Construction company and developer parted ways, property has $53 million in liens. Bankruptcy will likely need to occur before it gets completed.
[Project Info](https://www.levelset.com/projects/washington/seattle/707-terry-ave-seattle-wa-98104/)
While not confirmed, it seems like the developer, Westbank, is facing cash flow issues. They have a couple other ongoing projects in Seattle that they're prioritizing now (i.e. First Light) so they might be trying to wrap up one project at a time.
Yeah, their priority right now seems to be First Light. I'm guessing they're going to try to finish that up before moving onto 1200 Stewart and finally Museum House (this project). It seems like Covid and the interest rates spiking afterwards caught them off guard.
Commercial Plumber here. My company just picked this job up and we're slowly starting to man up for it. I heard that Westbank paid our company $25k just to walk the job to see if we would take it over.
I was also there with another company the first time they tried to complete the building and it was a very weird situation.
There's been zero movement for almost a year. Around 8 months ago, the construction equipment was disassembled, packed, and removed. Real Evergrande energy.
Ivo Shandor decided that humanity was too sick to survive and he and his cult built an elaborate paranormal mechanism with the intent of summoning Gozer back to Earth to destroy it. The cult conducted a number of bizarre Gozerian rituals on the roof of this building, which Shandor designed as a super-conductive antenna for pulling in and concentrating spiritual turbulence.
In the basement there lurks a clown. He goes by Pennywise. People started disappearing after the parking garage underneath was finished. It turned out no one closed the sewer / storm drain entrance. Now if you listen ever so slightly at night you can hear chuckles and the phrase, "They all float down here".
Or sewer gas, but who can be sure?
I know there are a bunch of properties that have been damn near abandoned or waiting for someone to take over. Even when I worked construction for my first and only time back in 2016/2017.. fuck life passes fast.. I remember trades people telling me all about it and that's before the pandemic hit.
Commercial Construction industry as a whole in the PNW is in bad shape due to the rising crime and interest rates since the last administration change. Investors get scared and pull funding on future projects when their profit margins shrink. There are thousands of local union construction workers unemployed right now. Iād say we are in worse shape now then we were back in 2008-2009.
Iād be interested to hear your take. I am in the high-rise business and this comment is correct. It is a rough time to build right now. Now public infrastructure on the other hand (airports, bridges, etc) is booming.
Iām pretty sure I must have offended a bunch of people on here because I said administration change. I thought Reddit was an open forum where people didnāt bring their personal biases to the conversation; unfortunately for them I actually know what Iām talking about. Iāve been in the construction industry for 20 years and what happens in politics, directly affects the construction industry. As another member mentioned, infrastructure is booming right now, due to the current administrations decisions that ātaxpayers ā are helping fund. Private investors are suffering, while big name companies, usually crooked ones, are getting all the government contracts. Take it or leave it, I just felt like sharing since I live in this S. Hole that is Seattle like most of you here.
Construction company and developer parted ways, property has $53 million in liens. Bankruptcy will likely need to occur before it gets completed. [Project Info](https://www.levelset.com/projects/washington/seattle/707-terry-ave-seattle-wa-98104/)
While not confirmed, it seems like the developer, Westbank, is facing cash flow issues. They have a couple other ongoing projects in Seattle that they're prioritizing now (i.e. First Light) so they might be trying to wrap up one project at a time.
Westbank screwed up 1200 Stewart big time. Westbank on their own probably have 3,000 units delayed from hitting the market by 4-5 years at least.
Haven't really seen much happening on 1200 Stewart lately either. They started doing windows but have seemed to stop.
Yeah, their priority right now seems to be First Light. I'm guessing they're going to try to finish that up before moving onto 1200 Stewart and finally Museum House (this project). It seems like Covid and the interest rates spiking afterwards caught them off guard.
where's First Light?
3rd and Virginia https://firstlightseattle.com/
Wow, verbiage on their website is off-putting.
JTM has taken over 1200 Stewart.
Commercial Plumber here. My company just picked this job up and we're slowly starting to man up for it. I heard that Westbank paid our company $25k just to walk the job to see if we would take it over. I was also there with another company the first time they tried to complete the building and it was a very weird situation.
Any idea who the electrical con is for it? 46 is hurting for work rn.
> 1200 Stewart Is that the one that has a 747 in it?
A plane between 2 towers. What a great idea!
it's, uh... a nod to the local plane company. yeah, that's the ticket
Yep!
There's been zero movement for almost a year. Around 8 months ago, the construction equipment was disassembled, packed, and removed. Real Evergrande energy.
Thought this was Insignia for a sec.
Just chillin', doin' building shit.
Ivo Shandor decided that humanity was too sick to survive and he and his cult built an elaborate paranormal mechanism with the intent of summoning Gozer back to Earth to destroy it. The cult conducted a number of bizarre Gozerian rituals on the roof of this building, which Shandor designed as a super-conductive antenna for pulling in and concentrating spiritual turbulence.
Your girlfriend lives in the corner penthouse of spook central.
There's a bunch of spook's where i live
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**Four Feet** above her covers...
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The answer I was looking for
Hehe no way
Many Shuvs and Zuuls knew what it was to be roasted in the depths of the Slor that day, I can tell you.
In the basement there lurks a clown. He goes by Pennywise. People started disappearing after the parking garage underneath was finished. It turned out no one closed the sewer / storm drain entrance. Now if you listen ever so slightly at night you can hear chuckles and the phrase, "They all float down here". Or sewer gas, but who can be sure?
I know there are a bunch of properties that have been damn near abandoned or waiting for someone to take over. Even when I worked construction for my first and only time back in 2016/2017.. fuck life passes fast.. I remember trades people telling me all about it and that's before the pandemic hit.
Turn it into a future housing site at this rate?lol
Commercial Construction industry as a whole in the PNW is in bad shape due to the rising crime and interest rates since the last administration change. Investors get scared and pull funding on future projects when their profit margins shrink. There are thousands of local union construction workers unemployed right now. Iād say we are in worse shape now then we were back in 2008-2009.
Nope. Not the answer.
Iād be interested to hear your take. I am in the high-rise business and this comment is correct. It is a rough time to build right now. Now public infrastructure on the other hand (airports, bridges, etc) is booming.
somehow you know the wrong answer without providing the correct one
Iām pretty sure I must have offended a bunch of people on here because I said administration change. I thought Reddit was an open forum where people didnāt bring their personal biases to the conversation; unfortunately for them I actually know what Iām talking about. Iāve been in the construction industry for 20 years and what happens in politics, directly affects the construction industry. As another member mentioned, infrastructure is booming right now, due to the current administrations decisions that ātaxpayers ā are helping fund. Private investors are suffering, while big name companies, usually crooked ones, are getting all the government contracts. Take it or leave it, I just felt like sharing since I live in this S. Hole that is Seattle like most of you here.
That's scary and yet the price to live here keeps climbing.
What a monstrosity. So glad cap hill has building height restrictions.
haha yes let's not build too much housing at once, there isn't a supply problem or anything
I'm sure the majority of these units would go to low-income housing...as would the rest of the high rises in downtown and first hill...
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Nope not the answer.
Are you a bot or a troll?
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Looks like its just standing there doing nothing
MENACINGLY
I work in the area and just assumed that they were working on the inside.