Think about it. A young, high-tech worker or other professional could work in one of the office buildings and walk home to an adjacent apartment building. Both the apartments and the office buildings are across the street from the FlatIron Crossing mall, the newest regional mall in the metro area.
While it sounded good on paper more than a year ago, the market reality today is that the last thing the northwest office market needs is another 400,000 sf of space. The northwest corridor, by some accounts, has an office vacancy rate of about 40%, by far the highest in the area.
''We're putting the office buildings on hold until the build-to-suit market comes back,'' Don MacKenzie, managing partner of Greystar tells GlobeSt.com. ''We'll move forward on the office portion when there's demand for it.''
The Summit at Main Street apartments will cost about $61 million. The office portion would add about $80 million to the project, bringing its total to $141 million.
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