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 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!