The Seattle Condo Blog

The Heron Pagoda development at 5th and Stewart has been delayed, according to the DJC today, becoming the latest project to be put on hold due to the housing market and the economy. It joins the other major downtown area projects that are on the back burner — AVA, 1 Hotel, Martin and Stewart and Minor, et al.

Per the DJC’s article:

Multi Capital Group is delaying construction on a two-tower development across from the Westin Seattle due to a faltering economy, poor local condo sales and lack of financing for parts of the complex, according to a project official.

[Multi Capital] had planned to start building the 46-story Pagoda and Heron towers in late 2009, said Alec Carlin, senior project manager with Hummingbird Advisors, which is managing the development.

“We’re still trying to decide when is the best time to move forward,” Carlin said.

Carlin said Multi Capital has considered building apartments instead of condos, but “right now it’s staying condos as far as we’re concerned.”

More preliminary renderings of the Heron and Pagoda Tower project in downtown Seattle. Just based on the scale of the project (1.2 million square feet, $900 million) and striking architecture, this has got to rate as the most exciting development Seattle will experience. The project will consist of two 43-story towers (550′), up to 200 hotel rooms and 500 condominium homes.

Looking West towards Heron & Pagoda Towers.

Night rendering of the project.

Heron and Pagoda will be connected via the 11-story base that’ll include a soring atrium, pool & spa, retail & hotel amenities.

The 50-ft high V-shaped roof encompasses an open air arboretum, roof garden and covered recreational space.

View to the North with the Heron in the center, Escala to the left and the Westin on the right.

See also: SeattlePI article

Renderings courtesy of Ismael Leyva Architects.