Back in October, the Seattle City Council scrambled to approve a rezone for land at Broadway and Jefferson so that the developer could meet a 2010 financing deadline. While we haven’t confirmed anything about the project, the appearance of “FOR SALE” signs at the lot might be an indication that, despite the council’s efforts, time has run out on the mixed-use development.
The council approved the project’s request for a rezone that gave them up to 70 feet in height, allowing them to build retail spaces on the ground floor compatible with the steep slope of the property.
The developer had previously stated that the project had a commitment for full funding that ran out in the fall of this year.
We’re checking in and will follow up when we learn more.
I’m a little frustrated because although it was undoubtedly a toxic cesspool, and a bit of an eyesore, I really liked the old structure on that corner and think it could have been turned into something interesting. Now, just a hole.
I really thought this one was going to take off soon. With Lorig involved, I also had confidence that it would be a well built building. And I supported their rezone because it helped make the commercial space more marketable (and hopefully less empty). Because of its proximity to the hospitals and the new streetcar I disagree that this lot should have remained with the old structure. This is exactly where more dense workforce housing should be located. Near employment, on mass transit, near services and shopping. I hope that a buyer picks it up and realizes what a great location it is for a mixed-use development.
It is good that you are following up on this. I am wondering why you are assuming that it would have been due to time running out on the investment money. Maybe the money wasn’t really there or absolutely promised no matter when the approval went through. Your assumptions rather would make the government and/or the rules the “bad guy” rather than the developer. Zoning changes need to take time. Maybe there is no one bad guy. But, was the guarantee of funding up to specific date real?
My questions are based on the quotes below from the article:
“despite the council’s efforts, time has run out on the mixed-use development.”… “The council approved the project’s request for a rezone that gave them up to 70 feet in height, allowing them to build retail spaces on the ground floor compatible with the steep slope of the property.
The developer had previously stated that the project had a commitment for full funding that ran out in the fall of this year.”