Developer of 1 Hotel Sells
The Seattle Times has reported that the developer of 1 Hotel, Paul Breneke, sold his interest to Starwood Capital Group. Starwood now has 100% interest in the undeveloped hole on the corner of 2nd and Pine. Although the blame for not developing the condo/hotel project is said to be at the mercy of the national credit crunch, the concept didn’t really seem too appealing. But, the Times states that they received a written statement from Starwood saying they’re, “working on plans to ensure we have created a healthy and exciting total environment that will live up to the expectations we have for our brand.”
Everyone still seems to be unclear on what will be done with the hole in one of downtown’s most prime locations.
That’s a great image. I swear, that project is jinxed.
Yeah, that whole lot is probably jinxed. Especially if Starwood sticks with the already risky concept. It’s such a great location, but just the stigma it’s had over the last year or two is anything that would help my consumer confidence in making an investment.
If it was all condos, I’d probably be a big fan. But I think they could only attract investors for the concept because of it’s zoning…?
Where’d Trump go? Wasn’t he looking for a prime piece of Seattle dirt a few months back?