As we mentioned in an article back in October of last year, Bosa Development, the developer of Insignia Condominiums in Belltown, was in talks with the city to purchase the long-delayed Civic Square project in Downtown Seattle. The deal was tentative, awaiting the approval of the Seattle city council.
On Monday, the city council voted giving their approval to the terms of the purchase and sale agreement with Bosa. Bosa will be building a new high-rise condominium tower (around 43 stories) in the now empty pit but is required to provide a 25,000 public plaza that they will have to maintain as part of the project. There will be ground floor retail and underground parking. In addition to paying $16 million dollars for the lot, Bosa will also have to contribute a minimum of $5.7 million in voluntary affordable housing contributions to the City.
Bosa will need to get new permits for the site, so construction is estimated to begin no sooner than 2019 and will take an estimated 4 years to complete. The first design review meeting it set for November 7th.
So long as the Master Use Permit is issued, we should expect to see a new condominium tower breaking ground in Seattle in 2019!
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.