There are two buildings in Denny Triangle that are gaining alot of hype in commercial real estate news recently; the 7th & Madison building, and West 8th, (which is currently occupied by Amazon) may be up for sale, according to the Commercial Broker’s Association. According to the Puget Sound Business Journal, West 8th developer Touchstone Corp has declined to comment on whether the 28 story building is for sale or not, and contacts at HAL Real Estate Investments that owns the 7th & Madison building did not respond were no available for comment either.
This has all been brought to the attention of the media as the time-frame is closing for sellers to close on properties before the capital gains tax rate goes up at the end of this year, (which could potentially increase 15-20%). Could both companies possibly be selling to take advantage of the lower tax rate? For more information on commercial properties in the Seattle area, visit the Puget Sound Journal.
With a 3-2 vote in favor of moving forward, Amazon’s proposed 3 block high rise complex in the Denny Triangle received the OK from the Seattle Design and Review Board yesterday, which will be the biggest complex downtown Seattle has ever seen. The vote was just a means of presenting the project to the City’s Department of Planning and Development, but it is certainly a breakthrough for such a bold project to receive high regard.
According to the Seattle Times, the board has held 5 meetings to discuss the project’s progression over the past 6 months, to review designs submitted by Amazon’s Architect NBBJ. The Department of Planning and Development will now review the board’s recommendations, as it examines Amazon’s application to obtain a land-use permit for the complex. Amazon has indicated their hopes to begin construction on the project next year, and a final decision could come to a conclusion as early as November. For more information on the project, visit the Seattle Times.
As you know fall in Western Washington can be quite wet, and it’s important whether you rent or own your home to take proper precautions to ensure your home is prepared for fall and winter conditions.
Photo Courtesy of Seattle Pacific University
You can check the foundation for cracks in caulking around the exterior where pipes and wires enter the house, and especially around windows and door frames in older homes, to stifle heat from escaping through the cracks! Be sure to tell your landlord if you notice anything problematic, because even the slightest crack can cause water to get in and freeze, sometimes resulting in extensive mold damages. Check with your landlord if the roof was checked recently for damages that could lead to leakage, and put away summer tools and lawn furniture. Ask your landlord if they’re going to clean your screen doors, and store for the winter, as winter conditions can damage these as well. For more information on how to best prepare your home in the fall, visit Zillow.
That’s right Sonics fans and Chris Hansen supporters, the rumors spreading around town are true; the votes are in, and Seattle is one step away from getting ourselves a brand new arena! Seattle City Council announced yesterday that they had reached an agreement with Chris Hansen on the proposed $490 million arena deal, gaining much support from the public, city officials, local politicians and other local figures in the community. If the agreement is approved, Hansen can begin the search for a Seattle NBA team, and we might be lucky enough the bring the Seattle SuperSonics back to home plate. Or hoop?
After much deliberation, even the Port of Seattle has initiated statements in agreeance with the new deal. According to the Seattle Times, the revised agreement will utilize $40 million towards transportation funds, specifically freight mobility and other various improvements indicated by the Port, and other maritime businesses in the Sodo area. The City Council has also stated that the Port will contribute to this fund, and that it could be used as leverage to receive additional funds from state and federal funding. The council’s Government Performance and Finance Committee will meet Thursday to discuss and vote on the revised memorandum of understanding, and then the agreement will go to the full council later this month, possibly the 17th or the 24th according to the City of Seattle . To keep up to date on the arena deal, please visit the City of Seattle.
The Downtown Seattle metro area has not seen any hotels break ground in the past two years, and there are no current plans for any to go under construction in the next upcoming months. But according to the Seattle Times, all that might change this year, with current hotels having successful bookings, with little trouble filling rooms, and they’re able to have consistently higher rates. Developers are feeling more confident with those statistics in place, and are moving forward by proposing more hotels pop up in the downtown area.
Downtown Seattle Sheraton, photo courtesy of destination360.com
According to the Times, one of those proposals includes a hotel with 1,200+ rooms, which is larger than any hotel in the area except for the Seattle Sheraton hotel. If all of the projects presented were to be built, the Seattle hotel industry would increase by more than 15%! Developers like Touchstone, Kauri, and Daniels Development among others all have projects in various stages of planning for construction, and Seattleites looking for hotel living should keep an eye out for upcoming hotel projects that have apartment rentals planned into the space as well. For more information on upcoming projects in the Downtown Seattle area, visit the Seattle Times.