In today’s Seattle Times, a story has been reported about how the entire block, where Washington Square condominium towers currently resides, is seeking a buyer (or partial buyer) by the developer, Wasatch Development Partners.
The story reported that the asking price in a letter in August sent to prospective buyers, listed a price tag of $113 million. The letter also suggested that an interested buyer would need to put 50% down or consider a partnership deal for half of the property. The select group that got the letter includes a few local and national companies. Also noted in the August letter was that 120 out of the 379 units, about 30% of units, still remain for sale at Washington Square.
Kamper Freeman Jr. is quoted in the article regarding Wasatch’s situation, “They’re discovering there’s nothing easy here.”
The block was originally planned as a $1.6 billion development, that would encompass four or five additional towers planned for residential, office space, hotel, and senior living.
I will be very surprised if anything is built on that block in the next 5 years. It’s a shame because that site is key to connecting the Bellevue Collection with the Bravern.
It will have to wait until the next boom cycle, I’m just hoping that the current projects don’t get canceled, I don’t wait another 6 story hole in the ground for years…
It is time for new downtown projects to stall a bit. With one third of WA Square and 50% of Bellevue Towers units still available, it is not prudent to start another condo project. Due to the slowing economy, office space prospects would not be much better.
Let the existing available space be absorbed before new construction begins.
anyone have any idea how sales at the Bravern are going?
btw, I don’t think the future plans for Washington Square includes any additional condos. The last I heard it was 2 office towers, a hotel tower, and a ton of retail space.
First off – I feel sorry for anyone who has to work with or for Wasatch. It is absolutely THE WORST development company in the world. Washington Square is a HORRIBLE HORRIBLE development. I love Top Pot, but I’m so sad they are there.
Parking is terrible.
The storage units for each unit in Washington Square is horrid.
The building is empty – I feel sorry for the tenants and buyers. Wasatch isn’t serious about Bellevue, why should Bellevue be serious about it?
All they did was put junk there – Again, probably something Kemper Development will have to fix in due time.
For now, we should all focus on the last block on NE 8th and Bellevue Way…hopefully the redevelopment is better thought out for that…
Focus on Bellevue Way – Let Snowflake Lane shine this holiday season.
I can’t believe WA Square ended up this way. It’s a terrible thing for Bellevue.
Okay, I’m done. Thanks for reading.