Shoresmith flips to apartments
Shoresmith, the 118-unit building that just completed in South Lake Union that was being marketed as condos for sale has flipped to now being an apartment building. Presumably, they weren’t getting the traction they were expecting and didn’t want to miss the tail end of the apartment season in 2021.
This flip is certainly a little surprising given how well Spire is selling (more than 40% sold and pending). Granted they’re very different options – Spire is a premium high-rise while Shoresmith is a mid-rise and more value-oriented in their finishes and pricing. But the market needs all a variety of options. Not everyone can afford Spire’s pricing.