Update June 2012: Bosa Development has finally broken ground on Seattle’s first new condominium development in 5 years.
Update March 2012: It’s been awhile but I can now confirm that this long overdue development will be re-awakening. Embassy Development / Bosa Development affirmed intentions to break ground on Seattle’s largest condominium project by May.
The old Teatro Zinzanni block between 5th & 6th Avenues and Battery & Bell has been sold to Embassy Development of Vancouver, BC. Though this isn’t exactly earth shattering news, it does express a commitment by Embassy to develop the site.
The proposed development, called Insignia Towers Condominium (website), is big – encompassing two 41-story condominium towers with 643 units. Construction on the first tower may break ground in 2012
is expected to begin next spring with a 2010 completion date. The second tower is expected to start around spring 2009. Each tower will have a lengthy construction timeline estimated to be approximately 29 months.
Interesting quote from the developer in the DJC from 2007: “Most of the condos will be two-bedroom or two-bedroom with dens. Prices in the first tower will start at $750 a square foot, and are intended to be affordable to downtown workers making a ‘decent wage.’ “
If Embassy does move forward with Insignia Towers it will be the first major condominium start in Seattle since 2007. Construction would not be completed for at least two-years (more likely three-years) so that bodes well for Seattle’s condo market, which now has a dearth of available condo inventory.
Per the developer, they hope to break ground by May of this year with pre-sales starting by 2013.
Stay tuned for more information!