{"id":5329,"date":"2009-04-28T15:23:22","date_gmt":"2009-04-28T22:23:22","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=5329"},"modified":"2009-04-28T22:07:53","modified_gmt":"2009-04-29T05:07:53","slug":"vulcans-rollin-street-flats-to-convert-to-apartments","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/04\/28\/vulcans-rollin-street-flats-to-convert-to-apartments\/","title":{"rendered":"Vulcan’s Rollin Street Flats to Convert to Apartments"},"content":{"rendered":"

I received an email tip from a reader that Vulcan’s Rollin Street Flats<\/a>, a 197-unit condo building in South Lake Union is officially going apartment.<\/p>\n

Just four days ago, the Seattle Times reported<\/a> that Vulcan had “pushed back the start of closings on its nearly finished Rollin Street Flats project.”<\/p>\n

An email being sent to buyers who had pre-sale agreements at Rollin indicates that Rollin Street was only 25% pre-sold, well below 70% threshold required for Fannie Mae backing (the threshold was previously 51%, and was raised to 70% on March 1):<\/p>\n

Market conditions tell us we will not achieve the required minimum 50% pre\u2010sales in a short timeframe. As a result, we have decided to convert Rollin Street into a rental apartment building. We will refund your earnest money deposit (currently safely held in an escrow account) and any deposits you made for upgrade finish options.<\/p>\n

We had expected to be able to communicate this decision earlier, but the process of getting permission from our construction lender took much longer than we had hoped.<\/p><\/blockquote>\n

I have an email out to Vulcan for confirmation on this, and will update this post if\/when I hear back from them.<\/p>\n

[Update @ 3:45 PM]<\/em>
\nOver at Urbnlivn, Matt has posted the full email from Vulcan<\/a>.<\/p>\n

[Update @ 3:55 PM]<\/em>
\nConfirmed<\/b> by a representative from Vulcan:<\/p>\n

Yes, we did send out a buyer communication today that confirmed our intention to convert Rollin Street into an apartment building.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

I received an email tip from a reader that Vulcan’s Rollin Street Flats, a 197-unit condo building in South Lake Union is officially going apartment. 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