Puget Sound Business Journal Talks KODA Condominium & Unit Reservation Opportunities
The Puget Sound Business Journal highlighted KODA Condominiums in their latest "condo watch" feature. As the general public awaits unit reservations, which are expected in the coming weeks, Marc Stiles writes that "if recent history [of new development projects in Seattle] holds, people will be lined up around the block."
KODA, which will break ground this summer, is expected to garner the same attention that other new projects have received, especially given that "most people aren't lining up to buy $1 million-plus condos in the Puget Sound region; rather, they're seeking what's known in the industry as 'attainably priced' homes." Though not officially set, homes at KODA will range from below $400,000 to over $1 million.
The article also touches on the rising cost of construction in the region in addition to the state's condominium liability law, which mean "launching a condo project can be risky." As Kevin Hsieh of Da Li Development estimates, "KODA will cost around $100 million to develop" and it "will not be a one-and-done project." He tells the PSBJ that "the company has looked at buying shovel-ready apartment projects and building them as condos," with a particular interest in sites located in close proximity to transportation hubs.