Vulcan begins construction on two condo projects

Vulcan Real Estate said today it has started construction on two condominium projects in Seattle's South Lake Union neighborhood, betting that job growth and demand for new places to live near downtown will remain strong.

Veer Lofts, scheduled to open in mid-2008 at 9th Avenue and Harrison Street, will have street-level retail and 99 units aimed at first-time homebuyers. Prices will start in the mid-$200,000 range, with about two-thirds costing less than $500,000.

"We're introducing many new homes priced to be more affordable to a much broader range of homebuyers, not just the high-end luxury condominium market," Ada Healey, vice president of real estate at Vulcan, said in a statement.

Rollin Street is scheduled to open in spring 2009 at the northeast corner of Denny Way and Westlake Avenue North, near Vulcan's 2200 and 2201 Westlake projects. Rollin Street will have street-level retail and 208 units ranging in price from the $400,000s to more than $1 million, with half under $600,000.

Downtown Seattle is in the middle of a condo building boom, with about a dozen projects under construction totaling more than 2,000 units.

Amy Martinez: 206-464-2923 or amartinez@seattletimes.com