It’s not just the housing market that promised an eternity of unstoppable growth. The office market was booming in November:
Dan Ivanoff, Schnitzer West’s managing investment partner, said the Seattle office market won’t be oversupplied in the next two years, despite a number of spec buildings coming on line, because jobs, wages and population are still growing.
And still boom, boom, booming February:
Developer Schnitzer West will not build its 750,000-square-foot M5 Commerce Centre office building in downtown Seattle, and has put the property on the market, according to Dan Ivanoff, the firm’s managing investment partner.
Ivanoff said the firm’s original strategy was to acquire the land, design and permit the project, and then sell it. It had planned to construct the complex at Fifth Avenue and Madison Street only if it landed a substantial prelease, he said, and that hasn’t happened.
Image by NBBJ.
Yeah, if only that were true, Ivanoff.
The city says “no, your building will ruin traffic and has too much parking allotted” too many times and you take your ball and go home.
There’s a reason there is no parking minimum in DT Seattle, but I guess you couldn’t take the hint.
Reits, CRE, all down the tubes.
We’re returning to agrarian culture. CRE is doomed. Commercial high rises will turn to dust. Cities will become farms. Capitol Hillbillies will suffer at my flames.
Uh-huh.
Schnitzer makes me think of Schnitzel. Maybe that’s why it failed. Nobody wants to work in a building that reminds them of chicken-fried steak.
Remember, the average Seattle citizen has MORE than one vehicle per adult.
MORE.
Besides, the building is ugly as sin.
If that’s the best Schnitzer can do, I’m glad it won’t be built.
@5 why should we remember false statistics? my mom makes up “facts” too.
SHAME.
And Kevin Daniels takes this round.
What is going on at NBBJ?
Their designs are all so hopelessly tedious, instantly forgettable and banal.
They need some fresh talent and new ideas.
This building looks like a combine of WaMu and 2 Union
It’s outdoor observation deck on the roof wouldda been nice.
“Reits, CRE, all down the tubes….”
As a sector, commercial multi-family housing is where I think there is real concern and worry going forward.
@8; Yeah, right, like Daniel’s goofball building will ever get built. Thing didn’t pencil in a good economy. He just wanted his name on his new “Recital Hall” (and special favors down at North Lot).
It doesn’t really take long for one of those buildings to be filled. Sometimes if you build it, they will come.