SEATTLE | Downtown Projects: Completed, U/C, Proposed/Approved

[mSeattle]

Vashon, thanks for all the updates!

[alki]

I posted about this project previously. Unfortunately, it looks like the developer is going with an all office development and no public toilet.

So now it appears that Pioneer Square will get neither the apartments nor the loo. And what would Smith say to community supporters of his earlier plan?

“Talk to the city,” he said, explaining the city of Seattle has been looking at the 130-foot-tall building and Portland Loo proposal for 24 months. In the meantime, thousands of downtown residential units have been built or are planned, so the ship has sailed on the opportunity for him to include residential units because so many are already on the market.

“These kinds of things should not take two years to get done in the city. It’s paralysis by analysis,” Smith said.

He added that his new plan to build the shorter office building sans the public loo is not a done deal. But, he said, “I’ve filed for the MUP (master-use permit)” for the all-office project, "and we are heading down that path.”

http://www.bizjournals.com/seattle/n...er-doesnt.html

[alki]

Amazon Towers, Paul Allen’s Geek Zone Cursed by Dullness

By James S. Russell - Sep 18, 2013 9:01 PM PT

http://www.bloomberg.com/news/2013-0...-dullness.html

[mSeattle]

Originally Posted by alki

Amazon Towers, Paul Allen’s Geek Zone Cursed by Dullness

By James S. Russell - Sep 18, 2013 9:01 PM PT

http://www.bloomberg.com/news/2013-0...-dullness.html

We will see. Hopefully some more exciting designs will be used on future projects.

[alki]

Laconia Revives 38-Story Icon Tower Plans At 6th & Wall



http://seattle.curbed.com/archives/2...tower-icon.php

[alki]

Downtown Parking Lot Sells For $16.75M To Hotel Company

Tuesday, September 24, 2013, by Sean Keeley

http://seattle.curbed.com/archives/2...el-company.php

[alki]

New Renderings For Ninth & Stewart, Seattle's Soon-To-Be Tallest Hotel

Tuesday, September 24, 2013, by Sean Keeley





http://seattle.curbed.com/archives/2...lest-hotel.php

[alki]

New report shows no let-up in Seattle apartment building boom


Marc StilesStaff Writer- Puget Sound Business JournalEmail | Twitter

If you think there are a lot of apartments under construction in the region, just wait.

This year, developers in the tri-county region will open about 7,500 new apartment units, according to a report that Seattle company Dupre + Scott Apartment Advisors issued Monday. That’s the highest level since 1991, but not a record.

The most eye-popping data are not the numbers; rather it's where the apartments will be built. Spoiler alert: it’s Seattle.

Overall, developers are building or planning 42,000 units that they hope to open between this year and 2017. More than 21,000 units are already under construction or completed, and another 4,100 units are scheduled to start construction by year’s end.

So how many will be built in King County and Seattle? A lot.

At the beginning of 2013, nearly two-thirds of the units in King, Pierce and Snohomish counties were in King. In the next five years, 88 percent of the development planned will be in King County.

Up until this year, the Seattle market had only 23 percent of the tri-county units planned or under construction. But over the next five years, 54 percent of the new units will go up in Seattle.

Typically, Dupre + Scott discounts projects planned for two of three years out because only about two-thirds usually are built. The company said that based on this experience, the overall market should see a drop in 2015 production, from the 11,800 units that Dupre + Scott reported in March.

Instead, the company has seen developers add more projects than they shelved. Dupre + Scott is now tracking 13,700 units that developers plan to open in 2015.


read more..........

http://www.bizjournals.com/seattle/n...n-seattle.html

[mSeattle]

Wonder how this compares to the number of apartments that were lost in the condo conversions in the mid 2000s? They probably haven't all been replaced yet.

[IMBY]

Oh, that 815 Pine Building! Iyiyiyiyiyiyiyi! Is it because it's so late in the night I'm looking at it, I'm not appreciating something here?

[mSeattle]

Originally Posted by IMBY

Oh, that 815 Pine Building! Iyiyiyiyiyiyiyi! Is it because it's so late in the night I'm looking at it, I'm not appreciating something here?

It's designed to be viewed in the dark of night. :-/

[alki]

Originally Posted by IMBY

Oh, that 815 Pine Building! Iyiyiyiyiyiyiyi! Is it because it's so late in the night I'm looking at it, I'm not appreciating something here?

What about it don't you like? Its not breaking new ground architecturally but I don't think its horrific. One plus.......the site is small so at 40 stories, it should be a fairly slender tower.

