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After 6 months of questions and rumors as to construction’s halt for 1 Hotel, it has been announced that this project plans to stop contruction in order to redesign, with plans to begin building again no sooner than late this summer.

Matt Gardner, a Seattle land-use economist commented that The term ‘pioneering’ is not something that lenders want to be hearing right now,” in a Seattle Times announcing 1 Hotel’s halt in construction.  And this is the problem.  Lenders have not been sold on what this project is trying to do as the first marketed hotel-condo project in Seattle, 1 Hotel’s avant-garde flavor is making progress difficult.

 The proposed re-design of this $200 million, 23-story building will change 132 out of the planned 176 of the hotel-condo suites (only 20 or 21 of which have been sold) and replace these 132 with 192 conventional hotel suites, smaller in size.  The redesign won’t change the 51 residential units where 20 of them already have condo commitments. 

The concept of hotel-condo suites is newer to Seattle than places like Florida and Las Vegas, where it has already caught on.  Condo owners will buy a unit and then allow hotel managers to take care of it and put paying overnight customers in the rooms when the owner isn’t using it.  An interesting concept, but it seems it will take a while before it is well-established in here.

Read the Times article here

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