The latest business to move into Pike/Pike won’t be the one selling sex toys, it will be selling condos — 168 of them from a single new First Hill building to be exact.
The sales office for the soaring 24-story Luma condo building will be opening next month on E Pike near Broadway. The space had been occupied by Emerson Salon, which transitioned management and consolidated its space last year.
Marketing company Red Propeller is handling sales for Luma, which is under construction a third of a mile away at Boylston and Seneca. The new addition to Seattle’s skyline will open sometime next year without any commercial or retail space.
It wasn’t just happenstance that Luma’s sales office is opening near the heart of Pike/Pine. Red Propeller is hoping the office location will help the company reach Luma’s target buyers — creative, urban professionals
“What we’re really selling is a proximity and access to First Hill and the Pike/Pine neighborhood,” said Red Propeller’s Stephen Fina. “The sales office immersed in that experience.”
“Live every angle at the intersection of First Hill and the Pike/Pine,” one promotion for the project reads.
The office will be open through summer 2016 when its 4 to 5 employees will move into an office in the completed Luma building, Fina said.
The land the Luma is being built on was purchased by Swedish pension fund adviser Alecta for $4 million in 2010. Another developer paid almost twice that in 2007 with plans for a high-end condo project but that venture got wiped out by the last recession. Before construction, a group of neighbors fought to no avail to scale back the Luma project.
Condo sales offices have been mostly absent around Capitol Hill since the housing market crash in 2007.
Luma developer Lowe Enterprises is one of the only companies to build new condos around Central Seattle and, really, through the entire city. Last year, Lowe vice president Suzi Morris said Luma’s location presented a prime opportunity for condo development in an otherwise tough financing environment.
Fina said he couldn’t speculate about the future of condo development around Capitol Hill, but he said interest in condo ownership is definitely on the rise in the neighborhood.