Plus Investment has paused a plan to build a 46-story condominium tower near Pike Place Market in Downtown Seattle because of crime.
The Bellevue-based developer cited open-air drug markets in putting plans on hold to build the 531-unit highrise at 1516 Second Avenue, the Puget Sound Business Journal reported.
The decision came just as Plus received its master-use permit, more than eight years after filing paperwork to build the project known as Pike Towers.
“Unfortunately, I don’t see us going vertical anytime soon with the continued public safety concerns in the neighborhood,” Kevin Corbett, partner and CEO of Plus Investment, told the newspaper. “Open-air drug markets are still visible day and night on Second and Third Avenue.
“I know the city needs more resources,” he said, “but I don’t see much new Downtown commercial development happening until there is a stronger crackdown on these illegal activities.”
Corbett said that after years of development work and numerous appeals, he’s happy to finally have the master-use permit. He credited the architecture firm, Seattle-based Hewitt, for navigating “many complex issues” and moving the project forward.
The Pike Towers project is planned as two glass towers of 46 stories and 16 stories — dubbed “the Mama and Baby Tower” — rising from an eight-story base, with what appear to be ground-floor shops, according to a rendering.
While the project was planned as condominiums, Downtown condo sales have been slow. Last month, 63 deals closed, 23 fewer than a year earlier, according to the Business Journal.
Corbett said that, should he decide to build, he would likely pivot to for-rent apartments, while adding units to the 531-unit plan.
Plus Investment is affiliated with Plus Capital Partners, founded by George Liu and also run by Corbett, based in Bellevue with additional affiliates in China. The firm manages between $200 million and $300 million in new mixed-use residential projects a year, according to its website.
— Dana Bartholomew
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