A new chapter is coming to downtown Kirkland — and it’s coming in the form of 26 luxury residences just steps from Marina Park.
Central Peak Residences, a boutique condominium project from Kirkland-based Cordillera Homes, recently began construction at the longtime U.S. Bank site on Central Way and Lake Street. With homes estimated to sell for over $1 million to north of $3 million, the development reflects a growing demand for upscale, right-sized living in walkable, amenity-rich neighborhoods on the Eastside.
While Bellevue’s high-rise towers tend to dominate headlines, the condo market is seeing quiet but notable expansion in the low-rise and townhome segments. A dozen active Eastside projects totaling more than 1,100 units are currently underway, and the boutique model is gaining traction among a demographic that values design, location, and ease over square footage alone.
For Cordillera, Central Peak marks a confident step further into the for-sale condominium space. The company’s earlier Kirkland builds, like Steeple Rock and Copper Creek, demonstrated strong demand for this kind of offering. The success of those smaller projects, paired with recent changes to Washington’s condo laws and insurance access, is helping unlock a segment of the market that had previously stalled due to regulatory roadblocks.
It’s also a play that aligns closely with shifting lifestyle trends. For many homeowners over 55, the appeal of a lock-and-leave lifestyle — no yard, no stairs, no mortgage — is outweighing the pull of a traditional single-family home. This new generation of downsizers is looking for thoughtfully designed homes with all the right conveniences: underground parking, smart-home tech, EV readiness, and proximity to parks, cafes, and daily essentials. Central Peak ticks those boxes with single-level residences ranging from 1,150 to 2,400 square feet, generous balconies or terraces, a landscaped rooftop, and a planned street-level café.
Beyond the design, the financing and delivery of Central Peak reflect broader shifts in Eastside development. The $30 million vertical loan from First Fed, along with equity from CS Properties and individual investors, signals a high level of confidence in Kirkland’s market fundamentals — even in a higher-interest-rate environment. Boutique condo buyers tend to rely less on financing, and projects like this often see strong all-cash demand, making them more resilient to economic pressures.
As Kirkland continues to evolve, projects like Central Peak suggest that the next wave of growth won’t just be bigger — it will be more tailored. Boutique condominiums are carving out a meaningful niche in the Eastside’s housing mix, answering demand that’s been steadily building among buyers who want luxury without excess, location without compromise, and simplicity without sacrifice.
This post was based on information found on Puget Sound Business Journal.
Rendering by: Baylis Architects
