According to a press release, developer GIS International has decided to move forward with their European Tower project in Downtown Bellevue. The 17-story condominium project that contains one residence per floor was delayed in May of 2008 stating concerns over the economic conditions.
The homes that were previously priced from $2 Million – $10 Million have now been reduced by as much as $2 Million per home. Prices for the homes will now start at $700K. Additionally the homes will be offered as “shells” if it’s preferred, which allows a buyer to customize the interior on their own (giving a buyer an initial cost savings).
The announcement also reinforced that the same level of amenities will be offered as originally slated, such as automated parking valet, full time concierge, and other interior options. According to the release, one benefit to European Tower not breaking ground yet is that they have been able to renegotiate many of their labor and material contracts, lowering the cost of the construction.
The project is expecting to accept offers on the new pricing as early as October 31st. Currently you can sign up to be contacted on their Website. European Tower is now anticipating a completion date of summer 2011.
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I cannot believe this! I was so excited about this project and now? Not.
European Tower just lost its identity by changing the game so radically. Basically what I’m reading Michael – and please tell me if I’m wrong – is that people weren’t buying the original product, so now they’re going to provide us with just a floor to do with what we will.
No level of what the minimum home will be like…so you could have someone spend a few hundred thou, to someone who may want to spend a few million.
So what is the profile of someone living in European Tower now? Is there? What’s their marketing collatoral now? Buy a bare floor in downtown Bellevue?
Ouch – hopefully they provide more info, cuz this news didn’t get me excited like the initial story!
Vik- Buying a unit as a ‘shell’ is an option. You can have it complete as it was originally planned as well.
Obviously the benefit of the shell gives you an upfront savings, and then allows you to customize everything to you liking. I think ultimately buying a shell becomes more expensive because you will not be getting discounts on furnishings that are typically purchased by the developer in large quantities.
My thought is that developer is assuming the people that will likely be able to afford the European Tower homes probably would prefer to pay more for customized finishings.
Keep us posted on the happenings on this project. I’d be interested in how this continues to develop.
Thanks.
This is actually a very positive sign that they are looking to move forward – even with lowered rates.
There were a lot of people interested the unique aspect of the project – one unit one floor, giving buyers a 360 degree view.
Eugene and Tanya Gershman are going to provide Bellevue with another cool building…and do it on a small lot. Great utilization of getting the most from the least and still creating something cool.
cheers…Steve
Still seems like a great project to me. The initial floorplan they have posted on the website seems a little wonky to me. If I were putting down this amount of money way in advance of construction, I’d like control over the layout.
As someone who makes his living as a space planner, changing what doesn’t work well or feel right to my clients, I would agree with KD. By simply printing and shading out the SF dedicated to pathways, one can quickly confirm KD’s instincts. Without the pretty colors, the “complete” layout reveals itself to be more akin to a child’s maze in a coloring book than what it purports to be. Furthermore, sight lines are tunneled down–if the owners stand in one bedroom and the doors are open, they can have a singular bowling alley-like experience. The amount of storage lacking or squandered is frankly stunning. I could go on. Fortunately, the clientele for this tower will have the funds to correct or compensate for these and other shortfalls, as Michael so aptly points out. IMO, buying these units as a shell is really the only viable option.
Find out if the Market in your area has stabilized!