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!
November 7th, 2007 at 1:41 pm
Nice looking complex. A good way to protect some view – develop the whole block, too bad this could not have been the case at the Cosmo. I thought all the Clise properties were being marketed as a complete package. Appaarently not.
November 8th, 2007 at 8:28 am
Two bedrooms don’t sell. Good job unloading this beast before attempting to unload those 2′s. I see this pulling a Domain / Expo 62 once underway and presales are lagging.
November 8th, 2007 at 6:09 pm
^ What happened to Domain and Expo 62? Did they stop construction or lower prices dramatically?
November 11th, 2007 at 7:37 pm
What evidence do you have that 2 bedroom condos don’t sell? Ignoring the recent lull, everything I’ve read shows they sell better than any other kind of condo.
And there’s no way all the 13 acres of Clise property were going to sell to one developer. They put them all on the market at the same time, but that’s different.
November 13th, 2007 at 12:29 pm
jcriket..internal sales data and market info. you’re wrong. 1 bedrooms sell the most rapidly and alcove studios -not hotel room studios. read what you want.
Clise is going to 1 developer -its part of the bidding process. My bet would be a UAE fund buying then selling individual parcels possibly.
Domaine / Expo are circulating for sale market. It would be tough to get rents to support the sales price however.
November 18th, 2007 at 8:38 pm
From the Seattle Times Today:
Clise has narrowed the list of potential buyers to four or five “who have the capability of developing the whole property as it ought to be done.”
It is hoped that a sale — if there is one — will come in the first quarter of 2008.
But that’s a big if, [Clise President Richard] Stevenson adds, given the nation’s financial jitters.
He repeats what the company has said all along: “If we don’t get the right price and the right buyer, we won’t sell. We don’t have to.”
December 6th, 2007 at 9:51 pm
Awful and terrible! The architecture doesn’t even fit with the neighborhood! What are we doing with this city?! I thought we were a classy, elegant city! I’m sick of this glass box nonsense. What is this place going to look like in 20 years? Yuck!
December 7th, 2007 at 3:01 pm
I just uploaded another rendering from the Insignia Ads showing the West side. It’s not awe-inspiring, but it’s not bad. The street level appeal isn’t great, it looks like one big behemoth box. It would be more desirable if they designed street level plazas providing open gathering spaces for residents and pedestrians.
September 8th, 2008 at 3:57 am
hope to be the operator for this building with KIMACO LLC.
September 20th, 2008 at 2:38 am
What’s the status of sales at Insignia? How can I find out what’s available?
September 22nd, 2008 at 11:49 am
Miketuck49 – info I’ve come across point to this project is also waiting out the market with a number of other proposed condos. They did put up signage awhile back but there hasn’t been any further movement.
September 10th, 2009 at 6:41 pm
Looks like there’s activity at the Insignia site. Any uppdate?
September 10th, 2009 at 8:13 pm
The site is currently being using as the staging area for road crews doing work in Belltown. Unfortunately, nothing will probably happen until at least next year.
September 11th, 2009 at 10:05 am
There are also 40 or 50 cars on this lot… all with “clunker” spray painted on the side. One assumes that these were trade ins on the recent government “cash for clunkers” program. Interestingly there are quite a few late model vehicles on the lot that are clearly worth more than the $4500 that was the credit given for the trade in. eg of late model cars – Nissan SUV, Jeep Cherokee SUV, 560 Mercedes. Off topic…but kind of interesting.
September 11th, 2009 at 9:44 pm
Thanks, Ben. I enjoy reading your posts.
September 14th, 2009 at 4:23 pm
Update: Mind you this is hearsay, but I do believe the source to be credible. It appears the city signed a 3-year lease to use the site during the duration of the its Belltown repaving project, which runs through 2010.
August 22nd, 2012 at 10:26 am
Now that the project is on again, is the developer still proposing $750 per sq foot?
August 22nd, 2012 at 3:59 pm
@Bill, the current market may not be able to support it, but in 2-3 years from now, and if Insignia is the only project on the market, it could be. This is a quote from the developer in a recent Seattle Times article:
While condo prices at Insignia haven’t been set, Bosa said, “they’ll be more than you can buy anything [downtown] for now.”
Here’s a link to the article: http://seattletimes.nwsource.com/html/businesstechnology/2018381822_insignia08.html
October 23rd, 2012 at 11:22 pm
My opinion is that Seattle has too many boxed buildings. Does it have to do with using as much space as possible because I’m all for highrises with spires, like Atlanta and Philadelphia, the more pyramid shaped tops. I’m just happy the economy is picking back up and projects that were once on hold are now being built. I’m excited for Seattle’s future as the skyline goes but we have to remember when we’re filling spaces to stop and take a scenic look ( from the west Seattle lookout maybe) and see what’s missing in our skyline. Do architects even think that way? I have to say, all the buildings being built right now, all I see are boxes. I highly recommend anyone to check out Atlanta and Philadelphia’s skylines, they are absolutely stunning. Don’t get me wrong, I love Seattle. If I didn’t care I wouldn’t be writing this. Any positive feedback would be appreciated…Peace : )