At last month’s Capitol Hill Housing annual meeting forum, HAL Real Estate Investments president Dana Behar dropped a bombshell. OK. Not really. But he did clear up some of our shoddy reporting on the re-start of development plans for the Cameo, a twin building planned for the lot across the street from its sibling Braeburn project at 15th and Pine. It turns out the project will not be the only condo building among the eight (and counting) developments that will be underway this summer. “The Cameo will not be condos,” Behar told CHS after his remarks about the project on stage at the forum. “There’s not money for condos.”
That brings the number of condo buildings underway on Capitol Hill and First Hill to…
None. You can thank the limp real estate market for continued reluctance by banks to finance construction of new condos. It’s not that a bank won’t make a loan on a condo project — it’s that the financing won’t come as cheaply as money borrowed to build apartments in what is predicted to continue to be a hot market.
Behar also said there’s nothing to announce about a buyer for the Cameo project yet. As we reported previously, HAL will not be developing the Cameo and, instead, plans to hand off the reins to another investor. No sale is yet documented in King County records for the property.
Meanwhile, the public process for the apartment project rolls forward and cleared a significant hurdle as the development had to go back to the design review board because of changes since the Cameo was first approved years ago. Despite significant reservations from the Capitol Hill Design Review Board, the body voted to approve the project. You can see details of the board’s concerns and notes from the public comment below.