Monday, December 7, 2009

Smith Announces New Plans for 2nd & Pike Parcel

Urban Visions has announced plans to develop a 35-story LEED-certified apartment tower on the corner of Second Avenue and Pike Street. The 340-unit apartment project is being designed by Tom Kundig of Olson Sundberg Kundig Allen Architects and will feature a destination “Sky Bar” and restaurant overlooking Pike Place Market. According to Urban Visions CEO and owner Greg Smith, the tower is being designed with the “creative-class urban worker” in mind and “will be a place that people want to hang out.”

View Larger Map

In addition to the “Sky Bar,” amenities will include a pet walk, tenant lounge, workout facility, wine lockers, bike storage, and underground parking. Apartments will be on the smaller side, with mostly studios and one-bedrooms averaging around 920 square feet. “I think given the economic environment looking forward, larger units of the past will be less desirable based on their total cost to rent,” said Smith. “Smaller, well-designed efficient units will be in large demand.”

Urban Visions had announced plans in 2007 to develop a Candela Hotel/condo complex on the site, which is currently a parking lot. Given the current economic environment, however, the firm has opted against working with Candela Hotel. Smith believes apartments will be the first market to bounce back post-recession. As of now, no construction date or contractor have been set.

- Ashley Smith