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The site of Teatro Zinzani will soon become home of Seattle's largest condominium project. Occupying the whole lot between 5th and 6th Ave and Bell and Battery Street, Insignia condominiums will begin construction next year. The twin tower condos will feature a whopping 643 units ranging from one to three bedrooms and from about 763 sf to 2,650 sf. Read more.
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WHY do we need an additional 600+ units in downtown? I think developers are getting too greedy and that it is going to have a negative impact on our market.
Posted by: newbuyer | Nov 18, 2007 10:17:06 AM
I had the same first impression but since they haven't started yet, I imagine these won't hit the market till 2009 and by then, the market should be able to absorb the units through natural growth. From an urban density pov, Belltown is still no where near major city neighborhoods so I not too worried. Also, the more new condos in Belltown the better it is for the local retail economy and hopefully the greater pressure on the drug economy to move elsewhere.
Posted by: Bob | Nov 18, 2007 4:32:55 PM
All good points. I really hope you are right.
Posted by: newbuyer | Nov 18, 2007 6:07:47 PM
developers greedy?
they're in business to make money, and if there is money to be made on this project, then they're going to do it.
they are providing a product to sell. if there are buyers who are willing to buy that product, it's a win-win situation. no one is forcing anyone to buy one of those condos.
you could argue that people complaining about the high housing prices are also too greedy.
Posted by: anon | Nov 19, 2007 11:31:08 AM
I guess I am just worried that we are being over-built in a careless way. It feels like new buildings are just being thrown up anywhere without a real, cohesive plan. I am all for urban density, but I do hope that Seattle doesn't come out looking 'haphazard' and broken.
And I think that many developers ARE greedy and tend to look at the bottom line and their own agendas before those of the people who eventually will be living there. I have a feeling that Seattlites like the idea of neighborhoods, and these mammoth high-rises don't feel very neighborly.
Posted by: newbuyer | Nov 19, 2007 4:32:45 PM
Greedy=those without a penny in the project want to control it.
Posted by: Jim | Nov 25, 2007 4:15:00 PM
explain this please, Jim.
Posted by: newbuyer | Nov 25, 2007 6:17:15 PM
so true jim, so true
Posted by: anon | Nov 26, 2007 3:46:06 PM