More big towers fall. In today's Seattle Times an article titled: Proposed Seattle high-rise now faces foreclosure. This is the $900 million twin tower project that NY-based Multi Capital Group planned for 5th Ave, between Virginia and Stuart.
Apparently the developers are walking away from parcels meant for the Heron and Pagoda towers. Seems they can’t come up with $13.7 million to save the project, which according to the Seattle Times is “among the most ambitious Seattle skyscraper proposals to surface during the recent real-estate boom.”
Meanwhile, a couple weeks ago the Stranger did a piece on another of Seattle’s favorite developers. Apparently, "Schnitzer West's Dan Ivanoff declined repeated requests for comment." But rumor has it that [rumor]
According to the Stranger article, Schnitzer has "zero tenants" in 1918 8th (the big ass office building next to Cosmo), and 35% of 818 has yet to be leased.
The article also cites a number of Schnitzer condos with lagging sales.
-Gallery in Belltown - "deposits...on fewer than half of 233 condos"
-Brix Condos on Capitol Hill - "fewer than half have sold
"
-Equinox on Eastlake - "signed contracts for fewer than 30 percent"
I wonder if Schnitzer would be interested in a short sell on 1918... sure would be a nice space for an urban farmer's market, or perhaps even a roof-deck skateboard park.
Image sources: Heron and Pagoda - Seattle Condo Blog Denny Triangle - the Stranger
Tuesday, April 28, 2009
Schnitzer tower for sale?
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1 comments:
Wow this is good to know. Thanks for posting the info. It's too bad these towers are not selling. They can really change Seattle's skyline for the better.
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