The Toll On Seattle Construction
The Seattle PI has an article today on The credit crunch takes its toll on construction:
“We are seeing some projects get delayed,” said Scott Wyatt, managing partner of Seattle architecture firm NBBJ. “There’s a strong perception that what’s happening will sort itself out — though there are many guesses as to how long that will take and what it will look like when it’s done.”
NBBJ’s view of the health of the city’s construction industry is guardedly optimistic.
“There are no signs yet of a disastrous slowdown,” Wyatt said. “We’re still seeing demand, right now, today — we’re seeing requests for new projects. Real estate is long term, and people will make long-term decisions. But we are seeing that the lack of capital will likely have a slowing effect.”
Surprisingly the article doesn’t touch on the layoffs at the city’s local architecture firms.
I also was interviewed by Josh Kerns at 710 Kiro for MYNorthwest.com on the same topic, Local construction halted by unstable economy.
A few minutes before going down to talk to him I read through some old blog posts here and pieced together this:
Gone rental: Montage, Domaine, Expo 62, Maris Shilshole, The Marlborough, Moda
On hold: Ava, Heron and Pagoda, One Hotel
Built or soon to be built but likely to have a hard time moving remaining units: Brix, Trace North, Gallery, Leona, Veer, Rollin, Equinox, Escala
Built or soon to be built and mostly sold: 1521, Enso
Layoffs: Mulvanny, Callison, Mithun, Weber Thompson
Likely to go rental: 1111 East Pike, Ruby
And September 08 condo sales were half of what they were in September 07.
Let me know what I’m missing from those listings and I’ll add them.
But it is not all doom and gloom. People are still building. From the Seattle Times Vulcan plans more apartments, renovation of historic South Lake Union laundry:
Vulcan plans a 330-unit apartment building on most of the block in South Lake Union between Harrison and Republican streets and Pontius and Yale avenues North. The century-old Supply Laundry building, also on the block, would be preserved and renovated as part of the project.
And Aubrey has wind of Liz Dunn’s next project, Pike-Pine buildings slated for renovation:
Liz Dunn of Dunn & Hobbes and Scott Shapiro of Eagle Rock Ventures announced on Monday that they had acquired the two buildings, at 1515 and 1531 Melrose Ave., and plan to renovate them once the current tenant, Metro Auto Rebuild, leaves at the end of January.
So, anyone here bought a condo or planning to buy a condo in the next few months?