It’s probably no surprise that as prices are down YOY that Walton Street, the group behind the Smith Tower, has scaled back their plans of 150 units to 12 units and is now only condo-fying the top 12 floors. At one unit per floor these units will be 2000 square feet each.
Of course no Seattle Times or PI article would be complete without a quote from an unbiased industry insider:
[Matthew] Gardner also applauded Chicago-based Walton Street for retaining offices on the lower floors. “It’s the best of both worlds,” he said.
The downtown-office market is booming, he noted, while the condo market may be slowing. “This would certainly limit one’s exposure,” he said.