Tuesday, April 27, 2010

Bellevue’s Bravern switches to apartments

In the news today it was announced that there are plans to convert the Bravern Residences of downtown Bellevue into lavish apartments. The plan is to lease the 236 units located in the south tower for 18-24 months at prices between $1,200 -5,000. It’s an amazing deal considering Bravern’s original plan was to sell the condos at prices ranging from $320,000 - $6 million. The developer, Schneitzer West, feels that it is the best decision they can make with the current market conditions. In short, there is too much supply for the demand. This conversion isn’t uncommon. Just recently in the Seattle area, condominiums such as Rolling Street, Expo 62 and Moda also switched their buildings to apartments before opening.

The $1.6 billion Bravern project was designed for upscale, high-end living. Its original design consisted of two 33 story condominium buildings, two office towers and 305,000 sq ft of office retail space. The 2 residential towers sit atop the retail space. Some of the retail anchors include big names like, Neiman Marcus, Louis Viuitton, Jimmy Cho and the David Barton Gym. The towers are equipped with 25,000 sq ft of lifestyle and entertainment space. The areas include a terrace garden, private theater, garden house and views of the local Cascade Mountains. The conversion will turn the nearly empty tower into an area full of life. It is unknown at this time when these units will be available for rent.



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