Did you see the Seattle Times editorial on January 28? Under the headline “Signs Point Upward,” the editorial outlined a number of points that seem to support their thesis. The first statement was, “When developers announce a 43 story skyscraper in downtown Seattle without a solid tenant, it is a sign that the hard times are over.Ó
The Fifth and Columbia Tower will be at the south end of downtown, away from the booming South Lake Union area. In Bellevue, Kemper Development Co. has applied for a permit to start construction on a two block long three story retail base topped with two new 450-foot towers. Groundbreaking is planned for later this year.
What does it mean? It means that there will be more construction projects, lots more. Architects, contractors and building departments will get busy and the cost of construction will again increase quickly. If you have been thinking about a project or have been sitting on one waiting for the right time, this is it! The first projects out of the gate will encounter fewer design and permitting delays, avoid the coming cost escalation, and be the first on the market. It is not a time to be sitting. It is time to be putting your plans in motion. Call me at 425-881-7506 or email rick@driftmier.com.