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Volta: Sealed Offers Requested by May 9

By April 8, 2011


You’ve been wondering what’s up with Volta Condos (formerly Alex)? Us too.

The building (located at 2233 1st Ave) officially went into foreclosure on Mar 25, and is currently bank-owned by East West Bank. I had called around to the bank earlier this week and they pointed me back to Alchemy Real Estate (the company who previously handled sales for the building before it went into foreclosure, and would apparently be handling sales moving forward). When I asked Alchemy about the status of the building, I got a “no, comment”.

However, I just checked the Volta website and what do I see?

Sealed envelope offers are due by noon, May 9!

More details are on the site, but here’s a quick snippet from the Volta Flyer:

Alchemy Real Estate has been retained to present VOLTA, a partially completed, bank owned asset, located in Belltown in the heart of downtown Seattle. This property is constructed of brick, steel and concrete and is Seattle’s finest example of a property destined to become a landmark. VOLTA’s progress construction has been done to the highest standard. This property is being offered in it’s AS-IS condition.

Basic building stats:

Number of Units: 34 residential + 1 commercial
Building Status: Approximately 85% Complete (buyer to verify)
Building Size: 54,550 Sq. Ft. Gross / 30,213 Sq. Ft. Net Per King County Records
Lot Size: 6,660
2011 Property Taxes: $46,230
Zoning: DMR/R 85/65
Parking: 29 stalls on two decks
Storage: Various configurations

Looks like tours are by appointment only up until May 5. If you want to see the building before making an offer, you better get yourself scheduled…

…but first you might want to check out the as-is photos such as this one from the 8th floor:

Volta - 8th floor

It’s my impression that the whole building is being sold as is (not on a per unit basis) – but if any readers know otherwise, please correct me.

Update 3/9: The Puget Sound Business Journal had an interesting tidbit about Volta in a recent article about the shrinking condo supply:

Marking the end of the last development cycle, only 32 new condo units are expected to deliver in downtown Seattle in 2011, according to Realogics Sotheby’s International Realty principal Dean Jones. Those are part of the Volta condos, which were built in 2008, but later foreclosed on. And according to Jones, it is likely that they will be purchased out of foreclosure and converted into apartments.