LMC Announces Opening of Ovation in Seattle

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Two Tower Community features 548 luxury homes on First Hill

SEATTLE, June 16, 2022 /PRNewswire/ — LMCa leader in residential development and management, today announced the opening of ovationA luxury property in the heart of Seattle with outstanding views of Mount Rainier, the Cascade Mountains, Lake Union and the city skyline.

Located at 702 and 704 Spring Street, Ovation is centrally located on the tree-lined streets of First Hill, adjacent to City Hall, a performance hall and a city cultural center. Ovation, a luxury two-tower community, has 548 condominiums and penthouses, including 110 that participate in the Multifamily Tax Exemption (MFTE) program. Ovation is Seattle’s first high-rise project participating in MFTE, helping to meet the housing needs of Seattle’s middle-income population within the downtown core. The towers lend two “lit lantern” silhouettes to the city’s skyline, but are unmistakably defined by their own distinctive interior visions. Each tower features a curated local art collection to match its distinctive style – one elegant and contemporary and the other classically sophisticated. The property also offers residents a choice of six unique living concepts to suit a variety of tastes and preferences.

“While Ovation may be our most impressive community to date, I am extremely proud of the constructive collaboration we have had with our neighbors, stakeholders and partners throughout this experience,” said Brad Reisinger, Division President for LMC Pacific Northwest. “Specifically, we have worked diligently with the Mayor’s staff to make Ovation the first high-rise in Seattle to participate in the MFTE program. That means 110 much-needed homes for middle-income people will be provided.”

“QuadReal Property Group was a key partner in the development,” said Reisinger. “His team provides key insights with the benefit of a global residential portfolio of over 50,000 rentals and a commitment to continue to provide timeless, quality living additions that enhance the city.”

Ovation offers walkable, bikeable and commuter-friendly living within blocks of Seattle’s Central Business District, Capitol Hill and South Lake Union. A future Madison Bus Rapid Transit stop is under construction across the street and light rail access is just a few blocks away. The transit opportunities create nearly 300,000 jobs within a pedestrian commute, but the community also borders Interstate 5 with easy access to Eastside employers.

The community consists of studios, one and two bedroom apartments, one and two storey penthouses and townhouses with private entrances and balconies. Selected residences are state-of-the-art original convertible furniture including Pocket Office, Pocket Studio and Pocket Closet products. The apartment buildings range in size from 381 to 2,052 square feet and feature floor-to-ceiling windows, most with electric blinds. Kitchens and bathrooms come in six different design schemes, with quartz countertops and hardwood floors. The kitchens are equipped with stainless steel appliances and gas ranges.

All residents have access to an unprecedented suite of amenities, highlighted by an outdoor pool and rooftop spa on the 31st floor, and an expansive fitness center that occupies an entire floor. Both are located in the modern west tower. The classic east tower features an expansive rooftop terrace with a tranquil setting on the “Northwest Beach” perfect for summer fireside dinners. Several conference rooms and co-working spaces also form the east tower. Both towers offer rooftop patios with fire pits and outdoor kitchens, as well as covered pet runs with adjacent pet spas.

Ovation includes an eight-story underground car park with 44 EV charging stations – the most of any residential community in the region – with future-proof construction that will eventually accommodate up to 110 EV parking spaces. The mixed-use property comprises 6,883 sq ft of retail space and shares the block with the prestigious cultural and performance center Town Hall.

“We at Seattle City Hall are very excited to welcome Ovation to the neighborhood. From day one we have had a respectful and productive working relationship with LMC about the capabilities of this block,” said Town Hall Executive Director Wier Harman. “Visitors to this corner of First Hill will see a dramatically transformed neighborhood with new amenities for residents and City Hall visitors alike.”

Ovation is at the cultural crossroads of the city and within a short walk residents will find the theatre, symphony and museums. Sports fans have pedestrian or easy transit access to home games of the Seahawks, Sounders, Kraken and Mariners. World-famous Pike Place Market and the annual three-day Capitol Hill Block Party music festival are minutes away, and residents can stock up at the PCC Grocery just three blocks away.

Debt financing is provided through Wells Fargo. Other members of the team are JTM Construction as general contractor and Perkins + Will as architect. MG2 was the interior designer, DCI the civil engineer and PFS the landscape architect. NineDot Arts curated the art collection and McCullough Hill Leary was the land use attorney. The community is managed directly by LMC.

Ovation is LMC’s seventh completed community in the Seattle area, joining Atlas, Whittaker, Valdok, Axle, Twenty20 Mad and The Bower. LMC currently has two communities under construction (Spectra and Piper) in Marymoor and has begun initial underground utility work in its 194-home Crown Hill development.

About LMC

LMC is a multi-family real estate development and operation company with a diverse portfolio of institutional-quality multi-family rental communities throughout the United States. LMC has a pipeline of 42,000 homes from communities ranging from operating to development communities, spanning more than $16.8 billion in high-rise, mid-rise and garden housing.

LMC creates extraordinary communities where people can live remarkably.
www.LiveLMC.com

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, operation and development company headquartered in Vancouver, British Columbia. Assets under management total $67.1 billion. Since its inception in Canada as a full-service real estate firm, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, through programmatic partnerships and through operating companies in which it has an equity interest. QuadReal strives to deliver strong investment returns while creating a sustainable environment that brings value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

www.quadreal.com

media contact
Marlena DeFalco
Linnell Taylor Marketing
303-682-3943
[email protected]

SOURCE LMC

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