“We are very sympathetic that relocation to a new apartment is not easy or desirable,” it reads. UPDATE x2: Here is the statement from Security. We’ve been promised a statement on the plans. UPDATE: A person familiar with the plans but not authorized to go on the record said the company is planning to provide generous relocation assistance above and beyond legal requirements and will extend the benefit to all residents regardless of income. We have messages out to Security Properties about the plans. The Panorama resident who told CHS about the situation says residents are concerned about the near 80% boost in rent that they’ve been told to expect by others in similar situations. The plan to empty the building for the work appears to be entirely legal but we’re checking with the city and the Washington Tenants Union to learn more.Ī recent listing shows a 2 BR apartment in the building available for $1,525. Security paid $73.9 million for the apartment building in a transaction completed last week, according to county records. UPDATE: A representative for Security tells us that the plan to increase the number of units in the building has been scrapped while the other upgrades are still on the table. The building is also set for a new paint job. They plan on upgrading the building electrical and plumbing systems, as well as renovating the common areas and each individual unit.Īccording to city records, Security Properties is planning to carve 263 units out the building currently home to 179 apartments while renovating “ existing amenity and rooftop spaces,” and doing exterior repairs to existing facade, windows and decks as necessary. Their justification for emptying the building is that it will be easier, safer, and more convenient to have the building be empty. They said that they intend to have the residents begin moving out as early as February of next year, and will have the entire building empty by May or June in order to completely renovate the entire building. Here’s part of a message we received from a resident:Īt the open house, it was announced that Security Properties intends to renovate the entire building and, in order to do so, they will be forcing everyone to move out. By May or June, new owners Security Properties and related building management company Madrona Ridge Residential are planning to empty Panorama of residents before a massive overhaul. But before the rents get jacked up at First Hill’s Panorama House, a 52-year-old, 19-story, concrete highrise on University just east of Boren, the building’s owners are taking things one step farther. The Panorama House building at 1100 University (Image: King County)Ĭentral Seattle tenants already know what is coming these days when a new company buys their building on Capitol Hill, in the Central District, or on First Hill.
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