The 16-story building has been designed to include 154 luxury apartments, a 12,800-sf grocery store and roughly 39,000 sf of office space. The average apartment rent in the building was expected to be about $1,990. Construction, which got under way in the third quarter of 2001, was scheduled for completion during the second quarter of 2003.
Sam Fuller, AvalonBay's VP of construction, says everything is now up in the air, including the amount of office, residential and retail space the building will hold. "From our perspective, we need better visibility of the economy and the rental market," says Fuller. "Until we get a clearer picture, I don't think we are ready to restart."
Fuller says AvalonBay is in the same boat as many other owners and developers in that "we need some good news on the horizon" before they will feel comfortable restarting the project, "but it looks like a Seattle recovery will lag the rest of the county."
Fuller says the firm is now examining whether they can reduce the amount of office space in the building without ruining the integrity of the project. "We've got a variety of scenarios," he says, "but it's much easier said than done."
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