Seattle Bubble has moved! Redirecting...

You should be automatically redirected. If not, visit update your bookmarks.

Off-topic comment? Interesting link?
Head over to the forums, or click here for open threads.

Friday, August 26, 2005

Apartment Development Explosion

Here's another anecdotal example of the explosion of new apartments and condos being built in Seattle:

Already across the street from Deano's they have brought an apartment building with a Safeway and Starbucks on the ground floor.
Another building across the street -- the site of the former Oscar's II nightclub across East Madison Street at 20th Avenue East -- has a sign, "For Sale: 75-unit mixed use development." And nearby, there's another of those mixed-use developments with offices above a Curves fitness center.
By next spring, Dean Falls, the owner and the Dean in Deano's Bar & Grill, said he's planning to tear down the structure and put up apartments or condos over stores. "It's a matter of economic trends and the physical obsolescence. It's the highest and best use for the land."
That's hundreds of new units cropping up in just a few years in the span of just a few blocks. This kind of development pace keeps rents from rising a lot faster than they are.

(Kery Murakami, Seattle P-I, 08.26.2005)

No comments: