That’s right, the Puget Sound Business Journal reported that Starwood, the company which had planned to build 1 Hotel and Residences, has announced that the large hole that has been not occupying anything next to the Macy’s garage on 2nd and Pike will finally be filled.
In a press release, Starwood Capital said, “As we wait for capital markets to stabilize sufficiently enough for us to realize our vision of building a world-class hotel and residences at the gateway to Seattle’s retail district, we are working in partnership with the city to ensure the property remains clean and presentable over the short-term at this important location”.
They’re still holding strong to the idea of developing on the corner, which very likely is one of the most valuable vacant lots in downtown, if not the most valuable.
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Located on the corner of 2nd and Pine, 1 Hotel and Residences is a retail, residential, and hotel development in the retail core of downtown. Pike Place Market also gives this place a distinctive and lively character. In addition to 5-start hotel accommodations, the property features: 7 penthouse townhouses with soaring 20 foot ceilings and private roof terraces; Premier Flats with large format, open plan flats, many with terraces; The Residences with a diverse collection of floor plans; and The City Suites, innovative, all suite residences designed as in-city retreats. Within its walls, residences and guests will find retail opportunities, a signature restaurant and bar, a day spa and health club.
ADDITIONAL OPINIONS & REVIEWS
*Data is deemed to be reliable, but not guaranteed. In some cases, number of units may include commercial and residential spaces and/or height may or may not include a 13th floor.
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.
Another developer is being reported in the Seattle P.I. as putting off construction of another expected high-rise due to a market slowdown. It seems as though every week, sidelined buyers are limiting thier choices to what to choose from by not making any offers. Both the European Tower in Bellevue, and Insignia Towers development in Belltown have officially announced their reason for delay as a result of a market slowdown. 1 Hotel has announced a delay in construction so they can redesign the project to make it more appealing to lenders.
Again, this brings up an issue of rising rental rates and population boom.
An underlying message the media and many industry professionals are trying desparately to share is that if projects continue to be delayed, and our job market continues to bring more people to the northwest, a limited amount of real estate investments will become virtually unaffordable for picky buyers who think prices will go down any further.
ESCALA still plans to increase their prices by 3 to 7 percent on June 5th, and many Realtors are telling more and more of their sellers to be patient rather than accepting low-balled offers.
The “no more beating around the bush” message is; BUY, BUY, BUY!