Bosa Launches Downtown’s First Condo Tower Since 2007
- Jun 18, 2012
Downtown Seattle’s first high-rise condominium project in more than five years is getting under way in the Denny Triangle this month as Bosa Development Corp. starts work on the Insignia, a pair of 41-story towers that will include as many as 700 units between them, the Seattle Times reported.
Located on the former Teatro ZinZanni site at 2301 Sixth Ave., the Insigia will likely aim to capitalize on the development of Amazon.com’s nearby three-building campus. Phase one of the project will carry a price tag of between $180 million and $200 million, company president Nat Bosa told the Times. Cty approvals have been in place since 2007, when the economic downturn put the plans for the project on hold.
Some local observers are skeptical that the timing is right for a large-scale multi-family project, because that the market is still absorbing the 2,500-plus units that hit the market during the recession.
But Bosa told the Times that even if the condo market is not ready to absorb new product when the first tower is complete in 2014, renting the units would be an alternative.
Construction will begin on the south tower first while the foundations for both structures are built simultaneously. The schedule for second tower will depend on market conditions. Bosa Development is providing initial construction funding, and Bosa told the Times that he expects support from banks that have backed the company’s previous projects.
Photo courtesy of insignialiving.com