Clise Properties has taken its 13-acres in Denny Triangle off the market due to the global credit market downturn. Clise received 15 offers and conducted 60 tours with the most serious offer coming from a Dubai-based real estate development company.
Clise is expected to put the properties back on the market once the financial markets improve.
More info: SeattlePI and Seattle Times
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!
Over the next few years Seattle’s “Midtown” district may experience a spate of new construction activity from several new high-rise developments under proposal. Midtown is roughly the area where Denny Triangle, Belltown and the Retail District converge. One of the projects in particular will provide a refreshing change to Seattle’s skyline.
The Clise family, a major land owner in the Denny Triangle area, has put nearly 13 acres up for sale. With the recent zoning changes, this large swath of land is prime real estate for redevelopment. The parcels have a capacity of 13 million square feet of development which could exceed $7 billion in investments.
Sneak Peaks 2 takes a look at several proposed projects. None of these are certain and may never come to fruition. Nevertheless, it’s a chance to see what’s may lie in Seattle’s future.
5th & Bell (site of Teatro Zinzanni):
Project consists of two 32-story towers on top of an 8-story base with plans for 640 residential units, 34,000 sq ft of retail space and 1,063 parking spaces. This project’s proposed completion is 2010.
2nd & Pike:
The proposed project is a mixed-use 35-story building with 200 residential units, retail and below-grade parking.
420 Queen Anne Avenue N:
This proposal is to develop a mixed use six-story building with approximately 1,800 sq. ft. of ground floor retail, 23 residential units of floors two through five, and below-grade parking for approximately 28 vehicles. Not sure if this is a condo or apartment building.
715 E. Pine St:
Proposed for the BMW Seattle site in the Pike/Pine Corridor. The project is 6-stories with 208 residential units, 50,000 sq ft of commercial space and parking for 190 vehicles.
809 Olive Way:
This 27-story project is an apartment not a condo. So, why add it here? It’s proposed for the site across the street from Olive 8 to the east thus blocking Olive 8 in with Qwest Plaza on the west side. Not sure if it’s an condo or apartment.
8th & Pine:
Not much is known about this project, but the zoning changes allow for a 45-story condo/hotel project (180 condo units). One of the partners is Vancouver, BC-based Executive Hotel & Resorts and the other is the CEO of Zones. If constructed, the 8th & Pine building will overshadow Olive 8 on the south end, completely boxing in Olive 8.
Part of the grand revitalization of the Denny Triangle neighborhood, the 7th at Westlake project is a 31-story high-rise. The first 16 floors will be reserved for office space, with 184 residences starting on the 17th floor. The building will be neighbors with 2200, Enso, Escala Midtown and the Cosmopolitan.
Currently, residential plans are for studio, 1 bedroom, 1 bedroom + den, and penthouses. Interesting to note, there are currently no plans for 2 bedroom units.
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