New Hotel / Condo / Apartment Tower Proposed for Downtown
The Seattle Times reported that a hotel / condo / apartment tower combo is being planned in the downtown core at 5th Avenue and Stewart Street (this was the site for the once proposed Heron & Pagodo Towers project that has long since bit the dust).
The proposed 50-story tower project is located directly SE of the Escala Condominium and is to include a 284-room hotel, 133 condo units and 90 apartment units. That seems to be an odd mixture and could potentially create a condo lending issue down the road given the commercial and apartment mixture. For example, obtaining condo loans at two other hotel/condo developments in the Seattle area (The 2200 and Olive 8) have been challenging for buyers.
A design review guideline meeting is scheduled for 7 PM on Tuesday, December 16th at Seattle City Hall. For more information on the meeting you can view the Seattle DPD land use bulletin here.
If it goes through, this will be the 4th major condominium proposed or under construction in downtown. The other three being Insignia, the 2nd & Virginia project next to Cristalla and the 4th & Bell TeamRise project.
Update: Potentially, five new projects downtown as another proposal at 6th & Wall is also up for review on Tuesday, December 16th. This would be a 40-story skinny tower with 400 units. This is the site of the former Icon Tower proposal on small triangular block next to Elephant Car Wash. It’s being developed by the same developer so it may well be a resurrection of Icon Tower.
