The Seattle Condo Blog

Heron and Pagoda Towers

The Seattle Times reports that Heron/Pagoda Towers developer Multi Capital Group has lost part of the property through foreclosure.

A developer who had proposed a $900-million, twin-tower development across Fifth Avenue from the Westin Hotel in downtown Seattle has lost part of the property to foreclosure.

New York lender G4 Capital Partners took title to about half the site of the proposed Heron and Pagoda towers this week, according to county records. G4 had loaned an affiliate of New York developer Multi Capital Group $13.7 million to buy the property, but the affiliate defaulted.

Ashworth Cottages

A Pryde+Johnson development in the Green Lake neighborhood had sold only 2 of its 20 homes in the two years before the bank took over the development a few months ago. Since returning to market three weeks ago with steep discounts they’re now down to their last four units.

Even though they’re nearly closed out, Ashworth Cottage’s latest sales team is hosting its official Grand Opening on Saturday, November 14th with lattes from 11-1pm and hotdogs from 2-4pm. www.liveashworth.com

European Tower

GIS International is bucking the trend and moving forward with pre-sales at its one-home per floor European Tower development. They’ve reduced prices significantly and re-launched their website. www.europeantower.com

Marselle Condominium

Marselle reports that they’ve sold 20 units last month and 13 owners have already moved into their new digs. Half of the homes are priced under $300,000. www.marsellecondos.com

The Seattle Times reported that the proposed mega twin-tower project, Heron and Pagoda Towers, at 5th Avenue and Stewart is in trouble with the possibility the property will be foreclosed.

About half the site of the proposed Heron and Pagoda towers will be sold to the highest bidder in June unless the developer pays off a past-due loan on the property, according to a notice filed with King County.

New York developer Multi Capital Group filed permit applications for two 550-foot towers with 1.2 million square feet of condos, retail, hotel and office space. But the project was postponed indefinitely last year, one of many victims of the faltering economy and credit crunch.

Now G4 Capital Partners, a New York lender, says a Multi Capital affiliate has defaulted on $13.7 million it borrowed in 2007 to help buy three of the five parcels that make up the project site.

Unless the debt is paid, those properties, which total about 0.37 acre, will be sold at auction in Bellevue on June 19, according to a public notice filed on G4’s behalf last month.

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.”

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.

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.

There’s a new look for the Heron/Pagoda project at 5th Avenue between Virginia and Stewart Streets in downtown. The most current renderings indicate a twin-tower design, which interestingly enough, will be directly across from the Westin Hotel’s twin-towers.

Between the Westin & Escala (foreground)

Note: A 2nd design guidance meeting has been scheduled for this project on February 12th at 7:00 PM at Seattle City Hall.

It seems Seattle will be awash with double vision in the coming years. Besides the Heron/Pagoda project, at least four other twin-tower projects have been proposed in the downtown area — Insignia Towers, 1200 Stewart, 2nd & Virginia and the Pike Street Group’s project at 6th & Lenora.

SeattlePI article: Hotel-condo project to face Westin

Renderings courtesy of Ismael Leyva Architects.

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.

Read the full story

Land Use Update

Just saw a bulletin for a new 46-story hotel/residential project at the corner of 5th Avenue & Stewart which is currently a parking lot (next to the Escala presentation center). The proposal calls for 175 hotel units and 190 residential units which I presume will be condos. A 2nd early design meeting has been set for Tuesday, June 12 at 7:00 PM at Seattle City Hall.

The Mortgage Porter

I’ve been reading Rhonda Porter’s blog posts for a while now, mostly on Rain City Guide. Though, she has her own fantastic blog – The Mortgage Porter – that includes weekly rate updates, well-written articles on the mortgage process, info on different types of loan products and financial planning advice.

Now, I don’t have a business relationship with Rhonda, nevertheless, she has a great knack for writing and provides a wealth of useful, unbiased information for home buyers. It’s well worth the look.

Memorial Day

Enjoy the weekend and happy condo shopping. I’m heading out-of-town, camping in the Cascades. I’ll probably be cold and miserable (something like 50 degrees), but we all need a little break from urban living.