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pt edwards

An old tank farm sprouts luxury condos...

Clinging to a breathtaking bluff overlooking the Puget Sound, Point Edwards is Triad's latest effort at combining master-planned community and resort ideals into condominium form. It is a testing ground not only from a design and construction standpoint, but it has also allowed us to utilize new and innovative financing mechanisms.

A former Unocal tank farm, the 23 acre site offers not only stunning views, but also convenience to downtown Seattle and the Washington State ferry system.

Construction on the 343-unit project started in October 2003 and will be phased through 2007. The high-end units, housed in 10 separate 3-story buildings, will be priced from $200,000 to nearly $1.5 million and will feature floorplans ranging from 550 to 2,500 square feet.

Triad teamed with Australian bank Macquarie to create a one-of-a-kind financing vehicle for this $170 million project. The result is that Triad has the financial flexibility to respond to local market changes, enabling the best product to be built and offered for the best price.

Nearly 70% of the homes will feature incredible water views - which include the Olympic Mountains, sunsets and Puget Sound to the west and Possession Sound and Downtown Edmonds to the north. Many units without water views will enjoy vistas of Mt. Baker to the northeast. The community features a state-of-the-art clubhouse, extensive nature trails carved into the side of the scenic ridge, and numerous heavily landscaped "look-out points" to ensure a view for all.

Response to the project has exceeded all expectations. Our first 55 homes in Phase I sold out so quickly that we presold Phase II before construction even began. We were able to start the grading for Phase III a full year ahead of our original schedule.

• 350 homes in 10 buildings on 23 acres
• Mixed income pricing from $200k to $1.4 million
• One-of-a-kind $145 million debt/equity vehicle created by Macquarie Bank
• 6,000 sf "community center" featuring gourmet kitchen, media room, fitness center and infinity pool
• Extensive public open space/vista points incorporated into the project

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pt edwards

pt edwards

pt edwards

pt edwards

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2801 Alaskan Way, Suite 107
Seattle, WA 98121
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