POSTED ON May 13, 2016 12:00:07 PM / by Jay

Fewer and fewer failed construction projects remain

September of 2007 is widely recognized as the market peak for the Seattle area real estate market in both residential and commercial properties.  The peak was followed by a four year slide (it felt more  like 10 years!). Most of the stalled construction projects around the area which were abandoned have long since been picked up and redeveloped.  The vacant lot next to Seattle City Hall seems to be the exception. Oftentimes the public / private partnerships end in disappointment...

It’s one hole the city of Seattle hasn’t been able to fill.

Although construction cranes sprout around its prime location, the full block just west of City Hall will remain undeveloped for the foreseeable future.

Mayor Ed Murray announced Thursday that the latest development deal for the property fell through. “Unfortunately, no parties have been willing to commit capital to finance the project,” Murray said in a statement.

The mayor said it was time to explore other options.

For 11 years the plan has called for selling the parcel, site of the city’s Public Safety Building until its 2005 demolition. In exchange, a developer would create office, residential and retail space, plus a public plaza on the site bounded by Third and Fourth avenues and James and Cherry streets.