NEXUS Is Downtown Seattle’s New In-demand High-rise Development
By Realogics Sotheby’s International Realty
March 15, 2019
Already 93-Percent Presold, 28 Remaining Homes in High-Tech, High-Rise Introduced to Market, Occupancy by Late 2019
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NEXUS is downtown Seattle’s most successful high-rise presale development having already sold 361 of the 389 homes with first occupancy scheduled for late 2019—the soonest amongst all the city’s new construction condominiums. Robust presales prompted the retirement of the NEXUS Sales Center in June 2018 as the developer, Burrard Group, focused their attention on construction. Having recently celebrated the “topping off” of the 41-story tower, Burrard is now returning to market with the 28 remaining homes and has appointed real estate veteran Julie McAvoy to Project Sales Director with Realogics Sotheby’s International Realty (RSIR). New listings include one-, two-, and three-bedroom condominium flats and Skylofts priced from below $1 million to more than $2.7 million.
“We welcome Julie to lead the closeout of NEXUS—she is an extraordinary real estate broker and will bring years of planning, development and marketing to a successful sales conclusion yet again” said Dean Jones, President and CEO of RSIR. “As a downtown Seattle resident and an experienced project marketing expert, our developer and existing homebuyers will be well represented.”
Jones has worked alongside McAvoy at several pivotal projects during past cycles including the 229-unit Olive 8 in the Retail and Theater District and the 261-unit 2200 at the gateway to South Lake Union, each time establishing new benchmark results. More recently, Julie successfully led the marketing and sales of 168-unit LUMA on First Hill, which successfully closed out in 2016.
“I can certainly understand the market demand for NEXUS having represented several communities that envelope this prime location,” said McAvoy. “I also live within a few blocks of NEXUS and can attest to the residential renaissance that is taking place in this neighborhood. Burrard had the foresight to envision a unique offering in NEXUS, and I look forward to delivering the community to its new homeowners in time for the holidays.”
McAvoy points to more than two dozen high profile projects under construction and planned within moments of NEXUS, including several million square feet of office; hundreds of thousands of square feet of new retail such as new grocery stores; the $1.8 billion expansion of the Washington State Convention Center; and other visionary improvements such as the Lid I-5 initiative, which plans to cap the I-5 highway cut and connect downtown Seattle to First Hill and Capitol Hill with elevated parks. Not surprisingly, more than 10,000 high-rise apartment units are quickly turning the immediate neighborhood into a vertical residential enclave. However, NEXUS remains the only community offered for individual homeownership.
“I remember selling new condominiums more than a decade ago when consumers couldn’t comprehend the impact of the South Lake Union Streetcar or the planned growth of the area,” adds McAvoy. “Fast-forward to today and the northern migration of downtown Seattle is in clear view, with billions of dollars of capital investment building a city within a city—it’s all very exciting and soon, hundreds of NEXUS homebuyers will own an interest in this growth while enjoying a convenient and walkable urban lifestyle.”
(PICTURED ABOVE: NEXUS stands proudly, first and foremost in the evolving downtown Seattle skyline.)
Presales have become more popular in Seattle in recent years, allowing a prospective buyer to secure a new home several years before occupancy—locking in preferred pricing and personalizing the interiors. McAvoy says the remaining homes at NEXUS will be particularly attractive to move-up buyers that are seeking the next generation condominium, or downsizing empty-nesters exploring city living for convenient “lock and leave” lifestyles.
“The remaining collection at NEXUS presents our largest home plans, including penthouses and Skylofts, with premier specifications and commanding views,” adds Billy Mainguy, Vice President of Strategy for Burrard. “We feel reintroducing these homes for presales now will stand out in the marketplace with inherent advantages—we offer homebuyers enviable market timing, ample parking, and competitive pricing compared to our peer group. We also want to provide new homebuyers with sufficient time to sell a home, if necessary, and move into NEXUS later this year.”
Mainguy notes that Burrard broke ground on NEXUS two years ago topped off on March 14 with occupancy by late 2019, approximately a year before other condominiums in the pipeline.
“We are fortunate to have locked in construction costs in 2016, when the market was 15% less expensive than it is today,” adds Mainguy. “As a result, we have been able to pass off much of this savings to our homeowners and price our homes significantly less than what they would cost on a project commencing now.”
To showcase the evolving neighborhood and introduce new NEXUS team members, Burrard will celebrate a Topping Off Celebration and Cityscape 2020 Exhibition for existing and prospective homebuyers on April 11, 2019. For more information on upcoming events and NEXUS listings, visit: www.NEXUSseattle.com.