RSIR & BDR Urban Announce 96-Unit Condominium "Encore at Columbia Station"
Reservations for priority presale will begin January 2019 as a unique “rent-to-own” opportunity is announced.
Executives of Realogics Sotheby’s International Realty and BDR Urban jointly announced the listing agreement for Encore at Columbia Station Condominiums — a 96-unit community that is planned for 4689 Martin Luther King Jr. Way South in Columbia City.
The residences will stand adjacent to Columbia City Station, which will provide seamless commutes via the LINK Light Rail to urban job centers. In addition, BDR Urban announced they will offer a “rent-to-own” opportunity for qualified homebuyers. More inventory will be held for the public sales debut when the project breaks ground in spring 2019.
As Dean Jones, president and chief executive officer of RSIR said in a statement, “Encore at Columbia Station represents a paradigm shift in development strategy for Columbia City — not just because it’s for sale, but because it’s so decidedly urbane in concept. Buyers will enjoy attainable price points, a lock-and-leave lifestyle and the convenience of living within a 15-minute commute to downtown Seattle and less than a 10-minute walk to neighborhood amenities in Columbia City. Encore at Columbia Station offers a compelling alternative to residing in downtown Seattle enjoying the same quality and lifestyle.”
Jones pointed out that zoning laws in Columbia City favor townhome, single-family and apartment development. And while the “condominium boom” struck many parts of the city in recent months, it took until now to reach Columbia City.
“The current choices for new homes at affordable price points are anemic,” Jones added. “Encore at Columbia Station will introduce ownership opportunities with 5% down payment options and monthly mortgage costs comparable to rent.”
Current designs show that Encore at Columbia Station will span four-stories and will include a mix of studio, urban one-, one- and two-bedroom flats ranging in size from 344 to 966 square feet and will be offered from below $300K to over $700K. Features of the homes will include soaring ceilings, walls of windows, engineered hardwoods, and European-inspired kitchens with quartz counters and Bertazzoni stainless steel appliances. The building’s suite of amenities will include a concierge, fitness center, co-working space and a great room with a kitchen and patio. The building will be topped by an ample rooftop deck with wrap-around terraces, fireside seating, an outdoor theater and a dog run.
Richard Obernesser, president of BDR Urban noted that “prospective homebuyers no longer need to struggle with long commute times to find attainably priced housing with modern features and amenities,” adding that “unlike most exurban communities, Columbia City has a nostalgic heart and soul with a historic Main Street atmosphere that’s been more than a century in the making.”
In order to address affordability challenges in Seattle, consumers will be able to rent from Sonata Apartments, situated directly across the street from Encore at Columbia Station. Renters will have a portion of their lease payment credited toward the future purchase price of a condominium.
“It’s serendipitous that we offer both a new home for rent and a new home for sale in the same preferred location while occupancy is about two years apart,” adds Obernesser “We expect this unique opportunity will make it easier for prospective homebuyers to save for their down payment and help them migrate into ownership.”
For more information on Encore at Columbia Station, visit: www.EncoreColumbiaStation.com.