1 Hotel recently announced (news) that Portland developer, Paul Brenneke has sold his interest in the project to its partner, Starwood Capitol Group. With 100% ownership in the development site, Starwood is working on revising the project. Construction will be on hold and the sales center will be closed until early next year when they will announce their new vision.
This project seems to be taking years to develop. Just a few months ago, we heard they were reducing the number of City Suites in the building. Now, they are going to have another round of redesigns. It looks like the City Suites may not even be offered — partly due to changes within the commercial guidelines. Frankly, I wonder how many current home buyers will stay with this project after this announcement. Assuming some of them have a longer purchasing time frame, certain home buyers may welcome the delay. For other who have been waiting to see some progress on the development, this may be testing their patience.
Either way, Starwood will also face the challenge of coming up with a blow away idea to retain current purchasers and other home buyers waiting on the fence on this project and at the same time competing with other projects that are beginning construction soon in the downtown and Belltown areas. .
Wendy,
AMEN! This project STILL has all the makings of one of the greatest sites/developments in the entire city. But, if Starwood Capital doesn’t do something sooner than later, I believe this project will forever be lost on us. Its a shame to think such amazing architecture at a one-of-a-kind location could possibly go away. I still hope, though, they build it and that the existing homeowners that have purchase and sale agreements remain patient enough to allow Starwood Capital just ONE LAST CHANCE. I say we give them until end of first quarter of 2009 before they MUST command a final decision on this concept.
Wendy, can you explain to me one thing, though? WHY HAVEN’T THEY JUST BUILT IT? I have absolutely no doubt whatsoever that our economy and city could EASILY support this hotel/condominium. Think about how long they’ve been dragging this out, and then consider how many people still have purchase & sale agreements or reservations on this project. Starwood Capital is lucky enough to have a single person waiting around on this site, let alone the several that are still in it for the long haul. I think that’s testament enough that people really WANT this thing to happen.
Are you kidding me? “Our Economy”? I agree that Real Estate is an intensely local market, but to say “Easily” support is a little ridiculous when you consider the depth of the slide that the entire Country is facing. It’s ignorant, and arrogant to assume that our city just because we’ve done remarkably well will be insulated from it completely. The whole concept of a Hotel/Condominium in my opinon is pretty stupid – especially in a city like Seattle, which still needs to grow as a city by adding solid infrastructure, transportation etc..things that large cities need to be able to sustain a population increase. How many people would want to pay 2X as much in terms of price and dues for a building they have to share with nightly “tenants”. How can you say that our economy will “easily” support something like this.
If people really “wanted” it to happen – they would have sold more properties, and our good friend Paul would have been wise enough to stay with the investment. Do the math?
Skeptic,
Well, we’re all definitely entitled to our opinions. To say our city cannot support a hotel/condo is ridiculous. If you haven’t noticed, we ALREADY have been supporting them with Hotel 1000 and Olive 8. Now, I agree with you that our city is VERY lacking in infrastructure (transportation, downtown schools, downtown grocery stores, etc.), but it isn’t “dead” per se. Clearly, our city can support hotel/condo projects.
The reason our good friend Paul is no longer with the project is not because that of a financial issue, but because of a contractual issue competing ideas with the now whole-owner, Starwood Capital, LLC, for the direction in which this development should move.
Now that we’ve cleared that up, I suppose you should sit back and wait. This project is most definitely going to be built, eh hem, in my “opinion.” You are DEFINITELY going to see a complete building re-design, including exterior, interior, concept in general. Get back with me in a year, okay?