New condo tower stirs up controversy
It had been five years since a condo building broke ground in downtown Seattle when the developer of the Insignia tower changed that trend this summer. Although real estate in Seattle didn’t get hit as hard as much of the nation, residents are still wary of the 41-story condo project on 5th Avenue between Bell Street and Battery Street.
Bosa Development has gotten scrutiny for the project that was approved in 2007 but halted because of the housing crisis.
"I think it's a good time to start because there will be some serious demand for condos," Nat Bosa, owner of the company said. "By the time we start selling in a year or a year-and-a-half, we're going to do very well."
But many aren’t as confident as the Bosa. Some are calling it a very bold move due to the unstable condo market. The project was approved as two 41-story towers with 660-700 condos. Construction will begin on the second tower in the market improves and prices return to normal.
Although Bosa said the prices have not been set yet, his ambitious plans are to make it the most expensive condo building downtown. Currently, some of the priciest condos are going for $1 million, making them unaffordable for most residents of Seattle.