRUCTION/DESIGN TEAM TO COMPLETE THE SANCTUARY BY DECEMBER, 2011

Additional Project Improvements will Optimize Market Value; Several Unit Reservations Pending

(October 5, 2011) SEATTLE, WA – Resource Transition Consultants (“RTC”), the court-appointed receiver for the lender of The Sanctuary, has announced the appointment of a design and construction team – led by Seattle-based general contractor Belfor Property Restoration – to complete the 12-home development by December, 2011. The project is expected to reenter the marketplace for sale in January, 2012.

“We’ve assembled a world-class development team to complete the vision of The Sanctuary – a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a premier multifamily community – and we look forward to successfully reintroducing the project for sale in the New Year,”
said Rob Nall, Principal of RTC. In addition to RTC, project lender Pathfinder Partners, LLC and Belfor, The Sanctuary development team now includes:

Architect – Runberg & Associates
Construction Representative –The Justen Company
Interior Designer – Robin Chell Design
Marketing and Sales – Realogics Sotheby’s International Realty

“Construction is well underway and includes many design improvements recommended by brokers and prospective homebuyers,” said Nall. “We’re retooling the homes for today’s market – resetting prices while adding value to the finished product.”

According to Marty Goodman, principal of The Justen Company, the project scope now includes new clear and operable window systems to complement the historic stained glass in several units; elevator options; acoustical attenuation; refurbishing the central atrium; and restoration work on the historic exterior. In addition to warranties offered by manufacturers of installed systems and appliances, homeowners will benefit from a third party home warranty program that will be included with each sale.

“We’re fortunate that RTC and Pathfinder are investing substantial resources to reach the full potential of this extraordinary development,” said Goodman.

Belfor Property Restoration, a division of Belfor Construction, is tasked with completing the construction of the 12 concrete and steel townhomes and restoring the historic façade of the original building.

“The homes are new construction with state-of-the-art building systems, designer finishes and premium fixtures and appliances throughout,” says Ross Minshull, site supervisor for Belfor, which has developed dozens of high-rise properties and restored a number of historic buildings. “At The Sanctuary, we’re building high-rise quality within a historic landmark – it’s the best of old and new.”

One of the most striking attributes of The Sanctuary is the central atrium, an expansive interior common area with 38-foot-high ceilings and a breathtaking stained-glass dome. Seattle-based Robin Chell Design is converting the atrium into a residential amenity that draws on the building’s history and architecture and provides a central hub for residents and guests alike.

“This project is matchless in concept, design characteristics, historical significance and overall quality of construction – especially at this price point,” said Chell, who will also design some of the project’s model homes. “Such a hybrid of rich, nostalgic features and modern design elements make this community unique in the Northwest, if not in the country.”

Although the official listings for sale are still several months away, Nall says two unit reservations have already been accepted with more expected in the coming weeks. Unit reservations provide prospective homebuyers with a first right of opportunity to purchase a particular home when it’s offered for sale.

“Every home is distinctive with unique floor plans and features so brokers and homebuyers are vying for the best possible selection,” said Nall.

Additional information on The Sanctuary can be found at www.LiveatSanctuary.com.

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About katrina
  • CD

    Read the fine print – no warranty on construction. On a new building, that’s a risk. On a remodel like this, it’s pure insanity.

  • http://twitter.com/mattgoyer mattgoyer

    That’s a great point. It’d be interesting to look at how much the warranty work has been at recently completed buildings. At the Meritage where I own a unit the HOA identified about $50k worth of work. 

  • Rick

    Meritage is a new building. Sanctuary is a remodel of a very old stone church. The historical maintenance record for a church run by a declining congregation, and the quality of the latest remodel is a total unknown. Nobody knows where the bodies are buried on a project like this.

    Some buyers might be smart and factor a large assessment into the future cost of their property. But judging by the experience of many HOAs, many buyers will not, so when a big assessment comes down the pipe, a fair share of the ownership will be unwilling or more likely completely unable to pay it, because they are maxing out just to buy the property.

  • Jeff

    “Resource Transition Consultants” – seriously? Are people stupid enough to pull the trigger on a deal like this? I can’t imagine a price at which I’d be willing to buy this property given the risk.

  • Carl

    The seller RTC is a notorious bandit (liar and cheat).  The failed bank sold the note at a huge loss to the tax payers. Thanks FDIC.  The historic “Landmark” status may be in jeopardy by poor decisions and mismanagement.  Special Tax Credits could be a muse.  Nothing is guaranteed, the building is 100 years old.

  • http://www.adsyou.com/ Real estate for sale ads

    That’s a great point. It’d be interesting to look at how much the
    warranty work has been at recently completed buildings. At the Meritage
    where I own a unit the HOA identified about $50k worth of work.