Home Industry News Pioneer Square’s Gridiron Condominium Tops-Off at 50-percent Sold

Pioneer Square’s Gridiron Condominium Tops-Off at 50-percent Sold

Pioneer Square’s Gridiron, Hewitt Architects, Chinn Construction, Daniels Real Estate, Seattle, Puget Sound

SEATTLE—April 17, 2017 —Daniels Real Estate today announced that Gridiron in Pioneer Square has topped-off with 50-percent of the 107 residential condominium homes now under contract.

“The sales pace is exactly what we predicated,” said Kevin Daniels, President of Daniels Real Estate. “Home buyers want to see construction underway and now you can watch the architecture of the historic masonry building come together with the new, contemporary design to create a sophisticated residential building that is all about its location.

Daniels Real Estate has taken a legacy approach to Gridiron, ensuring that the 11-story, 107-unit expansion of the century-old Seattle Plumbing building is distinctive in design and exceptional in quality. “As a historic preservationist, I am passionate about the renaissance of Pioneer Square and my company has been very involved in the community and economic development of the neighborhood. With Gridiron, we want to go that extra mile to redefine residential living in Pioneer Square,” added Daniels. For example, architectural design elements become the backdrop for exceptional interior features. Spanning floors 5 through 11 is a reflective glass curtain wall that provides the ability for natural light to flood a home while showcasing the expansive views. 21st century concrete and steel mirror the character of Pioneer Square while providing solid construction and clean interior lines with high-end finishes that complement their historic setting.

As new condominium construction, Gridiron had built-in exclusive amenities such as a large indoor clubroom with a gourmet kitchen and wine room; outdoor rooftop terrace with views of Puget Sound, Mt. Rainier and downtown with lounging space; a fifth-floor terrace; a fitness center; pet run and grooming area; bike lockers; personal storage and the best amenity of all – the location.

Gridiron is well positioned with its location serving as an amenity. Even if you are not a sports fan who wants to see the lights from home or smell the peanuts and Cracker Jack, living within proximity to a stadium is a smart investment. Trulia, a real estate research site, looked at 29 ballparks in the U.S. and determined that 18 of the 29 neighborhoods closets to the ballparks tended to have higher home values than other areas in those cities. The study, reported in MarketWatch on March 30, 2016, cited: Neighborhoods within a mile of Yankee Stadium in the Bronx had medium prices nearly 82% higher than those in the greater New York metro area. In Washington D.C. which regained a major-league team in 2005 after a 34-year absence and opened a new park in 2008, homes within a mile of National Park commanded a 15% premium for the location. In 2016, the medium home value near AT&T Park in San Francisco was the highest of any U.S. neighborhood within walking distance of an MLB park.

It is next door and just a few steps away from Seattle’s future waterfront promenade designed with a boulevard to connect pedestrians to the full length of the waterfront and it’s located ‘in the most transit diverse neighborhood on the west coast,’ minutes away from all systems of mass and intermodal transportation.

Gridiron is the only new condominium project slated to open in Seattle this year, and offers an uncommon prospect for new construction, homeownership in Pioneer Square. As of last week, there were only 48 active condominium listings on the NWMLS for the area 701 (downtown Seattle). Of the 48, 41 residences are re-sales and the other 7 residences are new construction – all at Gridiron.

“This is a record low,” said Erik Mehr, co-owner of Eric Mehr & Associated Real Estate. “In downtown Seattle, Gridiron represents 48 new construction homes priced under $800k, compared to 15 active resale listings at this price level.”

“Our goal with Gridiron was to preserve the charm and character of the old masonry building while adding to the vitality and vibrancy of the neighborhood,” said Daniels. “I have spent years focusing on the revitalization of Pioneer Square and I wanted Gridiron to be the apex of that work – blending the history of this 1852 neighborhood with the renaissance of today. Residents will be steps away from a stroll in the park along the waterfront, a stride to a ball game or a Thursday evening art walk. All while living in the nation’s first landmarked neighborhood and now the most transit connected neighborhood in the region.”

Gridiron is a total of 107 condominium residences ranging in size from 458 square feet to 1726 square feet. Prices for a new condominium home start at $499,900 and from $781,900 for a 2-bedroom residence. Garage parking is available for an additional fee. For more information, please visit our website at GridironCondos.com or call 206-258-8315. The marketing office is open daily from 11:00 – 5:00 p.m. located at 589 Occidental Avenue.

Project Team: Hewitt Architects, Chinn Construction, Daniels Real Estate