In 2004, Alcyone opened as the first new, moderate-market rate LEED certified multi-family building in South Lake Union. Residents currently living in the building represent a wide demographic range, but are linked by their interest in outdoor recreation and the environment.

The building provides unusual amenities, with an organic rooftop p-patch that uses recycled rainwater, bicycle and kayak storage, roll-up garage doors for artists, hobbyists and outdoor "toy" collectors, and a hybrid Flexcar for resident use.

Alcyone includes units that meet the street edge with individual stoops, and in some cases, gardens. These lofts have brick facades reminiscent of the brownstones of New York, Boston and Philadelphia, and are surrounded by lighting and lush landscaping which combine to create a pleasant pedestrian experience. In addition, locally created artwork graces the lower levels of the building, along with Paddy Coyne's Irish Pub, a popular neighborhood gathering place.