On or about January 31, 2007 the Seattle Times reported that "The developer of Seattle's tallest residential tower and its general contractor are parting ways".
The article is in reference to the 39-store hotel and condominium project on Olive Way and 8th Ave (the "Olive-8").
The contractor, Skanska USA, will continue construction through mid-March 07. Supposedly at that time another contractor will complete construction - although the developer has not released information on who this contractor will be.
Curious minds want to know, will the Olive-8 actually finish construction or will we be left with a huge construction pit for years to come?
If the Olive-8 developer cannot find a replacement contractor for Olive-8, then Rolandovich predicts the beginning of the end for Seattle's Condo Market.
A poster on UrbanLiving explained that the parting of ways between the developer and contractor had been planned for months and that the press release was a mere marketing ploy.
Why would any developer want to advertise that they can't keep their construction contract together? If I had pre-leased a condo in the Olive-8, then I would be worried about what is actually going on... and hopefully the "reservation fee" was paid to escrow and not directly to the developer (as has actually happened with past projects in Seattle).
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2 comments:
From what I know, I agree with this scenario.
The U.S. had better damn well apply it's "know how" and inventiveness to develop alternative (poss. including improved nuclear technology), but certainly alternative fuels. This is to say that the Government needs to encourage it above all else.
Leading the way away from oil dependence is possibly the only avenue for the U.S. to maintain it's world position.
FYI, I had some problems posting, and couldn't do it anonymously. maybe it is a problem for other readers too?
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