South Lake Union's Rollin Street Flats condos have been slated for conversion to apartments, according to Vulcan Real Estate, the Seattle-based developer. While pre-sales had covered a reported 25% of the units, sales were slow enough that Vulcan decided it would not sell quickly enough to meet Fannie Mae guidelines for financing in the near future.
Home buyers who had put down deposits on Rollin Street are having their deposits returned. Additionally, they're being offered a credit on a purchase of Vulcan's other South Lake Union condos - Enso and Veer Lofts. They can also receive a credit to rent an apartment at Rollin Street.
The move is probably a positive for the South Lake Union and downtown Seattle condo market. By removing a couple of hundred condos from the current inventory, other new projects will see an uptick in buyer activity.
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