As an aside, I have lost all sense of what is what when it comes to bldgs going up DT........esp if the bldg name is a street address. That's because there is so much under construction DT. So I had todo a search for this one up...........could not remember what it was. Not complaining for sure......just noting.

I really like the one at 6th and Wall of what little I can see. Looking forward to seeing the updated rendering.

[mhays]

Originally Posted by mSeattle

Wonder how this compares to the number of apartments that were lost in the condo conversions in the mid 2000s? They probably haven't all been replaced yet.

I don't recall a huge number of those, despite being a buyer at that time.

[mSeattle]

At least one article I found has a number for units "sold" for conversion (2000+). http://community.seattletimes.nwsour...doconversion16

They count between the years of 2002-2004. It would be interesting to find the number of properties that kept same owner but just converted.

[mhays]

Originally Posted by mSeattle

At least one article I found has a number for units "sold" for conversion (2000+). http://community.seattletimes.nwsour...doconversion16

They count between the years of 2002-2004. It would be interesting to find the number of properties that kept same owner but just converted.

I don't recall that period. But the last version had some failed attempts. The trend started right before condos crashed, and the concept was quickly not viable. I think some that actually sold units ended up reverting to rentals. Then of course a few buildings were built as condos but turned into rentals. That was a big part of today's tight condo market.

As for 815 Pine, I like it. It's not in my comfort zone, but it's growing on me.

[mSeattle]

Originally Posted by mhays

I don't recall that period. But the last version had some failed attempts. The trend started right before condos crashed, and the concept was quickly not viable. I think some that actually sold units ended up reverting to rentals. Then of course a few buildings were built as condos but turned into rentals. That was a big part of today's tight condo market.

I'm guessing that these apartments may have still been "lost" in terms of their previous affordability (new luxury apartments/failed conversions) after the conversion work or even just the multi-selling in the high market and continuous rise in rents.

Just thinking that the current construction volume has to be in context. It's still not enough for affordability given that our incomes are not just stagnant but shrinking.

[mhays]

This week it was reported that King County incomes grew the fastest of all large US counties. I think it was 1.6% year-over-year. That doesn't necessarily apply to all income groups of course.

Rents are rising for a reason. Our economy is booming relative to much of the country, and people are moving here. This is outstripping our sizeable apartment boom.

As for the failed conversions, I suspect a lot stayed cheap. Those that renovated then stopped might have gone with high rents. Those that failed to renovate might have kept the lower prices. Just guessing.

[alki]

Construction Is Everywhere, But Industry Still Fragile

By Carolyn Adolph

Housing is another example of how the recovery looks different for different parts of the construction industry. Apartment buildings have been going up all over Seattle.

But starts of apartment buildings actually declined this spring. The state’s Economic and Revenue Forecast Council says the number of permits being issued for housing fell more than expected. The decline was in apartment building permits, which fell by more than half – a bigger correction than expected. This may just be temporary; the state’s forecasters expect that segment to pick up again.

read more..........

http://kuow.org/post/construction-ev...-still-fragile

[mhays]

They're right....construction is still strong in niches but it's not broad based.

Seattle is doing better than the rest of the state, core districts are doing better than suburban (except some nodes like Downtown Redmond).

We're buiding hotels and offices, but on a smaller scale. Retail construction is still relatively rare. Public building construction is way down. Hospitals have mostly finished their big projects. Even the military has cut back.

[alki]

Oct 2, 2013, 7:22pm PDT

Major redevelopment planned for Rainier Square in downtown Seattle (slide show)


Marc StilesStaff Writer- Puget Sound Business JournalEmail | Twitter

The University of Washington plans to select a developer next month to transform a large portion of Rainier Square, part of the university's prime property holdings in downtown Seattle.

The university plans to enter into a long-term ground lease with a developer on the Rainier Square property, according to documents that the UW issued earlier this year.

The redevelopment site wraps around Rainier Tower at the southeast corner of the block. The 40-story tower, known for its distinctive pedestal, is not part of the project.

A collection of restaurants and mostly high-end shops, Rainier Square is part of the university’s Metropolitan Tract — 10 acres of some of the most valuable real estate in the Pacific Northwest.

UW documents state that more than 1 million square feet of office, residential, hospitality and retail space could be developed on the 1.4-acre Rainier Square redevelopment site, which takes up most of the block between Fourth and Fifth avenues and Union and University streets.

read more............

http://www.bizjournals.com/seattle/n....html?page=all