You may recall that just 2 weeks ago we wrote about 3 new towers that have Escala surrounded. Well, just days after our post, we learned that a 4th tower may be constructed that will have a huge impact on 40% or more of the 31 story 2009 built Escala condominiums. The new site is where the Icon Grill currently sits at 5th and Virginia (see below). The proposal calls for a 50 story multi-family site. So if this project breaks ground it would be the second 50 story project proposed for this block – Altitude Sky Tower at 5th and Stewart is currently in planning. See the photos below or reference our past post describing each project.
Here is the photo we used in a previous post to show the locations of the 3 new towers expected to break ground.
Now here is a look at the new 50 story tower that was just announced (#4)
In our opinion, this could have a lasting impact on property values. Our reasoning is really simple. On the east-side of the building, this is not only an issue of view loss, but the shadow effect – literally the loss of natural light. Escala is only 31 stories. The two proposed towers that will border the north and eastside of the Seattle condo building are both projected to be 50 stories. There will be some corridor views in the south 1/3 of building see below – but unfortunately, if these towers move forward, the majority of the views and privacy (on North, Northeast and East) will altered. There is a space between the Westin Hotel, but with two 50 story towers being built right next to the building, we could see similar impacts to what happened to the Cosmopolitan years ago.
We’ve added Google Street Views to each site that correspond with the numbers in the picture above:
1. New Apartment Tower at 3rd and Virginia:
3. Chainqui Development
4. Icon Grill Site – Douglaston Development
If you have questions, we have answers. We are happy to help you understand how this effects you as an owner in the building or a prospective buyer. Contact us.
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