Bosa Development Proceeds with Second Condo Tower at Insignia
- Sep 30, 2013
Two of Seattle’s latest projects are Bosa Development Corp.’s Insignia and Stadium Place. Bosa is now set to double down on its Insignia initiative, thereby completing its original plan, while Stadium Place in Pioneer Square has recently lit the area up with its varied development projects. With a new mixed-use project in the pipeline for the area, it seems that the smallest of roadblocks might change the developer’s mind.
Bosa’s 41-story Insignia project was initially set to be a two-tower condo development, but insecurity regarding the residential market’s health caused the developer to scale back to only one tower with a view, with development of the second one depending on the success of the venture. Now, with construction well underway at the downtown tower and completion set for the spring of 2015, Bosa has decided it will double the odds in its favor and go ahead with the second, 41-story tower of the Insignia complex. The project will constitute a $450 million investment for Seattle and will add 707 new condo units to a sector of the market that is lacking in the area, The Puget Sound Business Journal writes. The project is the first downtown condo development to come to fruition in five years.
Meanwhile, Pioneer Square is seeing another developer tackle the area with a mixed-use development project. And developer Urban Visions is set to modify its vision for the project because of a $250,000 measure in the form of a public restroom. According to PSBJ, the developer intends on modifying its Seattle City Council-backed plan, and instead of the 130-foot tall office and residential building it had approved by local authorities, it will build a smaller office property. The scaled-down version of the project would not call for the purchase and installation of the restroom, as the measure was just a way of getting approval to build a taller-than-allowed construction.
Rendering courtesy of Insignia Seattle on facebook