The Seattle Times reported yesterday that a San Francisco hotel developer is planning to construct a 50 story building at 5th Avenue and Stewart St in Downtown Seattle that will contain a hotel, some apartments, some condominium units and street level retail.
The land was acquired last year and the permits reveal plans to build a tower containing 90 apartments, 133 condos, and a 284 room hotel. The Design Review will take place on December 16th. The project sits on the south end of the site of what was once going to be Heron and Pagoda condominium towers and is just east of Escala Condominiums.
This combination of hotel, rental and owned units is new to our city and with anything new comes potential problems with lending. Lenders already have rules limiting the % of commercial space allowed, which would include the hotel rooms in this case as well as the retail, and having the apartments thrown in as another use could be just another complication for buyers trying to obtain conventional financing.
Whether or not these units will be delivered as condos and apartments is up to time to tell but we will keep you posted.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.