For more than 65 years, the Alaskan Way Viaduct served Seattle well by whisking thousands of drivers on a double-decker freeway along the city’s waterfront. The viaduct was a wonderful route to the stadiums and airport when driving south or to downtown, Belltown and South Lake Union going north.
Living within a few blocks of the concrete-and-rebar edifice, however, was another story. The constant rattle of loose expansion joints when vehicles sped across was enough to make your head bust – but that was then.
Since 2019, a two-level tunnel has replaced the now-demolished viaduct, with the sounds of seagulls and smell of sea air a welcome replacement to highway clatter and vehicle exhaust. And that’s just the beginning.
The city is embarking on a near-total facelift along the waterfront, with updated pieces to the Seattle Aquarium, neighboring piers, and streets seeking to be friendlier to people using two feet or two wheels. The aim is to bring residents, tourists and visitors from nearby communities to an underused strip of the city.
The crown jewel of the 20-acre remake is Overlook Walk, a dramatic bridge and pedestrian walkway that will stretch from the western edges of Pike Place Market, over Alaskan Way and onto a waterfront promenade adjacent to the aquarium. We interviewed a key figure in the city’s ambitious project for a blog post in 2019 that includes details about an assessment on property owners closest to the improvements.
Construction on the new bridge is underway, along with the promenade and pool pavilion for sharks and stingrays. The bridge will include slopes and an elevator in addition to a breathtaking staircase with expansive views of Elliott Bay.
Connecting people to the water is the primary goal. Today, it can be challenging to walk to the water’s edge from Pike Place Market or other parts of downtown and Belltown. The project is reconfiguring streets and walkways to improve access to the city’s west boundary, including the addition of a new roadway called Elliott Way that will seamlessly connect Alaskan Way to Western Avenue in Belltown.
The city encourages everyone to visit the waterfront, even now, through a series of seasonal events, including block party weekends, free fitness classes, as well as private functions such as weddings on the newly rebuilt Pier 62.
The $750M+ endeavor should be complete in 2025, barring any additional delays such as the 4-month concrete strike that ended in April.
Angela Brady, program director for Waterfront Seattle, said Overlook Walk is “sure to become one of the city’s most celebrated locations.” I can’t disagree.
Living within steps of this beautiful waterfront experience is slowly becoming top of mind for people thinking of moving to the city or wishing to be closer to the action. The condo life will only get better being near dozens of waterfront amenities – restaurants, bars, tourist attractions, as well as concert and park settings.
A glance at the waterfront overhead showcases more than a dozen condo buildings within walking distance. (Click on map to see detail.) And most of these communities have homes on the market today for interested buyers seeking a solid investment.
One of the condos closest to this grand makeover is evident by the name – Waterfront Landings. This five-story, three-building community includes 232 units, with about six in 10 residences owner-occupied. People, perhaps anticipating the imminent price rise of these well-placed condos, are buying homes this year at a 5.5% premium above list price. Actively listed and sold residences at Waterfront Landings have ranged this year between $627,000 ($679/sq. ft.) for a 1-bed, 924 sq. ft. unit and $2.46M ($879/sq. ft.) for a 2-bed, 2803 sq. ft. home.
There are plenty of other options, in terms of price, amenities and location. It’s important to note only one additional condo is planned to open in the near-term – First Light, a 459-unit, luxury high-rise at 3rd Avenue and Virginia Street with a tentative opening of 2023 (but more likely 2024).
All told, there are slightly more than 400 condos on the market along the waterfront, in Belltown and downtown Seattle – including recently opened residences (Spire, The Emerald), converted factories and warehouses and everything in between. It depends on what a buyer wants to own and the level of convenience they are seeking.
Data as of July 16, 2022; Contact Seattle condo specialist Will Springer, Realtor® for updated figures and to discuss your real estate needs.