The Seattle Condo Blog

Another Belltown condo project
The Schuster Group, developer of Mosler Lofts, purchased the site just south of the Bellora at Cedar and Elliott, according to the DJC. Earlier proposals for the site included a mid-rise apartment and condo projects. At one point one of the proposed projects was called “Bellora 2″.

Schuster’s current plans for the site is a “green” condo project which is zoned to 125′ for residential buildings. No time frame has been provided.

Insignia Towers
The DJC also reported that construction of the Insignia Towers project at 5th between Bell & Battery has been postponed, possibly until 2009. Insignia’s developer, Embassy Development, attributed the sluggish market for their decision.

Escala
As was widely reported earlier this week, Escala announced they’re increasing the prices of their remaining inventory. While the overall adjustment reflects a net increase, sources indicate that they also reduced prices on some of the units the east side of the building.

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 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 – 29 months.

Interesting quote from the developer in the DJC: “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.’ “

Since when is $750/sf considered affordable. What exactly is a decent wage for downtown workers?