Heron and Pagoda: More Projects On Hold

The other week The Stranger had an article about all the projects on hold, The Building Bust Could Kill Some of Seattle’s Most Ambitious Towers:

Records from DPD indicate that 35 major projects have stalled in the design-review process since this time last year. Several more whose developers have filed permit applications or submitted updated designs are in doubt.

I love that they quote Matthew Gardner. If only I had time I’d dig up some of his quotes from the last two years about how healthy our pipeline was.

They then talk about Heron and Pagoda:

Perhaps the most ambitious project in town is the Heron and Pagoda Towers, two 550-foot skyscrapers containing condos, a hotel, and a shopping mall. Although developer Alec Carlin says a master use permit application was filed this month, he’s not sure it can break ground in this economy.

And sure enough last week the DJC had a story about it Heron and Pagoda is on hold (could someone send me the story?)

The Seattle PI had this to say, Two-tower development delayed:

Now, it’s been pushed back, and Carlin couldn’t say until when. Financing for condos is tough to get now, because the market for condos is soft.

“But we think the market will come back, and we’ll be poised for it in 2011-2012,” he said.

I think it’s safe to say that if you’re wondering about a building if it’s not currently under construction it’s on hold.

Bonus link: NY Times, Luring Affluent Renters in Manhattan. Some apartments include breakfast??

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • http://seattlebubble.com/ The Tim

    Your own notes from Gardner’s 2007 Condo Expo talk contain some nice gems:

    The market is showing remarkable resiliency to too much inventory.

    Are we oversupplied? Not in any way shape or form

    Another good one here.

    And now that second link probably put me above WordPress’ spam threshold, so I’ll stop.

  • http://seattlebubble.com/ The Tim

    Your own notes from Gardner’s 2007 Condo Expo talk contain some nice gems:

    The market is showing “remarkable resiliency” to too much inventory.

    Are we oversupplied? “Not in any way shape or form”

    Another good one here.

    And now that second link probably put me above WordPress’ spam threshold, so I’ll stop.

  • dj

    Based on the number of projects now on hold – what is your opinion on the DT Seattle condo market now? Over supplied? Just right? Under supplied?

    (This is directed to anyone with an opinion/bellybutton)

  • dj

    Based on the number of projects now on hold – what is your opinion on the DT Seattle condo market now? Over supplied? Just right? Under supplied?

    (This is directed to anyone with an opinion/bellybutton)

  • jo

    I think it’s just about right.

    The boom hit Seattle later than most, and seeing the crashes in other cities (Miami, Vegas, ect) allowed the developers here to get a glimpse of what would happen here if they continued to build.

  • jo

    I think it’s just about right.

    The boom hit Seattle later than most, and seeing the crashes in other cities (Miami, Vegas, ect) allowed the developers here to get a glimpse of what would happen here if they continued to build.