Condo project cancelled – First of many?
Thanks to a reader for pointing me to the Seattle PI, Lease wins out over condo plans at Qwest Building site:
The developers filed plans with the city in August to replace the 53-year-old building with two 28-story condo towers, but decided not to build because they had concerns about the current market and found a tenant to lease the entire building for more than 10 years, Wilson said Monday.
“I think in the near term you’re going to see more properties that are slated for condos not become condos,” he said. “The people that are already out of the ground are certainly going to complete their projects. I think the people in the early planning stages may not move forward.”
Scary stuff. What other projects are at risk?