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September 2019

Eager buyers snag condos at "transformative" International District location

September 9, 2019

KODA Condominium FlatsMore than 80% of the homes at the first high-rise condominium to be built in Seattle's Chinatown-International District (CID) have been reserved, according to project managers. Completion of KODA Condominium Flats - described as a "transformative development" - is projected for late 2020.

The 17-story tower is located on a former parking lot at 450 S. Main Street, near the King Street Station, earning it a Walk Score of 98 and a perfect Transit Score. Because of its location in the historic Chinatown International District, the project was subject to a special design review process.

The "vertical village" with 201 residential units (including two HOA owned guest suites) will feature a rooftop terrace, a club on the 17th floor, a 7th floor wellness center plus a zen garden and meeting rooms, street level retail and lobby, plus controlled access parking.

Floor plans at the eagerly-anticipated building designed by KMD Architects range from studios and live/work lofts up to 3 bedroom/2 bath residences. DA LI Development USA (whose publicly traded parent company is in Taiwan) is the developer; PCL Construction Services is building the tower.

When the project debuted in February 2018, would-be buyers waited in line for several hours to make a refundable "first rights" deposit. Within three days, 95 percent of the units had been reserved, although some who made a deposit changed their minds. Dean Jones, owner of Realogics Sotheby's International Realty, which is marketing the condos, said backup reservations had been made on more than two dozen of those units. Prices start in the high $300,000s.

Jones said under provisions of the Reservation Agreement, buyers are required to identify themselves as a primary resident, a second home buyer, or an investor, and must be qualified as such by the preferred lender. The overwhelming majority of demand is from local homebuyers, according to Jones, with investors representing a minority of the reservations.