1222 E Pine Street, on the corner of 13th and Pine across from the fire station and The Cuff. Proposed 6 story retail/restaurant/residential units with some amount of parking. I wonder that the developers are not concerned with the excess amount of empty retail spaces within the immediate neighborhood. 15th and E John Court over by Group Health still stands mostly empty. Retail space along 12th just a few short blocks away stand empty. Many new restaurants have already closed. Is Capitol Hill still *the* destination to bring in new businesses or should developers look at using existing structures instead of building new developments and charging obscene amounts of rent?
UPDATE (jseattle): Here’s the Google Street View of the corner:
View Larger Map
Here’s the filing for 1222 E Pine from this summer:
http://web1.seattle.gov/dpd/luib/Notice.aspx?BID=329&NID=8351
I need to call the agents trying to lease the space at John Court. It’s been empty for months and doorways are starting to be a good place to sleep at night. I feel for the guys who are just trying to get out of the cold and wet but would be good to know that there is some kind of plan for progress.
Or, to be more accurate, I think you oversimplify the situation.
“Is Capitol Hill still *the* destination to bring in new businesses or should developers look at using existing structures instead of building new developments and charging obscene amounts of rent?”
A lot of the structures in the Pike/Pine corridor are really old and, frankly, in need of development and improvement. Hopefully the creation of incentives to retain historical structures as part of the redevelopment process is effective.
I do agree, however, that there seems to be a glut of empty retail space (like John Court). Maybe they’re looking ahead to 8 years of crappy times on Broadway and thinking more and more business will shift over.
Correct me if I’m wrong, but isn’t that land-use action at least four months old?
The broadest answer to your questions: Given the complete lack of liquidity in financial markets right now, the chances of any developer or investor landing financing for this type of a project — which, if it’s indeed mixed-use, traditionally have been frowned upon by traditional investors, who don’t want to see low vacancies on the retail AND multifamily sides of these buildings — is zero.
No one is lending. Thus, no one is getting the money to build, unless they go for expensive hard-money loans or have alternative incentives.
Oh you’re right, it’s from July. It’s been a while since I walked by the block instead of cycled by and noticed.
I think things are shifting South already….look at the revamped Pike/Pine corridor already, except in the broader sense of things, a few of those businesses are already gone. I’m curious if we have hit the tipping point.