It was surprising to hear this week that Shoresmith Condo, the first new condo development in South Lake Union since 2009, has made the decision to convert to apartments and is now leasing units.

Plus Capital Partners had just completed the new residential building, which had it remained condos, would only have been the 2nd condominium in SLU proper other than Veer Lofts. They had been anticipating Amazon’s October timeline for its workforce to begin returning to office to help prop up sales. Amazon’s decision to postpone that until 2022 may have thwarted those prospects. Construction financing deadlines may have also contributed.

The timing is interesting as the downtown area condo market is seemingly on the upswing with a reduced inventory supply rate and increasing sales velocity. The three other newly completed or converted buildings in the downtown area – Emerald, Spire and Goodwin – have reported positive sales momentum. Location of those buildings in Belltown and the Market districts certainly make them appealing.

Though, there have been reports in business publications suggesting a drought in the pipeline of rental stock.

This is a shame, I really like the building and its quieter location, not to mention its proximity to SLU’s business and entertainment areas, as well as easy access to public transportation and the highway.

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