AKA: Volta Condominiums, Belltown, Seattle, WA

Structure Type: built works - commercial buildings - stores; built works - dwellings - houses - apartment houses

Designers: Partner, Saltaire Construction Company, Seattle, WA, c. 2010. (firm); Snell Partnership, Architects (firm); Chris Snell (architect)

Dates: constructed 2008

7 stories, total floor area: 54,550 sq. ft.

2233 1st Avenue
Belltown, Seattle, WA 98121

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The name of the Alex was changed to Volta Condominiums in 02/2010. In 07/2010, prices for units ranged: 1 bedroom: $299,950-$750,000; 2 bedroom $485,000-$675,000; penthouses $995,000-$1,095,000; at its opening the building had 34 units, 27 1-bedroom apartments, 6 2-bedroom apartments and 1 live/work loft. Occupancy was expected to have begun first in 09/2008 and then in 07/2010, but work was delayed by the collapse of the housing market in 2008. The primary lender for Volta was Washington First International Bank which was closed by the Washington State Department of Financial Institutions in the first week of 06/2010. The Federal Deposit Insurance Corporation (FDIC) became the bank's receiver and sold most ($501 million) of the bank's $520 million in assets to East West Bank of Pasadena, CA. The building's developer, the Saltaire Construction Company, defaulted on a loan for $1,488,325 in 2010. A public auction was to have taken place on 03/18/2011. (See "Volta takes a hiatus?"Accessed 04/25/2011.) The building had parking spaces for 29 cars in its garage, too few to accommodate its 34 units. A premium of $25,000 was to be added to the purchase price if a buyer wanted a space. According to information posted on the Alex, Gerry La Caille, a partner with Saltaire, was involved in the development/construction of the building, while the architect was Snell Partnership. (See "Volta Condo (formerly Alex Condos) – Belltown,"Accessed 04/27/2011) On 04/27/2011, this project did not appear on the Saltaire Construction Company web site.

This apartment building at 2233 1st Avenue in Seattle, WA, begun in 2008, took over three extra years to complete. It lay in an unfinished state for a considerable length of time in 2009-2010, and in 04/2011, the Volta Condominiums was 85% completed. Units were being auctioned in 05/2011 in "as-is" condition. The condominium occupied a 6,660-square-foot lot.

PCAD id: 16441