Contact us:

[email protected]
206-618-1600

REO Flats 30% Leased as it Opens

By June 5, 2014

REO Flats

Pike/Pine apartment building REO Flats announced their grand opening today as well as an additional retail tenant, greek restaurant Omega Ouzeri by Thomas Soukakos (of El Greco, Vios Café & Marketplace on Capitol Hill and Vios at Third Place in Ravenna).

Here’s some photos:

Screen Shot 2014-06-05 at 1.54.33 PM Screen Shot 2014-06-05 at 1.54.43 PM Screen Shot 2014-06-05 at 1.54.52 PM Screen Shot 2014-06-05 at 1.55.07 PM Screen Shot 2014-06-05 at 1.55.15 PM

Here’s the full press release:

REO Flats Apartments on Capitol Hill Opens; 108-Unit Building Honors Seattle’s Auto Row History

Vios’ Greek Restaurant Owner to Launch New Concept at REO Flats with Seattle’s First Traditional Greek ‘Ouzeri’

Seattle, June 5, 2014 – Madrona Real Estate Services LLC (www.MadronaRealEstate.com), a full-service Seattle real estate company, today announced the grand opening of REO Flats (www.reoflats.com), a new seven-story, 68,000 square-foot mixed-use development in Seattle’s thriving Capitol Hill neighborhood.

Located in the dynamic and culturally rich Pike-Pine Corridor at 1515 14th Avenue, the building includes 108 luxury apartment units, 30 percent of which are pre-leased; 7,200 square feet of street level retail; a 57-space subterranean parking garage; and 25 street-level commercial parking stalls including an electric charging station.

“As REO Flats opens, we couldn’t be more thrilled,” said Madrona Real Estate Services Founder and Principal Brad Augustine. “With high-end amenities, beautiful interiors and eco-friendly elements, our building respects the rich history and culture of Capitol Hill while demonstrating our deep commitment to integrity, stewardship and eye toward detail.”

‘Vios’ Restaurant Owner to Expand with Seattle’s First Traditional  Greek ‘Ouzeri’ at REO Flats

The vision of Greek restaurateur Thomas Soukakos (of El Greco, Vios Café & Marketplace on Capitol Hill and Vios at Third Place in Ravenna) with his new restaurant Omega Ouzeri is to put Capitol Hill on the map for outstanding Greek cuisine and lively Greek fun.

Omega Ouzeri will redefine traditional Greek recipes around the long-standing tradition of “meze”, small plates, of exceptional food, to be shared around the table with Greek beverages such as ouzo, tsipouro, and wine.

Omega will be the only establishment of its kind in the Pacific Northwest.  At its roots, ouzeris were the place for the workmen to gather and share small bites of simple fare with ouzo.  Today these Greek meze have become more elaborate and the Ouzeri attracts a lively clientele of city dwellers and foodies to share modern and authentic Greek food.

“We’re very excited to continue sharing the Greek way of life by opening our newest Seattle restaurant at REO Flats,” said Vios Café Owner Thomas Soukakos.  “This building and location is the perfect place to showcase our passion for redefining traditional Greek recipes and our love of gathering around the table with family—and new friends.”

Omega Ouzeri will join REO Flat’s existing retail tenants, Blue Sky Cleaners and Porchlight Coffee & Records.

Respecting and Celebrating the Past

Located along what was once known as ‘auto row’ in Capitol Hill, REO Flats is designed to honor the look and feel of a 1925 mercantile building. The apartment entry is lined with salvaged brick from the former Supply LaundryBuilding in South Lake Union, and features 20-foot high storefronts with rug-finished brick.

The new building also includes a historically-inspired REO Speed Wagon mural, featuring artwork modeled after a classic 1930’s advertisement. Designed to celebrate the neighborhood’s past, the 32’ x 42’ foot artistic mural, hand-painted by Foley Sign Company’s “walldogs,” details the classic REO Speed Wagon, also known as the “ancestor to the pick-up truck.”

Eco-Friendly Amenities & Standards

Featuring a total of 18 two-bedrooms, 68 one-bedrooms and 22 studios, REO Flats contains a number of eco-friendly amenities and features, including three electric vehicle-charging stations, and storage for approximately 28 bicycles. The building was developed according to Built Green® Level 3 standards. REO Flats is also the first development to break ground utilizing preservation incentives set by the Pike Pine Neighborhood Conservation Overlay District.

Interiors at REO Flats feature high-end amenities and condominium-style finishes—including solid surface counters and stainless steel appliances. Most units include large four-foot wide decks.

The building also includes a green rooftop deck, with picturesque views towards the Space Needle, Elliott Bay and the Olympic Mountains; a large gas fire pit; a barbeque and cooking area; and roll-up doors connecting the elevator lobby to the rest of the rooftop deck. Residents can also enjoy free high-speed Internet in all public spaces.

Monthly rents at REO Flats range from approximately $900—$3,300, with twenty percent of the units dedicated to support Seattle’s Homes Within Reach property tax abatement program, which provides housing at 20-35 percent below-market rates.

In addition to REO Flats, Madrona Real Estate has also developed several projects in Seattle and the surrounding area, including: Twenty Sixty-One in MadisonPark; the Pike & Madison Building in Capitol Hill; the East Hill Village retail center in Kent, Wash.; and the Fidalgo Square retail center in Anacortes, Wash. The firm also manages more than 100,000 square feet of retail and office development in the Pike-Pine and Capitol Hill neighborhoods.

REO Flats is designed by Seattle-based architect Johnson Architecture & Planning LLC and interior designer two9design LLC. The general contractor was Compass Construction. Project ownership is a joint-venture with Glenmont Capital, LLC, a New York based institutional investment manager, and Madrona Real Estate Investors VII, LLC. Construction financing is provided by Washington Trust Bank.

For more information,visit www.REOFlats.com.

 About Madrona Real Estate Services.Madrona Real Estate Services, LLC is a full-service real estate company located on Capitol Hill in Seattle, Wash. For more than sixteen years, the company has provided management, development and brokerage services. Its founder and principal, Bradford Augustine, has more than thirty years of real estate development and management experience.

[google-map-v3 shortcodeid=”ddafb3b3″ width=”100%” height=”350″ zoom=”15″ maptype=”roadmap” mapalign=”center” directionhint=”false” language=”default” poweredby=”false” maptypecontrol=”true” pancontrol=”true” zoomcontrol=”true” scalecontrol=”true” streetviewcontrol=”true” scrollwheelcontrol=”false” draggable=”true” tiltfourtyfive=”false” enablegeolocationmarker=”false” enablemarkerclustering=”false” addmarkermashup=”false” addmarkermashupbubble=”false” addmarkerlist=”1515 14th Avenue, seattle, wa{}1-default.png” bubbleautopan=”true” distanceunits=”miles” showbike=”false” showtraffic=”false” showpanoramio=”false”]

I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

Get in touch to:

  • Understand the market
  • Find your perfect home
  • Sell your home

Contact:

206-618-1600