Heron & Pagoda Facing Foreclosure

The signs were all there. Heron and Pagoda was a “NEW YORK” style, 46 floor (550-feet) twin towers project.  However, New York developer Multi Capital Group is facing foreclosure on only an approximate half of the project, which is reported to hit the auction lot  in June.  Alec Carlin, of Hummingbird Advisors was quoted saying that he only found out about the foreclosure last week and that the project has been on the back burner.  The article also stated that Carlin said, “still on hold, waiting for the economy to change.”

A spokeswoman for Washington Secretary of State Sam Reed said ZRMBH (a Multi Capital affiliate that owns the three parcels) no longer is a legally recognized corporation. It failed to file a required annual report last October and was administratively dissolved in February, she said.

Heron Pagoda Towers – 1913 5th Ave., Seattle, WA 98101

Status: Postponed
Neighborhood: Downtown

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DESCRIPTION

Offering high-end hotel, condominium and office space, as well as deluxe retail space at ground level, developers of the 1.2 million-square-foot building at 1913 5th Avenue.  Above the glass-walled base, containing a large atrium, would rise the northern tower, nicknamed Pagoda. It would contain nine floors of hotel space, with 22 floors of condos above that.  Pagoda would be architecturally distinctive on its exterior to distinguish it from the all-residential south tower, nicknamed Heron. Separated from Pagoda by 70 feet, Heron would house 32 stories of condos.  Each sleek, angular tower would be topped by a V-shaped roof over a 50-foot-high combined open-air arboretum, roof garden and enclosed recreation space. Photovoltaic cells and microturbines would generate about 7 percent of the building’s electricity, and cisterns collecting rain would partly offset water use.

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.

Pagoda and Heron Twin Towers

Alec Carlin with Hummingbird Advisors of Seattle informed us that last nights design review meeting with the Department of Planning and Development went well and is moving to the next stage. Mr. Carlin said concerns were addressed by Escala and that he’s interested in working with them on the project. In the meantime, DPD and Carlin will be moving towards the Master Use Permit (MUP) and recommendation process.

If you’ve yet to hear about the new project, preliminary plans for the 45-story twin tower, high-end hotel, condo, office and deluxe retail development will be located at 1913 5th Avenue (between Escala and Westin Hotel). Architect Ishmael Leyva from New York has been chosen for design to bring a new edge to Seattle. Ishmael was also 1 of 5 architects who designed the Time Warner Center in NY which has a center atrium similar to plans for the new Seattle project that will separate the two towers.

The Pagoda Tower (northern) is planned to have a distinct difference with 9-floors of hotel rooms including hotel ballrooms, meeting rooms, pool and spa.

The Heron Tower (southern) is planned to be all condos. Both 550′ towers are planned to be topped with an arboretum, roof garden and recreation facilities.

Completion is expected to be in 2011 and Alec feels that the market will support more condos at that time. We’ll all be able to make a better guess at the projects success when we hear more about estimated prices (which have yet to be determined).